Com o desenvolvimento do presente estudo busca-se investigar a exequibilidade, no Brasil, do Anexo II da Convenção de Seul, que instituiu a MIGA. Para tanto, procedese a uma análise detalhada dos sistemas jurídicos brasileiro e chileno. A MIGA consta como enfoque principal desta dissertação, em especial por se tratar do único acordo internacional sobre investimento estrangeiro assinado e ratificado pelo Brasil até o momento. Este fato eleva a Convenção de Seul a um status especial, o que demandou uma análise mais densa sobre suas bases históricas, organização e funcionamento. A comparação entre Brasil e Chile tende a incitar uma reflexão sobre a postura brasileira frente aos padrões internacionais para a solução de controvérsias envolvendo investimentos estrangeiros e o Estado. Como resultado da pesquisa percebe-se a necessidade da reformulação do direito interno brasileiro, a exemplo do que vem sendo realizado no Chile. / This research intends to investigate the enforceability in Brazil of Annex II to the Convention of Seul, which established MIGA. In order to proceed with said research it was developed a detailed analysis of the Brazilian and Chilean legal systems. MIGA is the main focus of this study, especially because it is the only international agreement related to foreign investment signed and ratified by Brazils so far. This fact ensures the Convention of Seul a special status, which demanded a deep analysis of MIGAs historical bases, organization and operation. The comparison between Brazil and Chile incites a reflection about Brazilian attitude toward the international standards for the settlement of disputes involving foreign investments and a State. As a result it was concluded that Brazil domestic legal system must be reformulated following Chiles example.

Subject of this diploma thesis is to provide an overview of economic theories on why companies tend to invest at foreign markets directly and thus to determine the foreign direct investment (FDI) itself. Covered areas include a foreign direct investment typology, motivation to invest, localisation factors, attractiveness and measurement of a host country business environment. Various types of FDI, methodology and forms of FDI statistical coverage analysis is included in the thesis. Three frameworks influencing all the segments of the FDI are covered in depth. These include the foreign policy factors, domestic policy factors and a process of economic transformation in the Czech Republic. Corresponding analytics map a development between a FDI and selected macroeconomic indicators of the Czech Republic. The analysis shows that foreign investment has a certain influence over selected macroeconomic indicators, however it is not always possible to quantify it as well as to predict its trend. On the other side it is often difficult to prove an influence of macroeconomic development on intensity of the FDI inflow to the Czech Republic. Keywords: foreign investment, determinants of the foreign direct investment inflow, foreign direct investment macroeconomic indicators

Lucie Rydlová: German media houses on Polish press market Abstract This thesis examines the activity of the German media groups Axel Springer AG and Verlagsgruppe Passau on the Polish press market. These German publishers have taken advantage of the transformation and liberalization after 1990 and have massively invested in the countries of Central and Eastern Europe. In Poland, dailies were published by both of the aforementioned groups. Axel Springer AG produces the tabloid daily Fakt and between 2006 and 2009 the group produced the semi-tabloid Dziennik. Verlagsgruppe Passau has owned a variety of regional dailies (now merged under one umbrella and published only a few times a week). With regard to the historical burden on the relationship between Poland and Germany, the position of a German publisher in the field of opinion-forming media is rather difficult. This thesis compares the operation of the two aforementioned publishers on the Polish press market, with the focus on how they entered the market and expanded their business, on the influence of the publisher on the editorial slant, on the controversies with the Anti-Monopoly Office, and on their attitude towards their competitors and the Polish political representation. Activities beyond publishing and standards imposed in the parent and subsidiary...

[pt] Este trabalho tem como objetivo fazer uma revisão bibliográfica acerca de conceitos e diretrizes internacionais de ESG (Environmental, Social and Corporate Governance), com foco em critérios ambientais, para investimentos estrangeiros. A partir disso, buscamos lançar um olhar para duas importantes entidades do agronegócio brasileiro: a Associação Brasileira do Agronegócio (ABAG) e a Confederação da Agricultura e Pecuária do Brasil (CNA). Buscamos identificar os reflexos das diretrizes internacionais gerais e de ESG para o meio ambiente referente a investimentos estrangeiros e a narrativa dessas instituições. / [en] This work aims to carry out a literature review on international ESG concepts and guidelines (Environmental, Social and Corporate Governance), with a focus on environmental criteria, for foreign investments. Based on this, we seek to take a look at two important Brazilian agribusiness entities: the Brazilian Agribusiness Association (ABAG) and the Confederation of Agriculture and Livestock (CNA). We seek to identify how international and ESG guidelines related to environment and foreign investments reflect on these institutions narratives.

Актуальность темы магистерской диссертации заключается в том, что на сегодняшний день процессы иностранного инвестирования в российскую электроэнергетику необходимы для проведения дальнейших преобразований отрасли, требующихся для повышения ее эффективности, обновления основных мощностей, обеспечения надежности и безопасности энергоснабжения потребителей. Целью исследования является обоснование корректировки стратегии управления компанией с иностранным капиталом c учетом новых условий хозяйствования. В процессе исследования были поставлены следующие задачи: определение внешних и внутренних факторов, которые могли послужить причиной изменения стратегии управления компанией; анализ способов и методов реализации стратегии управления компании ПАО «Энел Россия»; оценка результатов реализации принятой стратегии управления. Объектом исследования является компания ПАО «Энел Россия». Предметом – особенности стратегий управления компании электроэнергетической отрасли с иностранным капиталом в условиях экономической нестабильности в России. В результате исследования выявлено, что в настоящий момент изменение стратегических решений компании ПАО «Энел Россия» связано с необходимостью обеспечения устойчивости компании при неблагоприятной макро- и регуляторной среде. В связи с чем выделены и проанализированы основные специфические стратегические шаги, дающие долгосрочную отдачу для устойчивого развития бизнеса, характерные для компаний с участием иностранного капитала, работающих на российском электроэнергетическом рынке. / The relevance of the master thesis are the processes of foreign investment in the Russian power industry and necessary for the continued reform of the sector needed to improve its efficiency, renovation of key facilities, ensuring the reliability and security of power supply. The aim of the study is justification of correcting corporate strategy of the company with foreign capital to new conditions. There are following objectives: determination of external and internal factors that could cause changes in the strategies of management of the company; analysis of ways and methods of realization of strategy of management of the company OJSC "Enel Russia"; the evaluation of the management strategy. The object of research is public joint-stock company "Enel Russia". The subject – features of management strategies for electric power companies with foreign capital in the conditions of economic instability in Russia. The study revealed that currently, the change in the strategic decisions of the company OJSC "Enel Russia" is connected with the need to ensure stability under adverse macro - and regulatory environment. In this connection it is highlighted and analyzed the main specific strategic steps, giving a lasting impact on sustainable business development characteristic of companies with foreign capital participation operating in the Russian electricity market. The object of the study are electricity companies with foreign capital operating in Russia (JSC "Fortum", JSC "Enel Russia", JSC "E. on"). The subject of theses is the activity of energy companies with foreign capital in achieving competitive advantages in the electricity market. This work includes an introduction, three chapters, conclusion, bibliography and Appendix. There are the principles of organization of the Russian power industry, General characteristics of the Russian electricity market, consider the amount and forms of participation of foreign players in the Russian electricity market In the first Chapter of a thesis. The second Chapter analyzes the current state of the electricity companies, the basic problems of developing competition on the Russian electricity market. The third Chapter investigates the effectiveness of the functioning of foreign companies in the Russian market and the strategy of companies to achieve competitive advantages on the Russian market. Conclusion contains the main findings and suggestions for improving the functioning of the researched companies.

Объектом исследования являются электроэнергетические компании с иностранным капиталом, функционирующие в России (ОАО «Фортум», ПАО «Энел Россия», ОАО «Э.Он»). Предметом исследования является деятельность энергетических компаний с иностранным капиталом по достижению конкурентных преимуществ на электроэнергетическом рынке. Данная работа включает в себя введение, три главы, заключение, список литературы и приложение. В первой главе магистерской диссертации рассмотрены принципы формирования электроэнергетической отрасли России, дана общая характеристика российского рынка электроэнергетики, рассмотрены объемы и формы участия иностранных игроков на российском рынке электроэнергетики. Во второй главе проанализировано современное состояние электроэнергетических компаний, выявлены основные проблемы развития конкуренции на российском рынке электроэнергетики. В третьей главе проанализирована эффективность функционирования иностранных компаний на российском рынке и стратегии компаний по достижению конкурентных преимуществ на российском рынке. Заключение содержит основные выводы и предложения по повышению эффективности функционирования анализируемых компаний. / The object of the study are electricity companies with foreign capital operating in Russia (JSC "Fortum", JSC "Enel Russia", JSC "E. on"). The subject of theses is the activity of energy companies with foreign capital in achieving competitive advantages in the electricity market. This work includes an introduction, three chapters, conclusion, bibliography and Appendix. There are the principles of organization of the Russian power industry, General characteristics of the Russian electricity market, consider the amount and forms of participation of foreign players in the Russian electricity market In the first Chapter of a thesis. The second Chapter analyzes the current state of the electricity companies, the basic problems of developing competition on the Russian electricity market. The third Chapter investigates the effectiveness of the functioning of foreign companies in the Russian market and the strategy of companies to achieve competitive advantages on the Russian market. Conclusion contains the main findings and suggestions for improving the functioning of the researched companies.

[pt] A situação no Brasil no cenário internacional, principalmente no que tange à entrada de investimentos com fim de desenvolvimento e geração de capital, vem sendo abalada na última década por diversos fatores. A situação global, com as incertezas decorrentes da Pandemia de COVID-19 e a Guerra na Ucrânia é instável, com alta de juros, inflação e uma degradação da situação econômica das pessoas em escala global. A atração de investimentos é importante, historicamente, para o aumento de entrada de capital, empresas, industrialização e consequentemente, empregos, geração de renda e circulação de capital dentro do mercado interno. O Brasil há anos está em um processo de desindustrialização, que traz impactos econômicos significantes. O presente trabalho, portanto, tem como objetivo analisar esse processo de desindustrialização, a relação de Investimentos Diretos Estrangeiros, Risco Brasil e a relação entre estes índices, assim como uma tentativa de proposição de ideias para estimular o crescimento nacional. / [en] The situation in Brazil on the international scene, especially regarding the entry of investments for the purpose of development and capital generation, has been impacted over the years by several factors. The global scenery, with the uncertainties arising from the COVID-19 Pandemic and the War in Ukraine, is unstable, with high interest rates, inflation, and a degradation of the economic situation of people on a global scale. The attraction of investments is desirable, historically, for the increase of capital inflow, companies, industrialization and consequently jobs, income generation and capital circulation within the internal market. Brazil has been in a process of deindustrialization for years, which brings significant economic impacts. The present work, therefore, aims to analyze this process of deindustrialization, the relation of Foreign Direct Investments, Brazil Risk, and the relation between these indexes, as well as an attempt to propose ideas to stimulate national growth.

本文主要的研究目的，在於衡量與分析外來投資在中國大陸各地區及各產業間分佈不均的程度。研究的資料主要是《中國統計年鑑》、《中國對外經貿統計年鑑》、與中國大陸商務部所提供的外來投資的中國大陸官方資料，並採取Mookherjee and Shorrocks（1982）修改後的吉尼係數（Gini coefficient），做為衡量外資分佈不均的方法。本文主要的研究發現為，在1985∼2002年間，外資在中國大陸各地區的分佈有著相當不均衡的狀況。並且，外資在中國大陸的地區分佈高度不均的情況，主要來自於外資在中國大陸七大經濟區域間的分佈不均。此外，1997∼2002年間外資在產業分佈不均衡的程度比地區分佈更為嚴重。中國大陸目前外資投資在各地區及各產業存在「雙重不均衡」的問題。 / This paper aims to measure and analyze the unequal distribution of foreign investment among regions in China. Using official data from China Statistical Yearbook, Almanac of China's Foreign Economic Relations and Trade, and website of Ministry of Commerce of PRC, and modified Gini coefficient, a measurement of inequality proposed by Mookherjee and Shorrocks (1982), the primary finding of this study is that foreign investment has been quite unequally distributed among regions of China during 1985~2002. In addition, this inequality is primarily from the unequal distribution among seven economics areas, which is so called between-area difference. Like geographical distribution, the unequal distribution of FDI among China’s industries was quite serious during 1997~2002.

立法院於1992年2月26日修定保險法第146條，將國外投資正式列入保險業資金運用之項目，引導保險業參與國外金融市場。保險業因國內利率環境與資本市場欠缺長天期金融工具下，衍生顯著利差損問題，而國外金融商品的多樣性、高創新能力與高收益率似乎提供保險業資金投資選擇。 本研究嘗試透過不同構面的探討，將國外投資所面臨的風險與金融主管機關的監理措施加以說明，並詳細分析資產負債管理策略－資產負債區隔，建議保險業者應從資產負債管理出發，考量不同性質負債，尋找適合金融資產做為支撐之標的，如此才能透過搭配性質相近且年期適合的國外金融工具進行負債面的管理，使得國外投資能充份地發揮其多樣性與享有較高之投資收益。 亦應利用支撐負債面之金融資產組合所計算出來市場利率做為負債面評價基礎，做到資產與負債皆採用市價評估，更能反應保險公司真實的價值，並可做為主管機關監理參考。保險業者除透過資產負債區隔了解本身國外資產配置的適當性外，應輔以嚴謹的風險管理機制與自律機制，如此才能保有永續經營的能力。 / The article 146 of Insurance Law had been amended by Legistrative Yuan on 26 February 1992. It allows insurance company invests funds into foreign financial assets and across boundary to attend foreign markets. Taiwan insurance industry face significant losses from the actual credit interest lower than the credit interest rate due to economic environments and lack of long-term investment vehicles. The foreign financial market with multiplicity, innovation and higher yield seems to provide Taiwanese insurance companys a channel to resolve its interest rate gap problem. This research employs boarder discussions on the foreign investment risk of the life insurance industry from various angles. This paper also analyzes the control issues from regulator’s rerspective and outlines the asset-liability management tool “segmentation”. We also provide suggestions to Taieanese life insurance industry to adopt the asset and liability segmentation as their major tool in performing oversea investment. In the same time, the realistic surplus of the insurance company can be monitored by measuring the difference between mark to market assets and contingency liability that is calculated by market yield from replicated portfolio. In recent years, the foreign investment play a major role in Taiwanese Life insurance company’s asset portfolio, hence they are required to carefully monitor appropriate financial assets to support their liabilities. It also includes enhancing the risk management framework and self-control mechanism in order to maintain their business ability.

The purpose of this investigation is to examine the political factors which came into the creation and implementation of the Andean Foreign Investment Code. This study analyzes the political forces in the creation of the Code and examines the implementation of the Code in each of the Andean countries. This investigation concludes that although the Code has not been implemented uniformly in the Andean countries, it remains an important part of the Andean Common Market. In addition, the continual political consensus among the member countries is emphasized for the continuation of the Andean integration effort.