财贸研究
財貿研究
재무연구
Finance and Trade Research
2012年
2期
67~75
,共null页
汇率 贸易壁垒 “诱发性”对外直接投资 企业特定成本优势
彙率 貿易壁壘 “誘髮性”對外直接投資 企業特定成本優勢
회솔 무역벽루 “유발성”대외직접투자 기업특정성본우세
exchange rate; trade barriers; outward FDI; enterprise＇s specific advantage;
将汇率冲击、贸易壁垒与＂诱发性＂对外直接投资置于一个理论框架下,揭示其间的诱发机制与综合传导路径,得出结论如下：跨越贸易壁垒是诱发企业对外投资行为的重要动因,汇率对直接投资流出可能具有＂双向性＂作用;在遭遇东道国反倾销威胁时,市场规模对企业对外投资的＂跨越＂动机起到制约作用;企业拥有的成本优势越具备＂可转移＂特征,越容易＂诱发＂对外直接投资的形成;行业内产品差异化程度越高,则越能＂诱发＂企业从事对外投资。
將彙率遲擊、貿易壁壘與＂誘髮性＂對外直接投資置于一箇理論框架下,揭示其間的誘髮機製與綜閤傳導路徑,得齣結論如下：跨越貿易壁壘是誘髮企業對外投資行為的重要動因,彙率對直接投資流齣可能具有＂雙嚮性＂作用;在遭遇東道國反傾銷威脅時,市場規模對企業對外投資的＂跨越＂動機起到製約作用;企業擁有的成本優勢越具備＂可轉移＂特徵,越容易＂誘髮＂對外直接投資的形成;行業內產品差異化程度越高,則越能＂誘髮＂企業從事對外投資。
장회솔충격、무역벽루여＂유발성＂대외직접투자치우일개이론광가하,게시기간적유발궤제여종합전도로경,득출결론여하：과월무역벽루시유발기업대외투자행위적중요동인,회솔대직접투자류출가능구유＂쌍향성＂작용;재조우동도국반경소위협시,시장규모대기업대외투자적＂과월＂동궤기도제약작용;기업옹유적성본우세월구비＂가전이＂특정,월용역＂유발＂대외직접투자적형성;행업내산품차이화정도월고,칙월능＂유발＂기업종사대외투자。
This paper places exchange rate,trade barriers and ＂induced＂ foreign direct investment into a same theoretical framework to reveal mechanism and integrated path-through.The conclusions are：Shunning trade barriers is an important motivation for FDI and exchange rate may have a ＂two-way＂ effect on it;In the event of anti-dumping threat,market size plays a regulatory role on firm＇s FDI decision;The more with the feature of ＂firm-specific＂ advantage,the easier inducing outward FDI;The lower is the degree of product differentiation,the less the tendency for firm＇s foreign investment;The higher the degree of product differentiation,the more probability for firm＇s engaging in ＂induced＂ FDI.
