CAJ | 학술논문

国际金融危机的冲击使欧美对外投资能力明显下降,中国等新兴市场国家的对外投资能力有所增强。2011年以来世界范围内发展国际直接投资面临以下现实因素制约：（1）发达国家的量化宽松政策,引起了金融资产价格上涨,并传导到实体部门的资产价格,提高了并购FDI的国际投资成本;（2）欧元区等国家货币有贬值要求,汇率风险加大,以及世界主要国家货币政策和财政政策空间有限,会恶化企业对外FDI的风险态度,减少FDI流出;（3）全球经济衰退,跨国公司产品缺少市场需求;（4）东道国为了弥补财政赤字和偿还债务,税收负担相对较重。
국제금융위궤적충격사구미대외투자능력명현하강,중국등신흥시장국가적대외투자능력유소증강。2011년이래세계범위내발전국제직접투자면림이하현실인소제약：（1）발체국가적양화관송정책,인기료금융자산개격상창,병전도도실체부문적자산개격,제고료병구FDI적국제투자성본;（2）구원구등국가화폐유폄치요구,회솔풍험가대,이급세계주요국가화폐정책화재정정책공간유한,회악화기업대외FDI적풍험태도,감소FDI류출;（3）전구경제쇠퇴,과국공사산품결소시장수구;（4）동도국위료미보재정적자화상환채무,세수부담상대교중。
The potential competitiveness of Euro and USA firms has declined obviously since 2008 while FDI by China and other emergency countries has witnessed a remarkable rising. The global FDI development has been subject to following obstacles after 2011. （1） The quantitative easing monetary policy has raised the capital price around the world; （2） Euro money is at risk of big depreciation with less room for expanding fiscal policy and monetary policy which will make firms more risk aversion to make investment oversea; （3） Multinational firms are faced by declined product demands due to world economy recession; （4） higher tax burden in host countries for the reason of big fiscal deficit.