(26)--7.2国际经济学双语讲稿.docx
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1、Pl A simple supply and demand model was used to analyze the cross-border flow of labor. This section considers the role of international capital flows (investment) as a substitute for trade in capital-intensive products. Special attention is given to the multinational enterprise that carries on the
2、international reallocation of capital.P2 A close look at some representative enterprises (The abbreviation is MNEs) suggests that these businesses have a number of identifiable features. Operating in many host countries, MNEs often conduct research and development (R&D) activities in addition to man
3、ufacturing, mining, extraction, and business service operations. The MNE cuts across national borders and is often directed from a company planning center that is distant from the host country. Both stock ownership and company management are usually multinational in character. A typical MNE has a hi
4、gh ratio of foreign sales to total sales, often 25 percent or more.P3 Table 7.3 provides a glimpse of some of the worlds largest corporations. Include Wal-Mart stores, ExxonMobil, Royal Dutch Shell, BP, Toyota Motor, and so on.P4 Multinationals may diversify their operations along vertical, horizont
5、al, and conglomerate lines within the host and source countries.Vertical integration often occurs when the parent MNE decides to establish foreign subsidiaries to produce intermediate goods or inputs that go into the production of a finished good. Multinationals often wish to integrate their operati
6、ons vertically to benefit from economies of scale and international specialization.Horizontal integration occurs when a parent company producing a commodity in the source country sets up a subsidiary to produce an identical product in the host country. These subsidiaries are independent units in pro
7、ductive capacity and are established to produce and market the parent companys product in overseas markets.MNEs may also diversify into nonrelated markets in what is known as conglomerate integration. In the 1980s, U.S. oil companies stepped up their nonenergy acquisitions in response to anticipated
8、 declines of the future investment opportunities for oil and gas.P5 Foreign direct investment usually exists in the following situations: First of all, the parent company obtains sufficient common stock in a foreign company to assume voting control; Second, the parent company acquires or constructs
9、new plants and equipment overseas; third, the parent company shifts funds abroad to finance an expansion of its foreign subsidiary; or the fourth, earnings of the parent companys foreign subsidiary are reinvested in plant expansion.P6 The case for opening markets to FDI is as compelling as it is for
10、 trade. More open economies enjoy higher rates of private investment that is a major determinant of economic growth and job creation.批注李1:之前我们运用一个简单的供求模型对劳动 力的跨境流动进行了分析。本节考察国际资本流动(投 资)对资本密集产品贸易的替代作用。我们特别关注了 在国际间进行资本再分配的跨国公司。 批注李2:仔细观察一些具有代表性的跨国公司(缩写 为MNEs)就会发现,这些企业具有许多可识别的特征。 跨国公司在许多东道国开展业务,除了从事制造、采
11、矿、 采掘和商业服务业务外,还经常从事研究和开发活动。 跨国公司跨越国界,通常由远离东道国的公司规划中心 进行指导。股票所有权和公司管理通常都是跨国性质的C 一个典型的跨国公司的海外销售额占总销售额的比例 很高,通常为25%或更多。批注李3:表7.3简要介绍了一些世界上最大的公司 (通常为跨国公司)。包括沃尔玛、埃克森美孚、荷兰 皇家壳牌、英国石油、丰田汽车等。批注李4:跨国公司可以在东道国和母国间采用不同 方式开展业务,其类型有垂直型、水平型和综合型。批注李5:纵向一体化指母公司设立外国子公司生产 中间产品(或投入)来生产制成品。跨国公司通常希望 垂直整合其业务,以便从规模经济和国际专业化中
12、获益C批注李6:当在来源国生产某种商品的母公司在东道 国设立子公司生产相同的产品时,就发生了横向一体化, 这些子公司是独立的生产单位,是为了在海外生产和销 售与母公司相同的产品。批注李7:跨国公司也可以进入与之无关的市场,即所 谓“综合一体化上世纪80年代,美国石油公司加大 了对非能源领域的收购力度,以应对未来油气投资机会 预计会减少的局面。 批注李8:在以下几种情况下,就产生了所谓对外直接 投资:一,母公司获得足够的外国公司普通股,以获取 表决控制权;二,母公司在境外收购或新建厂房和设备; 三,母公司将资金转移到海外,为其外国子公司的扩张 提供资金;四,母公司的外国子公司的收益被再投资不I
13、批注李9:向外国直接投资开放市场的理由同贸易一 样有说服力。更加开放的经济体享有更高的私人投资回 报率,这是经济增长和创造就业的主要因素。批注李10:外国直接投资受到各国的积极追捧,还因 为它产生了管理改进和技术改进等溢出效应。像那些从 事对外贸易的公司一样,外国直接投资密集的公司和双批注李11:对外投资使企业保持竞争力,并促进国内 就业。海外投资也刺激了机械和其他资本品的出口。FDI is actively courted by countries, because it generates spillovers such as improved management and better
14、technology. As is true with firms that trade, firms and sectors where FDI is intense tend to have higher average labor productivity and pay higher wages. Outward investment allows firms to remain competitive and supports employment at home. Investment abroad stimulates exports of machinery and other
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