Russia's Inward and Outward Foreign Direct Investment: Insights into the Economy

A prominent British economist reviews the recent growth, partner-country composition, and sector composition of foreign direct investment in and out of Russia from a comparative international perspective, based on UNCTAD and Central Bank of Russia data as well as selected case studies. Two hypotheses are tested: that foreign policy significantly affects the host-country pattern of Russia's outward foreign direct investment (OFDI) and that domestic institutions significantly impact the host-country pattern of Russia's OFDI and the sectoral pattern of its inward foreign direct investment (IFDI). Quantitative evidence of foreign-policy influence could not be found, while domestic institutional influences do appear to be present, most notably in the form of system-escaping OFDI.     

我国地理学关于跨国投资的研究进展

本文运用科学计量法与文献研究法,对我国地理学界关于跨国投资的研究进行了综述,发现我国学界在投资时空演变格局、区位选择、驱动因素与效应等方向取得了较为显著的进展,近年来研究的国际化趋势明显。目前中国已经从单纯的外资输入发展为引进与输出结合的双向投资结构,中国的对外投资是近 10年近年的热门话题。 总体而言,相关研究以实证分析为主,经历了从单一理论的借鉴到多理论的整合,视角更多元、内容更多样、方法更综合。空间视角下的计量分析方法和可视化表达是当前跨国投资研究较为热门的方法。未来的研究仍需理论创新,对西方主导的研究视角进行批判性思考,突出地理学科特色。     

FOREIGN DIRECT INVESTMENT FROM CANADA: AN OVERVIEW

Foreign direct investment (fdi) research on Canada has historically been centred on incoming rather than outgoing controlling capital. Yet the activities of Canada-based multinational enterprises (mne) have fostered an impressive outflow of direct investment abroad. To appreciate the importance of Canada's mne, one must understand the spatial and functional characteristics of Canadian parent companies and their foreign direct investments. To realize this goal, a sample of more than 17 000 examples of Canadian fdi (at various points in time) has been retrieved and analyzed. Spatially, the favourite target of Canadian outward fdi has been the United States and then the United Kingdom, but significant agglomerations of Canadian controlling capital can be found in many parts of the world (particularly in Western Europe, the Caribbean region, Australia, and Brazil, and in various Asian destinations). The locations of Canadian parent companies have been heavily biased toward the largest metropolitan cities. Additionally, multinational enterprises headquartered in Toronto and Montreal control (by far) the most foreign subsidiaries. In general, manufacturing, financial, and mining activities have constituted the most important endeavours of Canadian multinationals abroad. This pattern of functional emphasis, however, does vary with each specific location. Through a stepwise regression procedure, it was determined that market, trade (with Canada), labour, and crime conditions were critical place-specific criteria that affected the spatial decisions of Canadian direct investors. Par le passé, la recherche sur les investissements directs à I‘étranger (ide) du Canada a été axée sur les entrées de capital de contrôle plutôt que sur les sorties. Pourtant, les activés d'entreprises multinationales basées au Canada ont engendré“un flot impressionnant d'investissements directs à l’étranger. Pour appécier l'importance des entreprises multinationales du Canada, on doit comprendre les caractéristiques géographiques et fonctionnelles des compagnies mères canadiennes, et leurs investissements directs à l'étranger. Pour atteindre cet objectif, un échantillon de plus de 17 000 exemples de ide canadiens (à différents moments) a été choisi et analysé. Géographiquement, la cible favorite des ide canadiens vers l'extérieur a été les États-Unis, puis le Royaume-Uni, mais on retrouve d'importantes concentrations de capital de contrôle canadien en plusieurs autres parties du monde (surtout en Europe occidentale, dans la région des Caraïbes, en Australie, au Brésil etdans diverses destinations asiatiques). Pour le choix de la localisation de leurs sièges sociaux, les compagnies mères canadiennes ont nettement favorisé les plus grandes métropoles. De plus, ce sont les entreprises multinationales dont les sièges sociaux sont à Toronto et à Montréal qui gèrent la plupart (et de loin) des filiates étrangères. En général, les activités manufacturieres, financieres et minieres ont const'itue“la plus importante part des projets des multinationales canadiennes à l‘étranger. Cette tendance varie cependant selon les endroits. Par un modèle de régression, il a étéétabli que les conditions de marché, de commerce (avec le Canada), de travail et de criminalitéétaient des critères décisifs qui affectaient les choix géographiques des investisseurs canadiens. Mots-clés: investissements directs à I'étranger, entreprises multinationales du Canada     

海外华资对侨乡的投资探讨--以广东侨乡为例

包括港澳台资本及东南亚等地的华人华侨资本在内的海外华资,一直是中国外资引入的主力军,对中国大陆,尤其是广东侨乡的发展起了巨大的推动作用.本文以广东侨乡为例,论述了海外华资对侨乡的投资进程,并从国际直接投资理论出发,试对这一资本流入进程进行理论阐释.而且,通过对广东侨乡的分析,探讨海外华资投资所带来的经济发展效应.     

Resource nationalism or resource liberalism? Explaining Australia's approach to Chinese investment in its minerals sector

Since 2005, a burgeoning wave of Chinese investments has set off a new ‘minerals boom’ in the Australian iron ore and coal mining sectors. While normally a welcome development, the state-owned and strategic nature of the investors has raised concerns in Australia about how these should be regulated. As a result, in February 2008 the Australian government declared an intention to more closely screen foreign direct investment (FDI) from state-owned sources, which both supporters and detractors alike have claimed is evidence of ‘resource nationalism’ in Australia's approach towards its trade and investment relationships with China. This article challenges this understanding through an examination of the characteristics of Chinese mining FDI, the dilemmas these present to the Australian government, and the relatively restrained nature of its response. Through this, Australia's FDI policy is explained as a defensive move against the potential for strategic behaviour by Chinese investors resulting from their state ownership, rather than any national program to subject minerals trade and investment to political control. On this basis, the article argues that Australian government policy instead evidences a ‘resource liberalism’ approach, which intends to ensure that the governance of Australia's minerals trade and investment with China remain market-based processes.     

Myth of the Triad? The Geography of Trade and Investment 'Blocs'

The notion that the world is increasingly divided into a triad of economic regions based on North America, the European Union and Japan has become a form of conventional wisdom across a range of disciplines. However, despite the near ubiquitous use of the idea of a triadized world, it remains a somewhat normative assertion, the empirical existence of which has yet to be demonstrated. By using the intramax method to analyze the intensity of international trade and foreign direct investment flows during 1985 and 1995, we examine the changing shape of trade and investment 'blocs' globally. We find that while international trade is increasingly organized around fewer world regions, the presumed outcome of a triad-based world economy remains questionable. We further show that investment intensity patterns do not currently conform to any bloc-like formation, but exhibit instead, globally diffused network regions.     

Are smart cities global cities? A European perspective

Typical of the 1990s, the global cities phenomenon preceded the past decade’s massive spread of smart cities. Yet the question of how the two phenomena currently coincide remains to be considered, as well as an analysis based on viewing smart cities as global cities. An analysis related to the European scenario is developed in this article, aimed at giving a response to the previous considerations. An index is also proposed; concerning the global character of the cities, it considers the ability of the cities to attract Foreign Direct Investments (FDI). Results of the proposed analysis show that in Europe four main scenarios exist. Two regarding positive and negative correlations between the diffusion of global and smart cities, and another two scenarios demonstrate cases in which the two features are not correlated. The first two cases are respectively related to smart cities that are also global cities. The last two cases deal with the presence of different drivers that are not related to smart urban plans, which could, however, drive the attraction of FDI or which could also promote smart actions without the thrust of FDI. Correlation and regression analyses complement the work.     

Foreign Trade in China's Electronics Industry

Three Taiwan-based economists examine the effects of GDP, per capita GDP, geographic distance, FDI outflows and inflows, openness to trade, bilateral investment treaties, and other factors on the volume of bilateral trade between China and 40 of its trading partners in the up-, mid- and downstream segments of the country's electronics industry. Pooled cross-section and time-series data are employed in an empirical estimation for the period 1995-2005, which indicate that the Chinese electronics sector's import/export volumes have grown substantially alongside China's economy. The authors address a specific set of issues questioning whether FDI inflows have created a trade effect in the electronics industry, whether they have lead to a measure of import substitution in China's electronics industry, and whether the net impact of opening the market has been positive or negative on the sector's foreign trade. Journal of Economic Literature, Classification Numbers: F14, F21, L63, O53, P33. 6 tables, 23 references.     

China and India Enter Global Markets: A Review of Comparative Economic Development and Future Prospects

An American economist specializing in the economic and business development of China as well as India presents the results of a focused comparison of their emergence as global economic powers in the late 20^th and early 21^st centuries. More specifically, she selectively reviews the body of published research comparing China and India, with emphasis on the literature covering the two countries' economic achievements, the nature of reforms and institutions, as well as the overall social contexts within which development and growth are occurring. The author addresses such major questions as the importance of timing and location in the two countries' development trajectories as well as the implications of different modes of guidance (market versus state direction) for those trajectories. A concluding section identifies several possible directions for future research. Journal of Economic Literature, Classification Numbers: F010, O110, O530, P200, P520. 1 figure, 2 tables, 120 references.     

促进还是抑制:中国对非直接投资的对外援助效应

论文聚焦中国对非援助与对非直接投资的不确定性关系,将援助细分为社会基础设施援助、实物资本援助、经济基础设施援助、政府和民间社会援助四种类型,构建了援助与投资的解析模型;基于中国对非洲52个国家的援助项目数和直接投资项目数,利用分位数回归方法,分别考察了中国对非援助项目总量及各类型援助在对非直接投资项目中的作用。研究发现：①中国对非援助集中在东非、南非,援助项目总数、各类型援助项目数、对非直接投资项目的空间分布具有很高的相似性。②中国对非援助类型结构相对均衡,对非援助在中国对非直接投资中发挥着先锋促进效应。其中,经济基础设施援助的促进效应强劲、稳定,且强度随分位数提高有浅U型变动特征;实物资本援助、社会基础设施援助的促进作用分别在对非直接投资项目少、中等数量下促进效果显著;政府和民间援助的促进作用不显著。③友好城市关系、出口关系与双边政治关系分别仅在中国对非直接投资项目较少、中等规模、大规模情形下显著,空间关系的影响不显著。④受援国人口规模的促进影响最清晰、最稳健;成本规避、资源寻求、受援国的投资环境质量和腐败状况的影响尚不清晰。中国在非投资有追随他国投资区位的倾向,但这一倾向仅在经济基础设施模型中显著。     

An Emerging Development Focus from the Pearl River Delta West to Western Guangdong: A Research Report

A senior Hong Kong-based geographer discusses factors that have the potential to intensify growth in the western part of China's Pearl River Delta and adjacent areas of western Guangdong province. He focuses on: (1) proposals for construction of a Hong Kong-Zhuhai-Macau bridge linking eastern and western wings of the delta, to become a catalyst for rapid development of the western delta region, with its large unutilized reserves to support economic growth; and (2) the potentially strategic roles of nearby Guangxi and Yunnan provinces in a recently promulgated China-ASEAN Free Trade Area. Journal of Economic Literature, Classification Numbers: O15, O16, O18, O20. 2 figures, 1 table, 13 references.     

论清末吸引侨资的政策及其失败的决策因素

清季末年吸引侨资的政策 ,经过逐步探索 ,在引资措施、激励制度、投资环境建设等方面渐露比较健全、规范、注重政策实施步骤等相对科学可行的端倪。但随着引资政策的实行 ,财政本位性对引资政策的反动 ,引资政策缺乏切实可行的优惠办法以及新旧体制的摩擦等深层次的决策性因素 ,制约了吸引侨资政策的深入。这是晚清政府半封建半殖民地本质所决定的。     

日本在华直接投资的历史回顾与前景展望

外国对华直接投资,始于中国实行改革开放之后,日本作为中国的近邻,从最初就显得特别活跃,但其对华进行直接投资的20余年里,投资数目及其投资金额都是起起伏伏,并不平稳,其原因何在？本文将通过对日本在华直接投资的背景分析,尝试对此做出回答,本文还通过考察日资企业的个案,以及中国加入WTO后中国政府对外商投资问题的具体举措,来分析,展望日本对华的直接投资的未来前景。     

For love or money? Assessing outcomes from direct public investment in film

ABSTRACT

This study examines Australian domestic film performance under two distinct policy regimes with respect to direct investment strategy. In particular, we contrast film performance under two public funding agencies with noted differences in (i) the number of films financed annually, (ii) the average (and maximum) funding per film, and (iii) the involvement of an expert review panel in funding decisions. In addition to box office returns, we consider performance benchmarks related to major film festival screenings, nominations and awards; critical acclaim based on IMDb user and critic reviews; and whether or not the film received a release in the major UK and/or US markets. Finally, we exploit a subset of our data where a ‘two-door’ policy was used for investment decisions that allows us to reflect on our more general results.