托马斯.A.普格尔 国际贸易 英语chap015

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1、Chapter15MultinationalsandMigration:InternationalFactorMovementsForeignDirectInvestment(FDI)Flowdefinition:Flowoffundingprovidedbyinvestors(usuallyfirms)toestablishoracquireforeigncompaniesortoexpandorfinanceexistingforeigncompaniesthattheinvestorsown.Keyissufficient

2、ownershiptocontrolorinfluencethemanagementoftheforeigncompany.Stockdefinition:Totalvalueofexistingfunding(equityanddebt)offoreigncompaniesthathasbeenprovidedbyinvestorsthatowntheseforeigncompanies.MultinationalEnterprise(MNE)Afirmthatownsandcontrolsoperationsinmoreth

3、anonecountry.TheparentfirmoftheMNEislocatedinthehomecountry.ThehomecountryisthesourcecountryforoutwardFDI.TheMNEhasoneormoreaffiliateslocatedinoneormorehostcountries.ThehostcountryisthedestinationcountryforinwardFDI.ExamplesofFDIandPortfolioInvestmentsFigure15.1–Majo

4、rHomeCountries’DirectInvestments,Endof2002(BillionsofU.S.Dollars)Table:TransferPriceAffectsGlobalAfter-TaxProfitWhyDoMNEsExist?Inherentdisadvantagesofoperatingaforeignaffiliatecompetingagainstlocalfirms.Firm-specificadvantagesoftheMNE,especiallyintangibleassets.Inter

5、nalizationadvantagesinusingtheseassets.Locationfactorsbasedonresourcecostsandavailability,customerdemand,governmentpolicies,andotherconsiderations.OligopolisticrivalrythatusesFDIinthefirms’strategiesforcompeting.Taxationofmulinationalenterprise’sprofitsTransferpricin

6、gThesettingbythefirmofmonetaryvalues(prices)forthingsthatmovebetweenunitsofthefirm(suchasthingsthatmoveamongtheparentfirmandtheforeignaffiliatesofanMNE).ShouldthehomecountryrestrictFDIoutflow?ShouldthehostcountryrestrictFDIinflows?ImmigrationFigure15.2–GrossImmigrati

7、onRatesintotheUnitedStates,1820-2004,andCanada,1852-2004Figure15.3–NetImmigrationRatesintotheEuropeanUnion,1960-2004Figure15.4–Labor-MarketEffectsofMigration