Chapter 12 international resource movements and multinational corporations (国际资源流动与跨国公司) Main points of this chapter: motives for international capital flows (国际资本流动的动机) welfare effects of international capital flows (国际资本流动的福利影响) multinational corporations (跨国公司) motives for and welfare effects of international labor migration（国际劳工迁徙的原因及其福利效应)
1 Chapter 12 international resource movements and multinational corporations （国际资源流动与跨国公司） Main points of this chapter: motives for international capital flows （国际资本流动的动机） welfare effects of international capital flows （国际资本流动的福利影响） multinational corporations （跨国公司） motives for and welfare effects of international labor migration （国际劳工迁徙的原因及其福利效应）
Types of international capital flows international debit and credit pure currency 国际借贷 assets flow international 单纯货币资产流动 international capital flow portfolio investments 国际资本流动 国际证券投资 Foreign direct investments (FDI) 国外直接投资 2
2 Types of international capital flows international capital flow 国际资本流动 pure currency assets flow 单纯货币资产流动 Foreign direct investments （FDI） 国外直接投资 international debit and credit 国际借贷 international portfolio investments 国际证券投资
12.3 motives for international capital flows 12.3A motives for international portfolio investments ■earn higher returns risk diversification 3
3 12. 3 motives for international capital flows 12.3A motives for international portfolio investments earn higher returns risk diversification
12.3B motives for foreign direct investments earn higher returns risk diversification horizontal integration vertical integration avoid tariffs and other restrictions take advantage of government subsidies share the profits of a foreign market
4 12.3B motives for foreign direct investments earn higher returns risk diversification horizontal integration vertical integration avoid tariffs and other restrictions take advantage of government subsidies share the profits of a foreign market
horizontal integration The production abroad of a differentiated product that is also produced at home. 在国外生产一种与国内产品同类的有差异的产品。 vertical integration The expansion of a firm backward to supply its own raw materials and intermediate products and/or forward to provide its own sales or distribution networks. 公司为控制原料和中间品的供应而向后与其生产厂商合并， 及（或)为控制销售网络而向前与销售商合并。 5
5 horizontal integration The production abroad of a differentiated product that is also produced at home. 在国外生产一种与国内产品同类的有差异的产品。 vertical integration The expansion of a firm backward to supply its own raw materials and intermediate products and/or forward to provide its own sales or distribution networks. 公司为控制原料和中间品的供应而向后与其生产厂商合并， 及（或）为控制销售网络而向前与销售商合并