《国际投资》课程教学资源（书籍文献）世界投资报告（2016）World Investment Report, FDI from Developing and Transition Economies - Implications for Development

Page 日eme 46 2.South,East and South-East Asia,and Oceania 50 a.Geographical trends.. 50 (i)In (ii)Outward FDI:overall decline,but flows from China surge. 53 rgl0nafD… Inward FDI:strong growth in services and high-tech industries. g阅.caeidgDcgroiagniercstinnaturalresourcs- 5758 9 3.West Asia 999 (ii)Outward FDI:petrodollars boost investment Siloralrcensnsngnowstoencgy-elhaiedindustries 63 developments 66 4.Latin America and the Caribbean 67 ase to Andean countries 68 (ii)Outward FDI:continued growth.. 70 75 d.Prospects 7 B.SOUTH-EAST EUROPE AND THE COMMONWEALTH OF INDEPENDENT STATES....77 1.Geographical trends... 8 Inward FDI fifth year of growth Outward FDI:strong performance of Russian TNCs continues.. 2. Sectoral trends:manufacturing dominates inflows,natural resources lead outflows... .80 Policy developments.......... Prospects.... 8 1 Geogranhical trends 83 Inward FDI:recovering from the downturn Outward FDI:overall decline tora trends:inflows up in all sectors 330 94 NOTES

vi World Investment Report 2006. FDI from Developing and Transition Economies: Implications for Development c. Policy developments ............................................................................................................... 46 d. Prospects .................................................................................................................................. 49 2. South, East and South-East Asia, and Oceania ............................................................................. 50 a. Geographical trends ................................................................................................................ 50 (i) Inward FDI: continues to soar ...................................................................................... 50 (a) South, East and South-East Asia ........................................................................... 50 (b) Oceania .................................................................................................................... 53 (ii) Outward FDI: overall decline, but flows from China surge ........................................ 53 (a) South, East and South-East Asia ............................................................................ 54 (b) Intraregional FDI .................................................................................................... 54 b. Sectoral trends ......................................................................................................................... 55 (i) Inward FDI: strong growth in services and high-tech industries................................ 55 (ii) Outward FDI: growing interest in natural resources.................................................... 57 c. Policy developments ............................................................................................................... 58 d. Prospects .................................................................................................................................. 59 3. West Asia .......................................................................................................................................... 59 a. Geographical trends ................................................................................................................ 59 (i) Inward FDI: unprecedented rise .................................................................................... 59 (ii) Outward FDI: petrodollars boost investment ............................................................... 63 b. Sectoral trends: rising flows to energy-related industries ................................................... 64 c. Policy developments ............................................................................................................... 65 d. Prospects .................................................................................................................................. 66 4. Latin America and the Caribbean ................................................................................................... 67 a. Geographical trends ................................................................................................................ 68 (i) Inward FDI: strong increase to Andean countries........................................................ 68 (ii) Outward FDI: continued growth .................................................................................... 70 b. Sectoral trends: natural resources and manufacturing increasingly targeted ..................... 71 c. Policy developments ............................................................................................................... 75 d. Prospects .................................................................................................................................. 77 B. SOUTH-EAST EUROPE AND THE COMMONWEALTH OF INDEPENDENT STATES .... 77 1. Geographical trends......................................................................................................................... 78 a. Inward FDI: fifth year of growth ........................................................................................... 78 b. Outward FDI: strong performance of Russian TNCs continues.......................................... 79 2. Sectoral trends: manufacturing dominates inflows, natural resources lead outflows................ 80 3. Policy developments........................................................................................................................ 81 4. Prospects........................................................................................................................................... 81 C. DEVELOPED COUNTRIES............................................................................................................... 82 1. Geographical trends......................................................................................................................... 83 a. Inward FDI: recovering from the downturn .......................................................................... 83 b. Outward FDI: overall decline ................................................................................................. 87 2. Sectoral trends: inflows up in all sectors....................................................................................... 90 3. Policy developments........................................................................................................................ 93 4. Prospects........................................................................................................................................... 94 NOTES .................................................................................................................................................................. 95 Page

TABLE OF CONTENTS Vil Page PART TWO FDI FROM DEVELOPING AND TRANSITION ECONOMIES:IMPLICATIONS FOR DEVELOPMENT INTRODUCTION. ,103 CHAPTER III.EMERGING SOURCES OF FDI.. .105 105 1.FDI from developing and transition economies increases .105 Growing overseas investments from developing and transition economies 10 110 Growing importance of Asia as a source of FDI. 112 South-South FDI becomes significant Services dom B.GLOBALAND REGIONAL PLAYERS EMERGING FROM DEVELOPING AND TRANSITION ECONOMIES... .122 of TNCs from developing and transition economies 3 TNCs from Asia 126 7 131 TNCs from Latin America and the Caribbean 132 TNCs from South-East Europe and the CIS. 134 C.SALIENT FEATURES OF THE EMERGING SOURCES OF FDI. .135 NOTES .137 CHAPTER IV.DRIVERS AND DETERMINANTS...... …141 A.CONCEPTUAL FRAMEWORK. .142 estmen .142 from developing and transition economies. 143 3.Application of the theory to TNCs from developing and transition economies........ .146 B.COMPETITIVE ADVANTAGES,DRIVERS AND MOTIVES...... .150 Home country drivers (push factors). (push and pu) 3.Motivations and strategies 157 Namket-secking 158 Rcsource-secking. 161

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  INTRODUCTION................................................................................................... 103 CHAPTER III. EMERGING SOURCES OF FDI................................................... 105 A. DEVELOPING AND TRANSITION ECONOMIES GAIN GROUND AS HOME COUNTRIES ................................................................................................................... 105 1. FDI from developing and transition economies increases ......................................................... 105 a. Growing overseas investments from developing and transition economies .................... 105 b. Cross-border mergers and acquisitions on the rise ............................................................. 108 c. Greenfield and expansion investments ................................................................................ 110 2. Growing importance of Asia as a source of FDI ........................................................................ 112 3. Services dominate .......................................................................................................................... 115 4. South-South FDI becomes significant ......................................................................................... 117 B. GLOBAL AND REGIONAL PLAYERS EMERGING FROM DEVELOPING AND TRANSITION ECONOMIES ................................................................... 122 1. The rise of TNCs from developing and transition economies ................................................... 122 2. TNCs from Africa .......................................................................................................................... 125 3. TNCs from Asia ............................................................................................................................. 126 a. TNCs from East and South-East Asia .................................................................................. 127 b. TNCs from South Asia .......................................................................................................... 130 c. TNCs from West Asia ........................................................................................................... 131 4. TNCs from Latin America and the Caribbean ............................................................................ 132 5. TNCs from South-East Europe and the CIS ................................................................................ 134 C. SALIENT FEATURES OF THE EMERGING SOURCES OF FDI........................................... 135 NOTES ................................................................................................................................................................ 137 CHAPTER IV. DRIVERS AND DETERMINANTS................................................ 141 A. CONCEPTUAL FRAMEWORK...................................................................................................... 142 1. The theory of transnational corporations and foreign direct investment .................................. 142 2. The investment development path and the emergence of TNCs from developing and transition economies.................................................................................. 143 3. Application of the theory to TNCs from developing and transition economies ...................... 146 B. COMPETITIVE ADVANTAGES, DRIVERS AND MOTIVES .................................................. 150 1. Sources of competitive advantages .............................................................................................. 152 2. Drivers to internationalization ...................................................................................................... 155 a. Home country drivers (push factors) ................................................................................... 155 b. Host country drivers (pull factors)....................................................................................... 155 c. Empirical evidence on drivers (push and pull) ................................................................... 156 3. Motivations and strategies ............................................................................................................ 157 a. Market-seeking ........................................................................................................................ 158 b. Efficiency-seeking ................................................................................................................. 158 c. Resource-seeking................................................................................................................... 161 Page

Page d.Created asset-seeking 162 e.Other motives...... 163 C.CONCLUSIONS. .163 NOTES. ,163 CHAPTER V.IMPACT ON HOME AND HOST DEVELOPING ECONOMIES... 169 A. IMPACT ON HOME ECONOMIES 169 1.Outward FDI and the competitiveness of developing-country TNCs.. .170 2 Outward FDI and the competitiveness and restructuring of home-country industries... 177 3 Macroeconomic,trade and employment effects in the home economy 178 I resource flows and balance of payments. 180 180 Employment 181 4. Concluding remarks... 182 B.IMPACT ON HOST ECONOMIES. 183 t on estment Technology and skills 18 trade 89 Other impacts. 195 3.Concluding remarks. 196 C.CONCLUSIONS. 197 NOTES. 19 CHAPTER VI.NATIONAL AND INTERNATIONAL POLICIES 201 A. THE ROLE OF HOME-COUNTRY POLICIES .202 1.Competitiveness policies and outward FDI. 202 2 Policies specific to outward FDI 203 62 ofOtbrCTDoutwardFDl Main instruments used to promote outward FDI Agencies promoting outward FI 21 3.Mitigating potential risks associated with outward FDI 218 B.IMPLICATIONS FOR HOST-COUNTRY POLICIES. ,219 219 eaction s to take eovers by TNCs m de eloping countrie

viii World Investment Report 2006. FDI from Developing and Transition Economies: Implications for Development d. Created asset-seeking ............................................................................................................ 162 e. Other motives......................................................................................................................... 163 C. CONCLUSIONS .................................................................................................................................. 163 NOTES ................................................................................................................................................................ 163 CHAPTER V. IMPACT ON HOME AND HOST DEVELOPING ECONOMIES................................................................................ 169 A. IMPACT ON HOME ECONOMIES ............................................................................................... 169 1. Outward FDI and the competitiveness of developing-country TNCs....................................... 170 2. Outward FDI and the competitiveness and restructuring of home-country industries............ 175 a. Industrial competitiveness .................................................................................................... 175 b. Industrial restructuring.......................................................................................................... 177 3. Macroeconomic, trade and employment effects in the home economy .................................... 178 a. Financial resource flows and balance of payments ............................................................ 179 b. Domestic investment ............................................................................................................. 180 c. International trade ................................................................................................................. 180 d. Employment ........................................................................................................................... 181 4. Concluding remarks....................................................................................................................... 182 B. IMPACT ON HOST ECONOMIES ................................................................................................. 183 1. Assessing host-country impact .................................................................................................... 184 2. Impact on host developing economies ......................................................................................... 184 a. Financial resource flows and investment ............................................................................ 185 b. Technology and skills ........................................................................................................... 188 c. International trade ................................................................................................................. 189 d. Employment ........................................................................................................................... 192 e. Other impacts......................................................................................................................... 195 3. Concluding remarks....................................................................................................................... 196 C. CONCLUSIONS .................................................................................................................................. 197 NOTES ................................................................................................................................................................ 199 CHAPTER VI. NATIONAL AND INTERNATIONAL POLICIES ............................ 201 A. THE ROLE OF HOME-COUNTRY POLICIES ........................................................................... 202 1. Competitiveness policies and outward FDI................................................................................. 202 2. Policies specific to outward FDI .................................................................................................. 203 a. More countries remove barriers to outward FDI ................................................................ 204 b. Active promotion of outward FDI ....................................................................................... 208 (i) Main instruments used to promote outward FDI........................................................ 209 (ii) Agencies promoting outward FDI ............................................................................... 212 c. Home-country measures to promote South-South FDI ...................................................... 217 3. Mitigating potential risks associated with outward FDI ............................................................ 218 B. IMPLICATIONS FOR HOST-COUNTRY POLICIES ................................................................ 219 1. Host-country policies for maximizing the benefits from South-South FDI ............................. 219 2. More FDI sources for IPAs to target ............................................................................................ 220 3. Reactions to takeovers by TNCs from developing countries..................................................... 222 Page

TABLE OF CONTENTS Ix Page C.INTERNATIONALAGREEMENTSAND FDI FROM DEVELOPING AND TRANSITION ECONOMIES 228 38 D.CORPORATE SOCIAL RESPONSIBILITY AND TNCS FROM DEVELOPINGAND TRANSITION ECONOMIES.. ,232 2 aagaSsRegRonacsecsRue 233 235 3. Encouraging good practices. 237 E.CONCLUDING REMARKS. 238 NOTES- 241 CONCLUSIONS 245 REFERENCES 247 SELECTED UNCTAD PUBLICATIONS ON TNCs AND FDI. .333 QUESTIONNAIRE 339 Boxes FDI and round-ripnofvesments stics of e fund real esta The la he transition economies of South-East furope and the cis xpan nghoacpeofieadiasdcveopimgrcouninychomIopsdoigi0o 33 substitution to exportor tionin the automotive industry elopment Programme to boost manufacturing. 8 6 developing countries invest in nAfrica .8 61 64 n national FDI databases inine f FDI by Saudi Arabi 63 have induc il and gas regulations D membe

TABLE OF CONTENTS ix C. INTERNATIONAL AGREEMENTS AND FDI FROM DEVELOPING AND TRANSITION ECONOMIES ................................................................................................. 228 1. The growing role of IIAs .............................................................................................................. 228 2. Regional economic integration agreements and South-South FDI ........................................... 230 D. CORPORATE SOCIAL RESPONSIBILITY AND TNCS FROM DEVELOPING AND TRANSITION ECONOMIES..................................................................... 232 1. Multilaterally agreed CSR principles .......................................................................................... 233 2. Benefits for TNCs from the South from addressing CSR issues............................................... 235 3. Encouraging good practices.......................................................................................................... 237 E. CONCLUDING REMARKS ............................................................................................................. 238 NOTES ................................................................................................................................................................ 241 CONCLUSIONS ......................................................................................................................................... 245 REFERENCES ........................................................................................................................................... 247 SELECTED UNCTAD PUBLICATIONS ON TNCs AND FDI.......................................................... 333 QUESTIONNAIRE .................................................................................................................................... 339
 I.1. FDI and round-tripping of investments.......................................................................................................... 12 I.2. FDI and trans-shipping of investments .......................................................................................................... 12 I.3. UNCTAD expert meeting on FDI statistics: sound data essential for sound policies ............................... 14 I.4. Comparison of the impact of cross-border M&As and greenfield FDI on host countries......................... 17 I.5. Characteristics of private equity and hedge fund investments..................................................................... 18 I.6. Large private equity investments in the German real estate sector ............................................................. 21 I.7. Incoherence between IIAs ............................................................................................................................... 29 I.8. The largest TNCs from the transition economies of South-East Europe and the CIS ............................... 30 I.9. Expanding the coverage of leading developing-country TNCs, from top 50 to top 100: a comparison of samples.................................................................................................................................. 33 II.1. Asian FDI in Africa .......................................................................................................................................... 43 II.2. South Africa: from import substitution to export orientation in the automotive industry ........................ 47 II.3. Egypt: National Suppliers Development Programme to boost manufacturing ........................................... 47 II.4. South Africa: Skills Support Programme ....................................................................................................... 48 II.5. Prospects for FDI rise as TNCs from developing countries invest in oil in Africa ................................... 49 II.6. China’s revised and new data on FDI............................................................................................................. 52 II.7. “China dollars” will stimulate more Chinese outward FDI.......................................................................... 55 II.8. FDI in R&D continues to rise in developing Asia ........................................................................................ 56 II.9. Rising FDI in Asian real estate ....................................................................................................................... 57 II.10. Recent privatizations involving FDI in West Asia ........................................................................................ 61 II.11. Intraregional FDI flows on the rise in West Asia .......................................................................................... 62 II.12. How are West Asian petrodollars recycled in FDI? ...................................................................................... 64 II.13. Efforts in West Asia to strengthen national FDI databases in line with the ESCWA/UNCTAD joint project ...................................................................................................... 66 II.14. Accession to the WTO and liberalization of FDI by Saudi Arabia ............................................................. 67 II.15. Latin American firms step into the breach ..................................................................................................... 73 II.16. High oil prices have induced changes in oil and gas regulations ................................................................ 76 II.17. Russian mobile phone operators in the CIS ................................................................................................... 82 II.18. Will Japanese FDI stock really be doubled by 2006? ................................................................................... 86 II.19. The effects of the Homeland Investment Act on United States outward FDI............................................. 89 II.20. New EU member States continue to attract international car manufacturers ............................................. 91 II.21. FDI in banking in the EU-15: trends, determinants and barriers to integration ......................................... 92 III.1. Statistics on FDI from developing and transition economies – a cautionary note ................................... 106 Page

Page FEarrcndsinfDlfromdevclopingcountrics The Orascom Group ndia gobal player in equipmen The t s of dev on e y ED my TNCs 64:59 How doe out ard FDI promote the market expansion of developing-country TNCs V2. of devlopng-o TNC ience of lesothe on inte ital flow ard FDIp asis on africa Souh-u 213 -some examples. sia s app ch to outward FDI promotion imvSxcgeptio The ors from developing and transition Inv tment and South- th Fl 2233 ities:the cases of Cemex and Petrobras 236 Box figures 品 NSD .48 M&As and their share in total 120. eEU member States.2005 日ox tables ard FDI stock in holding c 12 1.9.1 developi gceceg8ioaofthe1age50and 3 3004-Jme 0 10mies.1987-200 2004/01-2006/0 194

x World Investment Report 2006. FDI from Developing and Transition Economies: Implications for Development III.2. Early trends in FDI from developing countries........................................................................................... 107 III.3. The Outward FDI Performance Index .......................................................................................................... 114 III.4. The Orascom Group ....................................................................................................................................... 126 III.5. Internationalization of Samsung Electronics............................................................................................... 128 III.6. Overseas investments of Temasek Holdings................................................................................................ 129 III.7. Huawei Technologies: a global player in telecom equipment .................................................................... 130 III.8. India’s Infosys goes global ............................................................................................................................ 131 III.9. Early Argentinean TNCs................................................................................................................................132 IV.1 A tale of two continents: policy choices and industrial development in East and South-East Asia and Latin America .............................................................................................. 145 IV.2 The use of inward and outward FDI to upgrade the competitiveness of countries.................................. 147 IV.3 A panorama of developing-country TNCs ................................................................................................... 151 IV.4 Surveys of developing and transition economy TNCs................................................................................ 153 IV.5 Mixed, complementary and evolutionary FDI motives .............................................................................. 159 V.1. How does outward FDI promote the market expansion of developing-country TNCs? The case of white goods ................................................................................................................................171 V.2. How does outward FDI promote the market expansion of developing-country TNCs? The case of personal computers.................................................................................................................... 172 V.3. Internationalization and profitability: the case of CSCEC......................................................................... 174 V.4. Impact of developing-country FDI in a small LDC: The experience of Lesotho ..................................... 191 VI.1. Controls on international capital flows ........................................................................................................ 204 VI.2. South Africa’s outward FDI policy: emphasis on Africa ............................................................................ 207 VI.3. The gradual liberalization of outward FDI policies in the Republic of Korea ......................................... 208 VI.4. China’s “going global” strategy .................................................................................................................... 210 VI.5. Incentives for outward FDI: Asian examples ............................................................................................. 212 VI.6. Political risk insurance as a tool for promoting South-South investment ................................................ 213 VI.7. Singapore’s outward FDI promotion strategy ............................................................................................. 214 VI.8. Private sector assistance to overseas investment – some examples........................................................... 215 VI.9. Malaysia’s approach to outward FDI promotion ......................................................................................... 216 VI.10. MIGA’s assistance to export credit agencies ............................................................................................... 218 VI.11. FDI and national security exceptions ........................................................................................................... 225 VI.12. Investment disputes involving investors from developing and transition economies ............................. 229 VI.13. The ASEAN Investment Area and South-South FDI .................................................................................. 231 VI.14. Programmes to enhance the social impact of activities: the cases of Cemex and Petrobras................... 233 VI.15. The 10 principles of the United Nation’s Global Compact ........................................................................ 235 VI.16. The Equator Principles .................................................................................................................................. 236
  II.3.1. How does the NSD programme work? ........................................................................................................... 48 II.11.1. Number of intraregional cross-border M&As and their share in total cross-border M&As in West Asia, 1993-2005 ............................................................................................... 62 II.20.1. Map of location of foreign affiliates in the new EU member States, 2005 ................................................. 91
  I.2.1. Inward FDI stock in holding companies of selected countries, 2003 ......................................................... 12 I.2.2. FDI inflows in Luxembourg, distributed between SPE/trans-shipped FDI and non-SPE/non-trans-shipped FDI, 2002-2005 ................................................................................................ 12 I.9.1. Comparison of the country/industry composition of the largest 50 and 100 TNCs from developing economies, 2004 ............................................................................................... 33 II.1.1. FDI in Africa from selected Asian developing economies, 1990-2004....................................................... 43 II.1.2. Cross-border M&As in Africa by firms from selected developing Asian economies, 1987-2005 ........... 43 II.6.1. Data on FDI inflows reported by MOFCOM and by SAFE, 1998-2005 .................................................... 52 II.10.1. Selected privatization projects involving foreign investors in West Asia, 2005-June 2006 ..................... 61 II.18.1. Composition of inward FDI stock in Japan, 2001-2005 ............................................................................... 83 II.19.1. Earnings of foreign affiliates of United States TNCs, 2004/QI-2006/QI ................................................... 84 II.20.1 Macroeconomic and other indicators for selected EU members.................................................................. 92 III.3.1. UNCTAD’s Outward FDI Performance Index, selected economies, 1993-1995 average and 2003-2005 average ................................................................................................ 114 V.1.1. Internationalization of Arçelik and Haier, 2004 .......................................................................................... 171 Page