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1、一、外文原文AnalysesofFDIdeterminantsindevelopingcountriesAbstractPurpose–Thepurposeofthispaperistoinvestigatethebestdeterminantsoffeigndirectinvestment(FDI)indevelopingcountries.Designmethodologyapproach–Thispaperinvestigates

2、whetherFDIdeterminantsaffectFDIbasedonbothapanelofdata(FMOLSfullymodifiedOLS)crosssectionSUR(seeminglyunrelatedregression)f24developingcountriesovertheperiod19832005fFMOLS19762005fcrosssectionSUR.Findings–Theinteractiono

3、fFDIwithsomeFDIdeterminantshaveastrongpositiveeffectoneconomicprogressindevelopingcountrieswhiletheinteractionofFDIwiththetotaldebtserviceGDPinflationhaveanegativeimpact.ThemostimptantdeterminantofFDIisthecommunicationva

4、riable.Researchlimitationsimplications–Thelimitationsofthestudyarebasedonthedevelopmentofdatasetwhichcouldbefounduninterruptedf30yearsin24developingcountries.iginalityvalue–ThemainobjectiveofthisstudyistodefinethemainFDI

5、determinantsthatshowthecapitalflowstodevelopingofthewldeconomyoverthepast20years(UNCTAD2006).TherefewecanconcludethatFDIisakeyingredientfsuccessfuleconomicgrowthindevelopingcountriesbecausetheveryessenceofeconomicdevelop

6、mentistherapidefficienttransferadoptionof“bestpractice”acrossbders.Ontheotherhingeneralfeigninvestsareinfluencedbythreebroadgroupsoffacts:(1)Theprofitabilityoftheprojects.(2)Theeasewithwhichsubsidiaries’operationscanbein

7、tegratedintoinvests’globalstrategies.(3)Theoverallqualityofthehostcountry’senablingenvironment(ChristiansenOgutcu2002).AlargenumberofstudieshavebeenconductedtoidentifythedeterminantsofFDIbutnoconsensushasemergedinthesens

8、ethatthereisnowidelyacceptedsetofexplanatyvariablesthatcanberegardedasthe“true”determinantsofFDI.TheresultsproducedbystudiesofFDIaretypicallysensitivetothesefactsindicatingalackofrobustness.Fexamplefactssuchaslabcoststra

9、debarrierstradebalanceexchangerateR&DtaxhavebeenfoundtohavebothnegativepositiveeffectsonFDI.Chakrabarti(2001)concludesthat“therelationbetweenFDImanyofthecontroversialvariables(namelytaxwagesopennessexchangeratetariffsgro

10、wthtradebalance)arehighlysensitivetosmallalterationsintheconditioninginfmationset”.Theimptantquestionis“Whydocompaniesinvestabroad”Dunning(1993)developedhistheybysynthesizingthepreviouslypublishedtheiesbecauseexistingexp

11、lanationscouldnotfullyjustifytheexistenceofFDI.AccdingtoDunninginternationalproductionistheresultofaprocessaffectedbyownershipinternalizationlocalizationadvantages.Dunning’ssocalledOLIparadigmstatesthatFDIisundertakenifo

12、wnershipspecificadvantages(“O”)likeproprietarytechnologyexisttogetherwithlocationspecificadvantages(“L”)inhostcountriese.g.lowfactcostspotentialbenefitsfrominternalization(“I”)oftheproductionprocessabroad(Frenkeletal.200

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