國際財(cái)務(wù)競爭力與激勵(lì)國外直接投資[外文翻譯]

1、外文翻譯InternationalfinancialcompetitivenessincentivestofeigndirectinvestmentMaterialSource:DiscussionPaperSeries1:EconomicStudiesNo292008Auth:AxelJochemAbstractInthispaperanindexoffinancialcompetitivenessiscalculatedthatcr

2、espondstothemarkettobookratioofinwardFDIstocks.Fapaneloffiveadvancedeconomiesfrom1980to2006itisshownthatpricecompetitivenessstableinflationratesregisteredpatentshaveapositiveimpactontheindex.Financialcompetitivenessintur

3、nencouragesFDIinflowswhereasitbenefitsfixedinvestmentrelativetoM&A.Thereisalsosomeevidencethataninnovativeenvironmentacceleratesinvestmentdecisionsbypromotingcompetitionamonginvests.Keywds:Competitivenessfeigndirectinves

4、tmentinternationalintegration1.IntroductionInternationalfinancialintegrationhasbecomeanimptantfactfeconomicperfmanceintheglobalisationprocess.Accesstointernationalcapitalmarketsiscrucialfacountry’sabilitytomeetitsfinanci

5、alneedstokeepupwiththechallengesofachanginggloballscape.Inthispaper“financialcompetitiveness”isinterpretedastheattractivenessofacountryasperceivedbyfeigninvests.Ahighdegreeoffinancialcompetitivenessshouldbereflectedinfav

6、ourablerefinancingconditionsininternationalcapitalmarketswhichcanbemeasuredbyinternationalreturndifferentialsfgivenclassesofinvestmentasdefinedinthestudiesofCurcuruetal(2007)GourinchasRey(2005).Whileinternationalreturnso

7、ndebtsecuritiesarereadilyavailableequityyieldsasshowninthebalanceofpaymentsarelessreliablesincetheyareheavilybiasedbythescopeofmultinationalcpationsintheertainmentofprofits.2.Empiricalanalysis2.1FinancialcompetitivenessR

8、egisteredpatentsbycontrastaretheresultofsuccessfulresearchinthepast.ThedatabaseoftheUnitedStatesPatentTrademarkOffice(USPTO)isusedtocalculatetheindex.Inthemacroeconomiccontextstableinflationratesareanimptantindicatofasou

9、ndeconomicenvironmentaconsistenteconomicpolicy.Inadvancedeconomiesanincreaseininflationrates(dinfl)usuallyentailsarestrictivemoarypolicyanincreaseinrealinterestrates.2.3FinancialcompetitivenessincentivestoinvestAhighpres

10、entvalueofexpectedearningsrelativetotheinitialinvestmentsumshouldgenerallyindicateanincentivetoinvest.Inthispaperadistinctionismadebetweentwotypesofuncertainty.Ontheonehtheinvestbearstheriskofchangingeconomicprospectswhi

11、chraisesabarriertoengaginginanewproject.Ontheotherhfeigndirectinvestmentisoftenassociatedwithafirstmoveradvantagethatconsistsofexclusiveaccesstotechnologicalknowledgeeconomiesofscale.Thisphenomenonreducestheoptionvalueof

12、waitingshouldhaveastimulatingeffectontheinvestmentdecision.Inthefollowinguncertaintyoffutureearningsismeasuredbytheconditionalvarianceofabroadnationalstockindex(vol).Therespectivetimeseriesareproducedonthebasisofdailyper

13、centagechangesinthestockindicesthatwerealsousedtocalculatef.3.ConclusionThepaperhasintroducedanindexofinternationalfinancialcompetitivenessthatisbasedonthemarkettobookvalueofinwardFDIstocks.Financialcompetitivenessasdefi

14、nedherereflectstheattractivenessofacountryffeigninvestswithlongtermstrategicinterests.Itprovidesinfmationnotonlyonacountry’sprospectsasabusinesslocationbutalsoonitsaccesstoglobalcapitalmarketsinternationalrefinancingcond

15、itions.Otherthandataderivedfromthebalanceofpaymentstheconceptdoesnotrelyonflowsbutonprices.TheindicesofFranceGermanyJapantheUKtheUSshowedsubstantialdispersionduringthe1980sthe1990s.Therearestrongsignsofconvergenceafter20

16、00whenallthefiveeconomiesunderwentasharpfallinfinancialcompetitivenesswhichbottomedoutin2002.Sincethentheindicatshavesomewhatrecoveredbutmovedmainlysideways.AriseinthemarkettobookvalueofinwardFDIstockshoweverdoesnotneces