国际贸易与金融双语ch(4)

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1、InternationalEconomicsByRobertJ.Carbaugh9thEditionChapter10:InternationalFactorMovementsandMultinationalEnterprisesFactormovements&multinationalenterprisesFactormovementsInternationalmovementoffactorsofproduction(capital,labor)isasubstituteforinternationaltradeingoodsInternationalcap

2、italflows(investment)cansubstitutefortradeincapital-intensivegoodsLabormobilitycansubstitutefortradeinlabor-intensivegoods2Carbaugh,Chap.10Factormovements&multinationalenterprisesMultinationalenterprisesVariousbusinessoperationsinnumeroushostcountriesHeadquartersoftenfarfromoperation

3、sStockownershipandmanagementareusuallymulti-nationalFrequentlyemployverticalintegration,horizontalintegration,conglomeratestructure3Carbaugh,Chap.10MultinationalenterprisesForeigndirectinvestmentAforeignormultinationalfirmcanbuyacontrollinginterestinalocalfirmBuyorbuildnewplantsorequ

4、ipmentoverseasShiftfundsabroadtoexpandasubsidiaryReinvesttheearningsofaforeignsubsidiary4Carbaugh,Chap.10MultinationalenterprisesReasonsforforeigndirectinvestmentDemandfactorsServedifferentlocalmarketsRespondtomarketcompetitionCostfactorsAccesstokeyrawmaterialsLaborcostsTransportatio

5、ncostsGovernmentpolicies5Carbaugh,Chap.10ChoicebetweenexportandFDIForeigndirectinvestment6Carbaugh,Chap.10ChoicebetweenlicensingandFDIForeigndirectinvestment7Carbaugh,Chap.10MultinationalenterprisesInternationaljointventuresTwocompaniescanoperateaventureinathirdcountryAforeignfirmcan

6、workwithalocalcompanyAforeignfirmcanformaventurewithaunitofthelocalgovernment8Carbaugh,Chap.10MultinationalenterprisesReasonsforinternationalJVsCostsharing-R&D,capitalexpenditures(inminingandoil,forexample)Avoidingrestrictionsonforeignownershipoflocalfirms(ensuringlocalparticipation)

7、ForestallingpressureforprotectionismProblems:dividedcontrolmeanssuccessofJVdependsonabilityoffirmstoworktogether9Carbaugh,Chap.10EffectsofaninternationalJVMultinationalenterprises10Carbaugh,Chap.10MultinationalenterprisesControversyovermultinationalsEmploymentHostcountrymaynotgainman

8、yjobs,foreig