文档介绍：本科毕业设计(论文)
外文翻译
The determinants of direct foreign investment in developing countries
The participation of developing countries in the total inflows of Direct Foreign Investment (FDI) has varied considerably over the last 25 years, increasing from 15% in 1980 to 46% in 1982, leveling off at slightly over 20% during the last four years. It must be pointed out, however, that the motives behind these international capital flows are still substantially different than those related to the inflows of FDI to developing countries, in spite of the changes that have taken place over the last decades. For example, the search for agricultural or mineral resources is much less important today than it was at the beginning of the 20th century.
On the other hand, the current movement of these flows is plex, and is subject to a wide variety of factors related to petitive environment in which the firms operate, to their specific characteristics, and to economic factors in the home and host countries.
The objective of this article is to estimate, based on panel data, the main determinants of FDI in developing countries. As shall be seen, factors such as the size and rate of growth of the product, the availability of skilled labor, the receptivity of foreign capital, the country risk rating, and the behavior of the stock market play important roles in FDI. Furthermore, by applying the causality test in a panel data context, it was possible to demonstrate the non-existence of the widely held belief that direct foreign investment has a positive effect upon the product. However, the procedure used to test causality showed, to the contrary, that this phenomenon acts in the opposite sense, ., that generally it is the country’s product that affects direct foreign investment.
Our study is structured as follows: in Section 2 we provide a review of the theoretical literature dealing with the determinants of direct foreign investment. In Section 3, we
examine recent studies that analy