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1、 Foreign Direct Investment 外国直接投资 Foreign direct investment data are the most widely used indicators of multinational enterprise activity. 外国直接投资数据是用来衡量跨国公司活动最常用的指标 。In concept, direct investment relates to financial flows accompanied by managerial involvement and effective control. 从概念上讲，直接投资与财务管理和
2、有效的财务方面的控制密切相关。 Since “effective” control is sometimes difficult to determine, the various countries have adopted quantitative criteria from which control is inferred. 因为“有效的”控制有时是很难确定的，各国已采用不同的涉及控制的数量 性标准。 The United States, for example, defined direct investment as an ownership interest in foreign
3、 enterprises of at least 10 percent. 比如说，在美国直接投资就被定义为一种投资在外国企业中至少占 10%的所 有者权益。 Individual country practices diverge, however, using minimum percentages of ownership ranging from 5 percent to 50 percent.然而，个别国家实际操作中，所使用的最小所有权标准一般在 5%50% On a global basis, the estimated book value of foreign direct in
4、vestment was a minimum of U.S. $412 billion at the end of 1978. book value estimates, however, substantially underestimate current values. 在 1978 年底，全球的最低的直接投资的账面价值在 4120 亿美元。然而，账 面价值估计在相当大程度上低估了现有价值。 They are cumulative totals of historical cost at the time the investment was made. 它是以往的所有投资在当时的成本累
5、加的总和。 They have not been adjusted for the effects of appreciation in values and inflation since the investment was made. 它们并没有由于货币升值或者通货膨胀而得到调证。 Also, the global estimate does not include a number of countries for which data are not available. 还有，这个全球的估计值并没有包含那些没有数据的国家。 The missing countries include
6、 the USSR and other East European nations. 这些国家包括前苏联和其它的一些东欧国家。 In1976, according to one source, these socialist countries had an estimated 700 manufacturing and trading firms in foreign countries. 根据某一消息来源，在 1976 年这些社会主义国家在外国估计有 700 余家制造业 和贸易公司。 The oil-exporting developing countries have recently
7、begun to make major direct investments in foreign countries but the governments have not made investment data available.一些输出石油的发展中国家最近开始大量在外国进行直接投资，但是政府并没 有对外公布相关数据。 In 1980 the government of Kuwait acquired a 10 percent interest in Volkswagen do Brazil. 在 1980 年科威特政府从巴西的大众汽车获得了 10%的所有者权益。 Kuwait al
8、so purchased a 14 percent interest in Daimler-Benz, the West German maker of Mercedes automobiles, and more than 25 percent of Korf-Stahl, a German steelmaker. 科威特还从“戴姆勒一奔驰”购买了 14%的权益，从德国的炼钢公“Korf- Stahl”获得了超过 25%的权益。 A number of developing countries have been spawning their own multi nationals and
9、exporting investment capital, mainly to other developin g countries. 许多发展中国家已经培育了自己的跨国公司和出口投资资本,主要是面向其他发 展中国家。Firms in Brazil, Hong Kong, India, Mexico, the Philippines, and Kore a are among those that have gone multinational. 在巴西、印度、墨西哥、菲律宾、香港和韩国的公司也在这些多国经营的企业 之中。 Again, data are not available for
10、including these direct investments in our global estimate.此外, 在我们的全球估计中囊括这些直接投资的数据也不可用。 The leading home- base country for the multinationals in 1978 was still the United Stat es, with 41 percent of total foreign direct investment. The United Ki ngdom was next with about 12 percent. 1978 年的跨国公司的主导基地
11、国家依然是美国,外国直接投资总额占 41%。英国 居于其次，约占 12%。 Other important home countries are West Germany, Japan, Switzerland, the Netherlands, Canada, the Benelux countries, and Sweden. 其他重要的国家有西德、日本、瑞士、荷兰、加拿大、比利时、荷兰、卢森堡 国家,瑞典。Switzerland is a special case because many firms from other countries use Switzerland for ta
12、x and secrecy reasons as a conduit through which investment outflows are channeled. 瑞士是一个特例,因为来自其他国家的很多公司使用瑞士税收和保密原因,作为 投资向外流动的渠道。 Thus the data reflect much more activity than that of truly Swiss firms. 因此，比真正的瑞士公司，数据能反映出更多的活动。 How fast is multinational foreign investment increasing? 跨国外资增长有多快? The
13、 quality of the data do not permit a precise answer.数据的质量不允许一个精确的答案。 The U.S. data are probably the most reliable, making adjustments for divestments overseas as well as expansions. 美国的数据可能是最可靠，这可以对海外资产剥离以及扩张作出调整。In the case of the United States, the direct investment position abroad has expanded at
14、 an annual average growth rate of 10 percent over the 30-year period from 1950 to 1980. 在美国,对外直接投资的情况以年均增长 10%的速度在 1950 年到 1980 年的 30 年期间扩大了。Over the last decade , with greatly accelerated rates of direct investment by non-U.S. firms particularly Japanese and German- the overall growth rate has probably approximated 15 percent annually. 在过去的十年里,非美国公司尤其是日本和德国的直接对外投资大大加快，总体 的增长率每年可能已经接近 15%。陈惠 芦杨 殷俊楠 赵梦佳 .
