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1、McGraw-Hill/Irwin 2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.CHAPTER 14Multinationals and Migration:International Factor Movements McGraw-Hill/Irwin 2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.Foreign Direct Investment(FDI)Flow definition:Flowoffundingprovidedbyinvestors(usu
2、allyfirms)toestablishoracquireforeigncompaniesortoexpandorfinanceexistingforeigncompaniesthattheinvestorsown.Keyissufficientownershiptocontrolorinfluencethemanagementoftheforeigncompany.Stock definition:Totalvalueofexistingfunding(equityanddebt)offoreigncompaniesthathasbeenprovidedbyinvestorsthatown
3、theseforeigncompanies.2McGraw-Hill/Irwin 2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.Multinational Enterprise(MNE)Afirmthatownsandcontrolsoperationsinmorethanonecountry.TheparentfirmoftheMNEislocatedinthehomecountry.ThehomecountryisthesourcecountryforoutwardFDI.TheMNEhasoneormoreaffiliat
4、eslocatedinoneormorehostcountries.ThehostcountryisthedestinationcountryforinwardFDI.3McGraw-Hill/Irwin 2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.Figure14.1StocksofForeignDirectInvestments4McGraw-Hill/Irwin 2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.Why Do MNEs Exist?Inhere
5、ntdisadvantagesofoperatingaforeignaffiliatecompetingagainstlocalfirms.Firm-specificadvantagesoftheMNE,especiallyintangibleassets.Internalizationadvantagesinusingtheseassets.5McGraw-Hill/Irwin 2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.Why Do MNEs Exist?Locationfactorsbasedonresourcecostsandavailability,customerdemand,governmentpolicies,andotherconsiderations.OligopolisticrivalrythatusesFDIinthefirmsstrategiesforcompeting.6McGraw-Hill/Irwin 2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.Figure14.4LaborMarketEffectsofMigration7