国际商务英语课文电子版lesson 19.docx
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国际商务英语课文电子版lesson 19.docx
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国际商务英语课文电子版lesson19
Lesson19
ForeignDirectInvestment
•Foreigndirectinvestmentisthemajorformofinternationalinvestment,whereby(throughFDI)residentsofonecountryacquire获得assetsinaforeigncountryforthepurposeofcontrollingandmanagingthem.WhydoesFDIoccur?
Aninstinctive本能的answertothequestionbymanypeoplemaybethattheratesofinvestmentreturns(投资回报率)arehigherinaforeigncountry.Thisanswer,thoughseemingly似乎plausible似乎有理的,isactuallyfarfetched牵强的.JustthinkofthefactthatBritainisbothamajorsourceofFDIintheUnitedStatesandanimportantdestinationforFDIfromthecountry.WecannotsaytheratesofinvestmentreturnsintheUnitedStatesisatthesametimehigherthanthoseinBritain(whichexplainsinvestmentintoit)andlower(whichjustifies说明…的理由capitalflowtotheoppositedirection).我们不能说,因为美国的投资收益率高于英国的投资收益率,所以资金流向美国。
同时,又因为美国的投资率低于英国的投资率,所以资金又同时流向英国。
Weshouldthereforelookformorespecificfactorsinfluencingafirm’sdecisiontoundertake(toengagein从事)FDI.
ControllingcostsisthefirstmajormotivationforengaginginFDI. Andlowering
productioncostsisanimportantconsideration.Aforeigncountrymayhavelowerlandprices,taxratesorcostoflabor,allofwhichwillreducetheproductioncoststoaconsiderabledegree,makingforeignlocationsmoreattractive.
Transportationcostwhichmaybeverysignificant很大forsomeproductssuchasbeverageswillalsoencourageanenterprisetoengageinproductionintheforeignmarketthroughFDItosave节省thefeesforlongdistancetransportation.
Gainingaccesstonaturalresources(获得自然资源)isanothermajormotivationforfirmstoundertakeFDI.Integrated(综合性的-开采、炼油与销售)oilcompanies,forexample,ofteninvestabroadtoobtainaccesstonewoildeposits(油田,油矿)whendomestic(oil)reserves石油矿藏aredecreasing.Someinternationalenterprisesnegotiatewithhostgovernments东道国政府foravailability获得ofrawmaterialsinreturnforFDI.Forinstance,aPhilippinecompanyinvestedinbuildingtunacanneriesonanIndonesianislandaspartofadealwiththeIndonesiangovernmenttoallowsomePhilippinetunaboatstofishitsseas.
Sometimesitmaybemoreadvantageous更加有利的toinvestinforeignfirmsforthepurposeofutilizing利用theirexisting现有的advancedtechnologythantoengageinresearchforthedevelopmentofsimilartechnologies.Thatisalsoamotiveformakingdirectinvestmentabroad.SuchexamplesareSwisspharmaceuticalfactories制药厂investinginAmericanbiogenetics生物基因companiestomakeuseoftheirbiotechnology生物技术.Thistypeofinvestmentoccursmostlybetweenanenterprisethathassufficientcapitalbutisinurgentneedofthenecessarytechnologyandonethatisinrequirementoffundforexpansion.
Inadditiontotheabovesupplyfactors(供给方面的因素)therearealsosomefactorsonthedemandside(需求方面的因素)encouragingenterprisestomakeinvestmentabroad.
Thefirstofthesefactorsisthenecessitytohaveaphysicalpresenceinthemarketthatprovideseasyaccesstocustomers.ItishardtoimagineQuanjudeRestauranttosellBeijingroastducktoJapaneseconsumersfromtheChinesecapital.Similarlyitisnexttoimpossible几乎不可能foraBritishinsurancecompanytomarket(sell)lifeinsurancetocontinental(European)customers. Ifsuchenterpriseswanttobecompetitiveinforeignmarkets,itisadvisable最好forthemtomakeforeigndirectinvestment.
Operatingdirectlyabroadenhancesthevisibility(fame)知名度ofafirm’sproducts,makinglocalcustomersfeelmoreassured放心aboutthethingstheybuy.Manufacturinginanoverseasmarketwillenabletheinvestortohaveabetterknowledgeofthespecificrequirementofforeignconsumersandadapt(adjust)theirproductsbettertotheirneeds,whichwillhelpexpanditssalesvolumeinthehostmarket.Thebuy-localattitudecommonamonghostgovernmentsgreatlyfacilitates(make…easier)themarketingeffortsoftheenterprise.These,togetherwithmoreconvenientafter-saleservice,formmarketingadvantagesencouragingenterprisestoengageinFDIinsteadofsellingtheirproductsbywayofexportation.ThesuccessofvehiclemanufacturerlikeGermanVolkswageninChinaisagoodexampleoftakingmarketingadvantagesbywayofFDI.
AnothermotivationforFDIiscustomermobility.WhenanimportantclientofacompanyengagesinFDIandstartsafactoryinaforeignmarket,thefirm,eitherapartssupplierorserviceprovider,mayverylikelyfollowitsclientandmakeFDIoverseassoasnottolosethebusinesstoitscompetitors.ThebuildingoffactoriesandwarehousesbyJapanesepartssuppliersintheUnitedStatesfollowingtheconstructionofautoassemblyplantsbymajorJapaneseautomakersinthecountryisanexampleofsuchkindofFDI.Theintroduction采用ofJIT(just-in-time)inventorymanagementsystemincreasesthenecessityofsuchinvestment,sincethesystemismeanttominimize/maximizetheinventory库存toincreaseefficiency,puttingthesuppliersatdisadvantagetomakesupplyfromadistantforeigncountry.
Twopoliticalfactorsmayalsobeatworkinafirm’schoicetooperatedirectlyabroadthroughFDI.Thefirstistogetaround避开tradebarrierssuchasquotas配额setbyforeigncountriesorevenVER(voluntaryexportrestriction自动出口限制)imposedbyone’shomecountry.Savingtariff,themajorformoftradebarrier,isneedlesstosay,anobviousmotivationforundertakingFDI.Favorableinvestmentpoliciespractisedbyhostgovernmentssuchastaxreduction税收减让ortaxholidays免税期,rebated(reduced减少的)land-usefeeetc.areanimportantincentive动机forFDI.Anillustrating(convincing/persuasive)很有说服力的exampleisChinathatattractedlargeamountsofforeigncapitallargely(mainly)throughpreferentialpolicies(优惠政策).
FDIismainlypractisedinthreeforms:
Buildingnewenterprises,purchasingexistingfacilitiesformingjointventures.
Buildingnewenterprisesisoftencalled“thegreenfieldstrategy绿地战略”.(ItisoneformofFDI.Itreferstobuildingnewenterprisesinaforeigncountry)Thefirmbuildsnewfacilitiesonlandboughtorleased租借inaforeigncountrybeforestartingitsnewoperation.Suchafirmcanmakeitsownchoiceinrespectof(intermsof/regarding)thesite,andinstallup-to-datefacilities.Therelevantcostsareoftenlowerbecauseoftheincentives(favourableinvestmentpolicies)offeredbythelocalgovernment.Moreover,thenewenterpriseoperatesfreefrom(without)suchtroublesasexistingdebts,backwardequipmentandoutmoded(outdated过时的)managementprocedures.Butofcourse,suchawhollyforeign-own外资独资enterprisewillhavesomedifficultiestooperateallonitsownefforts.Ithastofacethelocalculturesuchaslaws,regulationsandpractices,andhastorecruitandtrainlocalemployees.
Purchasingexistingfacilitiesisknownasacquisition.收购(ItisoneformofFDI,whichmeanspurchasingexistingfacilitiesinaforeigncountry)Thisisacommonmeansofenteringanewmarket.Theassetsoftheacquired被收购firmsuchasequipment,technology,employees,brandnamesanddistributionnetworks经销网络areallthere(readyforuse)foruse.Thepurchaser收购方simplyintegrates纳入alltheseintoitsoverallstrategybeforegraduallytransforming改变themtosuititsownpurposes(culture).Itdoesnothavetostartfromscratch白手起家andfacethedifficultiesinthegreenfieldstrategy.Butithastotakeresponsibilitiesforalltheliabilities债务ofthepurchasedfirm,anddealwithexistingproblemsinmanagement,laborrelations,environmentalprotection,obligationsetc.
FormingjointventureswithforeignfirmsisapopularformofFDI.Ajointventureisanindependentbusinessentity实体foundedandownedbytwoormorepartnerscalledparents.Theproportionsofownershipbetweenthepartnersmaybeequalorunequaldependingontheirrespectiveinvestmentsthataremostlyintheformofcapitalbutmayalsobeinland,equipment,orintellectualproperty.Asaseparatelegalentity法人实体,thejointventurehasaformalorganizationalstructure,makingthisformofalliance联盟morestableandbroaderinbusinessscope/businessline.Itreducesthecostofmarketentryofaforeignfirmsinceworkingtogetherwithahostcountrypartnerwillhelpovercomesomemajorobstaclessuchasentrenched根深蒂固的competition,unfavourablegovernmentregulations,andculturalbarriers.Thestrategicalliancealsoenablesthepartnerstosharerisksinbusinessandhelpsthemtogainknowledgeandexpertisefromeachother.Theseadvantagescombinedwillcreatesynergy(n.theworkingtogetheroftwothingstoproduceaneffectgreaterthanthesumoftheirindividualeffects协同作用,增效作用)forthecollaborating(cooperating)firms,makingthemmoreefficientandcompetitivethanengaginginbusinessotherwise.Forallthebenefitsthatcanbegainedthroughjointventures,somepitfallsshouldbeguardedagainstsuchasincompatibility不匹配ofpartners;disputesindistributionofearnings,possiblelossofautonomy自主权,andproblemsarisingoutofchangingcircumstances.
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