Chapter 12 international resource movements and multinational corporations (国际资源流动与跨国公司) Main points of this chapter: motives for international capital flows (国际资本流动的动机) welfare effects of international capital flows (国际资本流动的福利影响) multinational corporations (跨国公司) motives for and welfare effects of international labor migration（国际劳工迁徙的原因及其福利效应)
1 Chapter 12 international resource movements and multinational corporations （国际资源流动与跨国公司） Main points of this chapter: motives for international capital flows （国际资本流动的动机） welfare effects of international capital flows （国际资本流动的福利影响） multinational corporations （跨国公司） motives for and welfare effects of international labor migration （国际劳工迁徙的原因及其福利效应）
Types of international capital flows international debit and credit pure currency 国际借贷 assets flow international 单纯货币资产流动 international capital flow portfolio investments 国际资本流动 国际证券投资 Foreign direct investments (FDI) 国外直接投资 2
2 Types of international capital flows international capital flow 国际资本流动 pure currency assets flow 单纯货币资产流动 Foreign direct investments （FDI） 国外直接投资 international debit and credit 国际借贷 international portfolio investments 国际证券投资
12.3 motives for international capital flows 12.3A motives for international portfolio investments ■earn higher returns risk diversification 3
3 12. 3 motives for international capital flows 12.3A motives for international portfolio investments earn higher returns risk diversification
12.3B motives for foreign direct investments earn higher returns risk diversification horizontal integration vertical integration avoid tariffs and other restrictions take advantage of government subsidies share the profits of a foreign market
4 12.3B motives for foreign direct investments earn higher returns risk diversification horizontal integration vertical integration avoid tariffs and other restrictions take advantage of government subsidies share the profits of a foreign market
horizontal integration The production abroad of a differentiated product that is also produced at home. 在国外生产一种与国内产品同类的有差异的产品。 vertical integration The expansion of a firm backward to supply its own raw materials and intermediate products and/or forward to provide its own sales or distribution networks. 公司为控制原料和中间品的供应而向后与其生产厂商合并， 及（或)为控制销售网络而向前与销售商合并。 5
5 horizontal integration The production abroad of a differentiated product that is also produced at home. 在国外生产一种与国内产品同类的有差异的产品。 vertical integration The expansion of a firm backward to supply its own raw materials and intermediate products and/or forward to provide its own sales or distribution networks. 公司为控制原料和中间品的供应而向后与其生产厂商合并， 及（或）为控制销售网络而向前与销售商合并
国外直接投资(FDI) FDI指国外公司对本国进行实物资产投资， 包括对本国企业的并购、在本国建立合资或独 资企业，进行厂房和设备投资，购买房地产等。 FDI不包括证券投资，FDI的主要形式是： ◆国外公司在本国创立新企业 ◆国外公司并购本国的企业 中外国公司和本国企业共同建立合资企业 6
6 国外直接投资（FDI ） 国外公司在本国创立新企业 国外公司并购本国的企业 外国公司和本国企业共同建立合资企业 FDI指国外公司对本国进行实物资产投资， 包括对本国企业的并购、在本国建立合资或独 资企业，进行厂房和设备投资，购买房地产等。 FDI不包括证券投资，FDI的主要形式是：
12.4A effects on the investing and host countries 对资本输入国与输出国的作用 A国 B国 H G VMPKB VMPKA OA OB 图12.1国际资本转移的产出和福利效应 资本BA从A国转移到B国，使两国利率均为BE,这使得世界 的总产出增加EGM,其中A国得到EGR,B国得到ERM。B国的 总产出增加ABEM,其中外国投资者获得ABER,余下ERM作为 B国国内的净所得
7 E M 资本BA从A国转移到B国，使两国利率均为BE，这使得世界 的总产出增加EGM，其中A国得到EGR，B国得到ERM。B国的 总产出增加ABEM，其中外国投资者获得ABER，余下ERM作为 B国国内的净所得。 VMPKA G R r r C H N T VMPKB A国 B国 OA B A OB F 图12.1 国际资本转移的产出和福利效应 12.4A effects on the investing and host countries 对资本输入国与输出国的作用 J
12.4B other effects on the investing and host countries 对资本输入国与输出国的作用 affect the balance of payments of the investing and host countries. affect the revenue of both countries. affect the investing nation's technological lead and host country's control over its economy. 8
8 affect the balance of payments of the investing and host countries. affect the revenue of both countries. affect the investing nation’s technological lead and host country’s control over its economy. 12.4B other effects on the investing and host countries 对资本输入国与输出国的作用
12.5 Multinational Corporations 跨国公司 multinational corporations (MNCs)are firms that own,control,or manage production facilities in several countries. 跨国公司是指在多个国家拥有、控制和管理生产设施的公司。 Parent firm Foreign Foreign Foreign affiliate affiliate affiliate
9 multinational corporations（MNCs）are firms that own,control, or manage production facilities in several countries. 跨国公司是指在多个国家拥有、控制和管理生产设施的公司。 12.5 Multinational Corporations 跨国公司 Parent firm Foreign affiliate Foreign affiliate Foreign affiliate
■全球有6.3万个跨国母公司和80万个分支机构； ■跨国公司产值占世界工业生产总值的40%-50%； ■世界上500家最大跨国公司控制了75%的全球贸易； ■FDI和全球技术转让的90%是由跨国公司控制的。 10
10 全球有6.3万个跨国母公司和80万个分支机构； 跨国公司产值占世界工业生产总值的40%-50%; 世界上500家最大跨国公司控制了75％的全球贸易; FDI和全球技术转让的90%是由跨国公司控制的