英国代写paper范文：外国直接投资与新兴国家的概念

外国直接投资通常被定义为外国所有制的一种衡量标准，它意味着一个公司在另一个国家的生产或经营的直接投资。它可以是通过购买一家某个国家受青睐的公司，或通过扩大在该国现有业务的交易或活动。由于不同的理论背景，对外国直接投资有了不同的方法。事实上，，它一直很难有一个确切的定义，外国直接投资，因为每一个作者有自己的方式观看它喜欢的例子：

FDI is normally defined as a measure of foreign ownership which implies direct investment into either production or business in a country by a company in another country. It can be either by buying a company in the favoured country or by expanding transactions or activities of an existing business in that country. Various approaches have been made to FDI because of different theoretical background. Indeed, it has been difficult to have an exact definition of FDI since every author has their own way of viewing it like for example:

'It is defined as foreign investors moving their assets into another country where they have control over the management of assets and profits.' Graham & Spaulding (2005)

'It is the operation and control of income creating activities in more than one country where the firm processes not competitive advantages over firms of another nationalities and which are more profitable to internalize than to sell or lease to other enterprise.' Dunning (1973, 1979)

'FDI as a way to capture remaining profit by overseas production via the product life cycle.' Vennon (1966)

According to the International Monetary Fund: 'FDI refers to an investment made to acquire lasting or long-term interest in enterprises operating outside of the economy of the investor.' The investment is direct because the investors which could be a foreign person, company or group of entities, is seeking to control, manage or have significant influence over the foreign enterprise.

From the definitions above, FDI is quite the opposite of portfolio investment which is a passive one in the securities of another country such as stocks and bonds. There are different types of FDI namely horizontal, platform and vertical. All of them include several forms of investment activities including building new facilities, greenfield investment, mergers and acquisition, intercompany loan and also reinvest the gained profit from abroad transactions.

Research conducted by UNCTAD for the World Investment Report 2012 stated that cross-border M&As and Greenfield investments have shown diverging trends over the past three years, with M&As rising and Greenfield projects in slow decline, although the value of Greenfield investments is still significantly higher. Most investment has taken the form of mergers and acquisition of existing assets rather than investment in new assets that is Greenfield. M&As have become a popular mode of investment of companies wanting to protect, consolidate and advance their positions by acquiring other companies that will enhance their competitiveness. M&As are defined as the acquisition of more than 10% equity share, involve in transfer of ownership from domestic to foreignhands, do not create new productive facilities. Based on this definition, M&As raise particular concerns for developing countries, such as the extent to which they bring new resources to the economy, the denationalization of domestic firms, employment reduction, loss of technological assets and increased market concentration with implications for the restriction of competition. However, although, M&As are likely to result in profit for the investing firm but destruction of the domestic industry, there is a noteworthy policy mechanism which protects the domestic economy which is a competition policy.

'A competition policy is central to ensuring the effective operation of the market. The main purpose of a competition policy is to oversee the efficient allocation of resources and to ensure consumer welfare. In the absence of a competition policy, markets that are open to private business, face the danger of firms engaging in monopolistic and restrictive trade practices. The basic importance of a competition policy lies in its ability to assess the competitive impact of mergers and acquisitions, and to regulate the behavior of firms.' CUTS(2001) So, it can be said that overall, mergers and acquisitions have a serious impact on competition and markets all over the world. In developing countries like for example Sub-Saharan Africa, almost all FDI are in the form of M&As. A recent KPMG study revealed that South Africa recorded a total of US$ 7.6bn of cross border inward and outward M&As since June 2000. Most FDI inflows in developing countries are capital intensive and are directed by established sectors like manufacturing, tourism and other services.

2.1.2 The emergence of emerging countries
Long ago, in the late 80s, the early powerful investors were investing in emerging markets with a thought that it would be beneficial if they invest in markets which are developing gradually and will expand further in the future. With the emergence of globalisation, investors expected developing countries developing countries to adopt market-oriented policies hence they would opt to invest in companies at low valuation. However, we can say that in the last two decades , the markets have been altered since closed ones have been opened again by adopting the free market reforms the markets have reached adequate size and liquidity in order to be investable. For example, the demise of the Soviet Union, the collapse of apartheid in South Africa, and the use of more liberal economic policies in China and India have led to the expansion of freer markets and the appearance of companies with sound businesses. Then, more countries have entered the foreign markets and some have been classified as developed markets like Greece and Portugal. As a matter of fact, so as to achieve a high level of economic growth, certain measures have been put forward such as investment opportunities to non-locals. This had attracted more capital since more markets have joined international investment opportunity set. Some markets from countries like the Persian Gulf, the Balkans and Sub-Saharan Africa were the latest joiners. Based on the history of European Integration usually founding members enjoy economic advantages than late joiners. However, in this respect, the exception is the Southern African Development Community (SADC) as the late joiner South Africa in1994 is the regional power house in Southern Africa.

2.2 Trends
2.2.1 The growing of the economies
It is not clear that there is a beaten path to achieving economic growth. Among the development made the manufacturing have experienced an increasing level of development. This has made many developed countries to develop their economies hence attained growth through manufacturing and industrialization. For example, in the post World War 11, the success of the manufacturing sector contributed to the emergence of Japan. After 20 years later, Korea enters this sector by applying the same model and China also followed a similar path. Spence and El Erian (2008) states that these countries have favourable policies, strong political and social consensum targeting and supporting growth.

Emerging countries are facing the impact of crisis but they are still developing hence increasing their growth smoothly. From data and insights, Rapid-Growth Markets forecast on 11th of July 2012 tells us that although recession, stalling growth and high unemployment continue to impact many markets but the overall prospects remain strong. As per analysis, it has been believed that although with the ongoing Eurozone Crisis, the expansion of emerging countries will go further. It is expected that growth will move forward from 4.9% in 2012 to 5.9% in 2013 and 6.5% in 2014. In fact, there are reasons behind these forecasts which are the Asian Countries. Nowadays, the Asian Countries are growing very rapidly and are playing a crucial as well as powerful role globally.

2.2.2 The Flow of FDI in emerging countries
In the past, during the 1990s, there are certain reasons that have characterized FDI flows to emerging countries. These countries have experienced a rapid gained momentum as the composition of private capital flows which consists of both equity and debt to shift towards stable forms of capital such as FDI. In fact, this shift reflected the altered preference of debt investors and policymakers following various financial crises in emerging markets. This has further led many countries to adopt macroeconomic and structural reforms hence achieving growth prospects. Moreover, FDI enters emerging countries through mergers and acquisitions which mirror the widespread privatization of state-owned assets in lot of countries in Latin America and Eastern Europe and the sale of distressed banking and corporate assets in several Asian economies following the crises there. Long ago, the traditional form of FDI was to engage in either extractive activity or labour-intensive manufacturing for export, but some investors have taken other path like for example some countries experienced a significant shift towards market-seeking FDI in 1990s, notably in other sectors also.

Firms pursue FDI and international collaborative ventures to develop firm competitiveness in the global marketplace. There are different motives that investors look forward which are market-seeking, resource or asset-seeking and efficiency-seeking. In fact, foreign investors opt to invest in emerging countries which increase the input FDI because all these motives are easily accessible in these countries. Normally investors tend to invest in countries with a cheaper cost of production so as to achieve economies of scale1. They are much willing to invest in countries with large and prospective markets like the Sub-Saharan African countries. Profit-maximising is not the only factor that should be considered but a favorable environment for direct investment also matter where exchange rate, inflation and growth are stable too. The foreign investors generally distinguish between two sets of factors namely the economic or commercial interests. These include market size and growth prospects, availability resources, cost of local labour, tax regime and availability of infrastructure, institutional and regulatory factors and policies such as licensing system, legal framework and quality of bureaucracy.

1 Caves (1982); Vernon (1966)

However, the conditions for attracting FDI vary by sectors and certain sectors have experienced a decline in their level of FDI. FDI levels in Africa, the Middle-East and South Asia have remained low but they have a hope that it will be increased by engaging more in regional economic integration. There has been a drop of FDI in the infrastructure, financial and petroleum sectors since 1990s but the other sectors have been constant and still rising. Studies have shown that in almost all cases FDI had a largely positive impact on productivity and on the coverage of services.2 McKinsey Global Institute (2001) reveals that the removal of FDI restrictions in automotive sector set free competition and investments, resulting in a threefold increase in productivity. So, these studies have viewed FDI as a positive source and prospective one to boost the growth of the economy.

FDI is considerably growing in this age of globalization. Due to the spread of globalization, the world is becoming a global market as all investors are converging towards a homogeneous global market and global norm. Obstfeld et al (2004) argue that the interest in financial globalization has improved considerably as developed and emerging countries become integrated with the global financial system, and especially because of the large entrance in international transactions starting in the early 1990s. Since then, many studies have been made in order to see the links between financial globalization and economic growth including the overall costs and benefits of financial integration.3 In principle, as Foerster et al (1999) claim that financial globalization should increase access to capital and lower its costs. But it should not be denied that globalization has linked trade partners across the world but trade barriers still exist. As a way to escape from these barriers, regional blocks have been formed among regional countries moving towards regional economic integration. Blocks are associations of nations at governmental level to encourage trade within the block and defend its members against any form of competition.

2 See also Lane and Milesi-Ferreti (2007); Obstfeld (2011)
3 See also Rodrik (1998); Stiglitz (2002); Kose et al (2010)

Most of the emerging countries form part of at least one block to be able to compete. For example, some of the major blocks are the Common Market and Eastern Africa (COMESA), Southern Africa Development Community (SADC), Arab Magheb Union (AMU), East African Community (EAC), Indian Ocean Commission (IOC) and among others. All these regional blocks have their missions and visions. Their views do coincide as their priorities are to liberalise and facilitate trade, financial integration, free movement of people and overall they want to become a Free Trade Area (FTA) and establishing Customs Union (CU). Jenkins (2001) states that the best known example is probably the SADC, wanting to create a free trade zone among its 14 countries. Regionalism has brought many benefits which are compensating in the increase of FDI. The trend of FDI has been a marked increase over the last 3o years and FDI has grown more rapidly than world trade. This is because firms still fear the threat of protectionism and the general shift toward democratic political institutions and free market economies have encouraged FDI.

Regional Trade Agreements (RTAs) creates stability to regions thus attracts FDI and trade relations among countries. Moreover, when an RTA is created, outside countries find it easier to invest and do business with developing countries. The increase in investment will definitely have a positive impact on financial and capital flows in different sectors hence increase growth rate in the economy. In addition of, in July 2011, an agreement reached by the Heads of State and Government of the African countries forming part of the SADC, COMESA and EAC groupings. In fact, the negotiation was for the creation of an impressive FTA among the three blocs referred to as the Tripartite Free Trade Area (T-FTA). Its main objective is to help in mounting intra-Africa trade. This will boost cooperation among the regional economic communities hence facilitate access of resources and project implementation. As a target and reflecting its attractiveness, the T-FTA will comprise of an integrated market with a combined population of some 600 million people and a total GDP of around USD trillion. Many RTAs have been devised around the world and this has led to spaghetti bowl effects. The overlapping of the RTAs is however advantageous for FDI as it seems to be an interesting production location for foreign investors. The country will attract FDI if the other members of the RTA impose more protectionism measures like tariff or non-tariff barriers than the country in question. So South-south FDI flows are growing very rapidly and this is very beneficial to emerging countries.

2.2.3 FDI inflows in developing economies

2.2.4 Expansion of the Scope of FDI
It is obvious that there is lot of scope in FDI and every sector is making their best in attracting more FDI in their field. In the past, the tendency was to center almost wholly on infrastructure and on efficiency-seeking and tariff-jumping FDI in manufacturing. In the future more and more FDI will be market-seeking investment in tourism and off-shore sectors. Still, many developing countries persist on restricting FDI in service sectors but it is clear that these countries are wasting fortunes in order to attract efficiency-seeking FDI for manufacturing. It is true that for many emerging countries manufacturing was their pillar but it has been quite saturated. There is a hope that the tourism industry will have a positive impact on FDI.

2.3 Global view of Tourism Sector
The tourism industry is among the largest and most varied industry. Long ago, tourism sector was not given so much of attention since it was placed below manufacturing or agriculture as it was not a good source of economic growth. In contrast today, there is a significant review taking place which values in tourism as a potential means of generating revenues, large number of jobs, promoting economic diversification and a more service-oriented economy. The number of tourists leaving their homes is 694 million in2002 which increased to 980 in 2011 and one billion in 2012 and 1600 million by 2020. The receipts are expected to cross $2000 billion in 2020. Tourism is a clearly defined sector and it must be develop in a sustainable manner. A vital element of sustainable tourism industry is economic feasibility, not only social and environment viability. The development of tourism is essentially driven by business. Dwyer and Spurr (2011, 1) states that governments play a significant role as partners in tourism development to an extent which is not replicated in most other industries through their extensive engagement, by all levels of governments in tourism planning and strategy, marketing, infrastructure development, land use planning and responsibility for parks and public and natural attractions and through their role in managing environmental and community impacts of tourism. Tourism investment supports tourism development and vice versa. Dwyer and Forsyth (2010, 459) says that it is very important both to the individual firm, ensuring its future productive viability, and to the destination, adding strongly to the economy's overall capacity to satisfy tourism demand. The trends of FDI in tourism sector of emerging countries are also becoming very fierce. The largest source countries of outward FDI have long been the United States, the United Kingdom, France and Canada but a new drift, which is gathering steam, is the rise of South-South investment. The same as in other sectors of the global economy, a number of TNCs from developing economies are becoming active on the world tourism scene. Presently, these TNCs are from economies such as Singapore, Hong Kong and the United Arab Emirates and including also other source economies from the south such as Cuba, Malaysia, Poland, South Africa and Mauritius. In fact, the attraction of FDI in the tourism sector is progressively more essential for emerging countries since FDI is an important source of finance development. Gardiner (2002, 2) claims that the impact of FDI is dependent on what form it takes.

2.4 The perception of FDI in Tourism
'FDI is often considered one of the most effective engines for harnessing capital, infrastructure, knowledge and access to global marketing and distribution chains. All of the above is a critical for the tourism.' (Perié and Radié (2010).

'TFDI is a category of international investment whereby an entity resident in one economy (direct investor) acquires a lasting interest in a tourism specific enterprise engaging in tourism growth fixed capital information (a direct investment enterprise) resident in an economy other than that of direct investor.' (UNWTO, 2004, 267)

'Determinants of TFDI are the same as in other industries. These determinants include cultural/ historical/ geographical distance, political and/or economic risks, level of economic development, socio-economic environments, liberalization of FDI regime, taxation, investment incentives, availability and quality of hard and soft infrastructures and corporate strategies or company-specific factors .' (Endo, 2006, 267)

'It is possible to distinguish three trends that characterize TFDI in developing countries and economies in transition.' (UNCTAD, 2007, 267)

Firstly, it is obvious that tourism is one of the largest industries in many countries but it also appears to be a least globalised one. In fact, conversely to perceptions, FDI in tourism is still rather low in both developed and developing countries while comparing to the levels of FDI in other economies and services activities. This is because TFDI is concentrated in just a few of the many related activities covered by the definition of tourism, mostly hotels and restaurants and car rentals. Certain activities like tour operations, reservations systems and airlines lack FDI. Secondly, TFDI is mostly concentrated in developed countries but now there is a third trend wherebytourism related FDI to developing countries is increasing. Kusluvan and Karamustafa(2001,268) claims that the need for foreign investment in developing countries will depend on a number of factors: political orientation, the level of current foreign investment, general economic and tourism development levels and the type, scale and stage of tourism development required.

2.5 Different dimensions of sustainable FDI in Tourism
'Sustainable FDI can be defined in terms of four dimensions namely economic development, environmental development, socio-cultural development and good governance. For an investment to be considered sustainable it needs to perform well on all of the sustainable development dimensions.' (VCC & WAIPA, 2010,269)

2.5.1 Economic development dimensions
'FDI can potentially bring two broad kinds of economic development to emerging countries which are economic growth and productive capacities. Economic growth includes increase in, income, local employment, foreign exchange and improvements in income distribution. Productive capacities involve transfer of technology and management practices, spillovers, externalities, stimulation of domestic investment, increases in productivity of domestic firms, increased integration in global markets and innovation.'(WWF, 2003, 269)

Although FDI is beneficial but the risk that it can avoid the economic development process does still exist. FDI in tourism provides many opportunities but it can be very costly. In order, for emerging countries to benefit from all the advantages of FDI in tourism, a rational and integrated policy framework is required. These developments also create path to employment, foreign exchange and technology transfer.

2.5.1.1 Employment
Nsiku and Kiratu(2009, 270) says that the major challenge is the need to develop human resources, particularly local personnel, both for reasons of delivery quality services to tourists and enhancing the general skills of the local workforce. The tourism sector can be either creation or destruction of jobs. Haley and Haley(1997, 270) states that tourism creates jobs in two ways, either through employing local citizens in hotels, restaurants and entertainment and tourism services that cater directly to tourists or through the multiplier effect. It can reduce jobs in the sense that policy makers have to adjust the multiplier effect. Haley and Haley(1997, 270) also says that if tourism displaces farmers, loggers, fishermen, or other productively employed individuals, it destroys these individuals' jobs and these of individuals in related service and support industries. According to UNCTAD(2007, 270), TNCs may provide first or the only hotels in emerging countries or the largest hotels, their contribution to employment may be significant and even where domestic hotels dominate, foreign hotels can still make a positive contribution to complement the overall employment figures in the sector.

2.5.1.2 Foreign exchange
For most of the emerging countries, tourism is their source of foreign exchange. Forsyth and Dwyer(2003, 270) reports that an extra $1 exchange can be used to purchase goods and services which are worth more to consumers than $1 since the market price is higher than this. However, Kusluvan and Karamustafa(2001, 270) says that multinational hotel companies may lead to decreasing economic benefits to developing countries from international tourism through the repatriation of profits, expatriate labour's income, management and franchising fees and imports.

2.5.1.3 Technology transfer
According to UNCTAD (2007), most international hotels have elaborate training programmes for their staffs. The technology transfer in terms of managerial expertise has had a 'demonstration effect' in tourism. Dwyer et al (2010, 271) states that, in developing destination increased levels of management have been essential in catering to the demands of foreign tourists and in maintaining the international competitiveness of the local product.

2.5.2 Socio-cultural development dimensions
The involvement of local communities in tourism which includes local cultural events and protection of historical buildings have positive impacts on culture. MNEs have an essential role in the world economy but the activities of MNEs consist of controversy and social concerns. Kusluvan and karamustafa (2001, 271) states that multinational hotels are often accused of transforming the developing world towards westernization in value systems, beliefs, life-styles and consumption patterns.

2.5.3 Environmental development dimensions
The choice of technology and the preservation of natural resources are very important. 'According to UNCTAD (2007), FDI can have positive, negative or no impact on environmental quality. Inward FDI can worsen or improved the environment.'

2.5.4 Good governance dimensions
Predictability, accountability, transparency and participation are all important factors for the promotion of FDI. This help to improve linkages between established investors and local firms in the tourism sector.

2.6 Conclusion
FDI has been very remarkable in tourism sector of emerging countries and has helped in human development. However, an eye should be kept on the negative aspects by improving certain policies so as to encourage FDI inflow in emerging countries.