国际直接投资(FDI)动因的理论综述

20世纪初以来有关国际直接投资动因研究的理论成果可以分为三个阶段:20世纪60年代以前的国际资本流动理论,解释了利率差异引致的资本跨国流动;20世纪60年代—80年代初的国际直接投资理论,分别从微观、宏观层面阐述了企业跨国经营的成因;20世纪80年代以来的理论新进展,进一步讨论了垂直型FDI和水平型FDI的产生动因。这三个阶段的理论都解释了发达国家FDI的动因,关于发展中国家FDI和发达国家之间垂直FDI的原因还需要进一步的探索。

A Summary of FDI Dynamics Theories

The theoretical results of research on the dynamics of foreign direct investment （FDI） since the early 20th century can be divided into three stages：the theory of international capital flow before 1960, which explains the capital flow across countries caused by interest differences;the theory of foreign direct investment in 1960 - 1980,which elaborates the causes of multinational corporation operating at the macro and micro levels;and the theoretical advance since 1980,which further discusses the dynamics of vertical FDI and horizontal FDI. The theories of the three stages all explain the dynamics of FDI in developed countries, but the causes of FDI in de- veloping countries and the vertical FDI among developed countries need further research.