论中国对外直接投资

【作者】 谭介辉；

【导师】 孙钱章；

【作者基本信息】 中共中央党校 ， 政治经济学， 2003， 博士

【摘要】 随着世界经济全球化的日益发展和我国改革开放的不断深化，大力开展对外直接投资正在成为推进我国经济进一步发展的客观需要。具体来说，大力开展对外直接投资是我国主动应对生产分工国际化发展的客观要求；是推动我国国民经济结构调整和企业重组改造的有力杠杆；是我们充分利用“国内国外两种资源、国内国外两个市场”的有效方式，有利于我们培育新的出口增长点；开展对外直接投资还是我国企业参与国际竞争，开展国际化经营的必由之路。 党的十六大报告明确提出，“实施‘走出去’战略是对外开放新阶段的重大举措。鼓励和支持有比较优势的各种所有制企业对外投资，带动商品和劳务出口，形成一批有实力的跨国企业和著名品牌。” 但是，我国对外直接投资还缺乏系统的理论指导。现有的对外直接投资理论主要以西方发达国家为研究对象，难以用来指导我国的对外直接投资实践。 当前，我国正处于从传统经济向现代经济的转轨之中，现代工业部门大部分属于劳动密集型产业，资本密集型产业和技术密集型产业的发展远远落后于发达国家。经济发展理论表明，经济落后的国家要想达到先进水平，必须利用后发优势，采取跨越战略，从本国的实际出发，用最先进的技术来解决本国经济发展的各种具体任务，以科技水平的提高促进社会生产力的发展，并带动整个经济结构的变化，尤其是产业结构的高度化。这是技术欠发达国家缩小差距，赶上技术发达的先进国家的唯一途径。 传统的理论认为，实行进口替代战略是欠发达国家实现其产业结构升级的主要手段；还有一种观点认为，欠发达国家实施赶超战略的一个重要手段，是要运用各种优惠政策大力吸引外资、引进发达国家的先进技术。但是事实上，欠发达国家实行的“进口替代”与“引进外资”战略，其实质是被动接受发达国家所转移的落后产业，它对欠发达国家新技术产业的发展和传统产业的提升虽然具有一定的作用，但不能消除固有的产业级差。可以说，利用这两种手段并不能完全实现欠发达国家利用“后发优势”实现“赶超战略”的目标。欠发达国家要想尽快提高自己的科技水平、发展高级产业，必须打破现有的被动接受产业转移的格局，主动面向国际市场，实行一种“迎头赶上”与“捷足先登”的高战略。因此，欠发达国家要想真正实现“赶超战略”，就必须突破这些理论的局限，立足本国的实际条件，采取适当的方式大力发展“逆梯度”型对外直接投资，主动获取世界最新技术，促使国内高新技术产业的发展和产业结构的升级。 对外直接投资的国内经济影响备受关注。本文的分析表明，我国对外直接投资的出口替代效应并不明显，它对国际收支具有正效应，在我国当前的汇率制度下，有利于国内投资的发展。根据目前中国发展对外投资的特点和国内的宏观经济现状，发展对外直接投资对我国的就业总的来说利大于弊。此外，由于对外直接投资总体上可以提高我国的对外竟争能力，因而它对我国贸易条件的改善总体上也是有益的。文章还对与对外直接投资密切相关的资本外逃问题进行了探讨。 我国的对外直接投资始于改革开放之初。自1979年以来，其发展大致可以分为三个阶段：1979－1984年为自发探索阶段；1985－1991年为起步阶段；1992年以后为迅速发展阶段。总的来说，我国的对外直接投资具有以下特点：起步晚、发展速度快：投资地区相对集中；投资企业数量多、规模小；投资行业多样化，但以资源开发和加工业为主：投资经营主体结构复杂；投资形式以合资企业为主，市场进入以新建企业为主。 当前，我国对外直接投资存在的主要问题有：政府对海外直接投资缺乏统一的宏观管理和规划布局；海外直接投资企业的微观基础不健全，经营一体化程度低；对外直接投资结构不尽合理等等。 对外直接投资的主体是跨国公司。根据当前我国经济发展的实际需要，我国对外直接投资应以获取战略性资源、扩张全球性市场和提升科技水平为主要目标。相应地，作为对外直接投资主体的跨国公司也大致可以分为三种主要类型：资源开发型、市场寻求型和高新技术研发型。我们应该紧紧围绕这三类目标，充分利用现有跨国企业发展的良好基础，进一步完善我国跨国公司的发展战略。一方面，要进一步完善我国跨国企业的公司治理机制；另一方面，要走工贸、技贸、产融相结合的路子，发展综合商社型跨国公司。 应该紧紧围绕发挥产业组合区位比较优势、扩大国内贸易量、促进产业结构高度化发展这三大标准来选择我国对外直接投资的优先发展产业。同时，我国对外直接投资的地区选择应以巩固和扩大对发展中国家和地区直接投资为基本取向，以加快发展对发达国家直接投资为主导目标，积极慎重地发展对东欧、独联体国家和地区的直接投资，实施全方位、多元化、多层次的投资地区战略。 选择合理的对外直接投资方式是确保海外直接投资成功的重要方面。对外直接投资大致可分为购并当地企业和创建新企业两种方式；而按照股权参与程度的不同又分为创办独资企业和组建合资企业两种形式。中国跨国企业在制定对外直接投资战略时更多还原

【Abstract】 With the development of globalization of the world economy and the further opening-up of our country, expanding the FDI-out (foreign direct investment -out) becomes more and more necessary to boost our economy. Concretely, expanding FDI-out is an initiative method to tackle the development of the internationalization of the production division; it is a powerful lever to promote the structural adjustment of our national economy and the restructure of our enterprises; it is an effective means to make best use of "the internal & external resources and the markets abroad & at home" and it is helpful to foster new economic increasing- points; furthermore, it is the only way to put our enterprises into the international competition." To implement the strategy of ’go outside’ is a significant act in the new phase of opening-up to the outside. By encouraging and supporting enterprises of different ownerships with comparative advantages to invest outside, we can drive the export of merchandise and work service and foster a series of transnational corporations with strength and famous brands ", which is put forward definitely in the report of the 16th plenary conference of the Communist Party of China.But the existing theory of FDI-out focuses on the developed western countries and is unsuitable for the practice of our country. The FDI-out of our country lacks systematical theory as its guidance.Currently, we are transferring our traditional economy to modern economy, most sectors of industry are labor-orientated, capital-orientated and tech-orientated sectors seriously lag behind the developed. The economy development theory indicates that to achieve the advanced level the undeveloped should seek truth from the facts, utilize the latent advantages and adopt the leapfrog strategy, namely, apply the advanced technique to cope with all concrete problems of the economic development, promote the social productive forces by upgrading the tech skills and restructure the whole economy as well. This is the only way for the undeveloped to narrow the gap and catch up with the developed.It is reckoned in the traditional theory that adopting the import-substituted strategy is the main way to upgrade the industrial structure for an undeveloped country; some others voice that implementing various favorable systems to attract foreign capitals and tech skills as much as possible is an important strategy for the undeveloped to surpass the developed. But as a matter of fact, for the undeveloped, in a passive way, executingimport-substituted strategy and attracting foreign capitals is essentially accepting the backward industries that the developed abandoned. To a certain degree, it is beneficial for the undeveloped to boost new tech and uplift traditional sectors, but it cannot shake off the inherent grade’s difference. In another word, adopting these two policies cannot help the undeveloped achieve its goal.. To upgrade its tech skill and develop its high-level industry, the undeveloped should break the passive accepting pattern and adopt the strategy of "catch up forthwith" &"the early bird catches the worms", facing the international market initiatively. Thus, to realize its "catch up and surpass" strategy the undeveloped should break the theoretical limit, take its inland facts as its starting-point, adopt suitable ways to extend "athwart grads" FDI-out, strive for the newest tech in the world and enhance the development of its inland high-tech industry and upgrade its industrial structure.The impact of the FDI-out upon national economy has been given much attention. The analyses of this dissertation show that the export-substituted effect of the FDI-out is not apparent, it lays positive effect upon the international balance of payments, it is favorable for inland investment under the present exchange rate principle. Taking the characteristics of the current investing outside and the state of the inland macro-economy into consideration, with regard to the employment, the advantages of developing the FDI-out general更多还原