市场变迁、政策红利与政治风险:中国与发达经济体的相互投资  

Market Changes,Policy Dividends and Political Risks:Mutual Investment between China and Developed Economies

作　　者：庞明川[1] 

机构地区：[1]东北财经大学经济与社会发展研究院

出　　处：《经济社会体制比较》2014年第2期5-18,共14页Comparative Economic & Social Systems

基　　金：国家自然科学基金项目"进入壁垒与投资风险的识别及对逆向投资的影响机理:基于中国样本的实证检验与案例分析"(项目编号:71373037);辽宁省社会科学基金重点项目"辽宁境外投资面临风险及对策研究"(项目编号:L12AJY003)

摘　　要：改革开放以来,中国的对外开放先后实施了"引进来"、"引进来"与"走出去"并举的发展战略。三十多年来,中国实际利用外资快速增长,已成为世界上第二大引资国和发展中国家最大引资国;对外直接投资流量与存量快速增长、屡创历史新高,2012年已成为世界第三大对外投资国。然而,伴随着中国对发达经济体直接投资的快速增长,发达经济体对中国的直接投资占中国实际利用外资的比重却不断下降,二者之间出现了明显的背离。文章在对中国与发达经济体之间相互投资进行经验分析的基础上,从中国作为东道国出现的市场变迁、政策红利的变化与发达经济体存在的政治风险等方面分析出现背离的原因,并从充分认识中国与发达经济体相互投资的意义、为相互投资创造良好的环境、推进双边或区域投资合作机制建设等方面提出促进中国与发达经济体之间相互投资的对策。Since China＇s reform and opening up, China has been implementing the strategy of ＂bringing in＂ and strategy of combining ＂bringing in＂ and ＂going out＂. For more than 30 years, China＇s actual use of foreign capital has increased rapidly and China has become the world＇s second largest country and the largest developing country in the use of FDI. China＇s flow and holdings of outward FDI is growing rapidly and has repeatedly reached record highs, and China became the third largest foreign investment country in the world in 2012. How- ever, with the rapid growth of China＇s direct investment in developed economies, the ratio of developed economies＇ direct investment in China to China＇s actual use of foreign capital is falling and there is an clear di- vergence between the two indexes. On the basis of empirical analysis of mutual investment between China and developed economies, the paper analyzes the reasons for the divergence from the perspective of market changes, changes in dividend policy and the political risks of developed economies from China＇s perspective as the host country. Based on the above, the paper puts forward policy recommendations to promote mutual investment be- tween China and developed economies from the aspects of fully recognizing the significance of mutual investment between China and the developed economies, creating a good environment for mutual investment, and promoting the establishment of bilateral or regional investment cooperation mechanisms.

关 键 词：市场变迁 政策红利 政治风险 双向投资 

分 类 号：F832[经济管理—金融学]