投资的现状在线视频

同学们好
Hello everyone

我是云南财经大学
I am Dr. Yin Hao from the International Business School of

国际工商学院的尹豪老师
Yunnan University of Finance and Economics

这节课我们来学习国际商务课程的
Today we will learn the chapter of foreign direct

这节课我们来学习国际商务课程的
investment and government intervention

国际直接投资与国家干预章节
under the course of international business

这一章中
This chapter

我们将从国际直接投资的现状
will focus on the current situation of FDI

投资理论
investment theory

投资对东道国和母国的利弊
the advantages and disadvantages of investment

投资对东道国和母国的利弊
to host country and home country

以及
as well as

国家鼓励或限制投资的政策
national’s policies which encourage or restrict investment

等方面展开学习
Learning from aspects

首先
First

让我们界定一下
we will define the term

国际直接投资的有关概念
foreign direct investment

国际直接投资
Foreign Direct Investment

Foreign Direct Investment

简称FDI
FDI

是指企业在外国
refers to the facilities invested

直接投资用于生产和营销的设施
by enterprises in foreign countries

直接投资用于生产和营销的设施
for production and marketing

当企业开展了国际直接投资
When an enterprise develops FDI

这家企业就成了跨国公司
it becomes a multinational corporation

企业通过国际直接投资
Enterprises form fixed assets

在国外形成了固定资产
abroad through FDI

通过对该固定资产的持续经营
and obtain long-term income/revenue

以获得长期的收益
through continuous operation of the fixed assets

因此
Therefore

我们通过两个指标
the scale of FDI will be measured/assessed

来衡量国际直接投资的规模
by two indicators

一是国际直接投资的流量
one is the flow of FDI

即一个时期里国际投资的金额
that is the amount of international investment in a period

这个时期往往用一年来衡量
which is often measured in one year

而当年的投资流量
Usually the investment flow of the year

往往不能在当年带来收益
often will not bring profits in the same year

这就需要引入另外一个指标
This requires the introduction of another indicator

国际直接投资的存量
the stock of FDI

即在一个时点
that is

企业通过对外直接投资
the total amount of assets accumulated

累计拥有的资产总量
by enterprises through FDI at a given time

就像一份商品的跨国交易
A cross-border trade deal of goods

会涉及到出口国和进口国
involves exporting and importing countries

一笔跨境的投资
a cross-border investment

也会涉及到资本输出国和资本输入国
also involves capital exporting

也会涉及到资本输出国和资本输入国
and capital importing countries

对于资本输出国
For capital exporting countries

或者称为母国
or so called home countries

我们用资本流出量
we measure the scale of foreign investment

来衡量对外投资的规模
by the amount of capital outflow

对于资本输入国
For capital importing countries

或者称为东道国
or host countries

我们用资本流入量
we measure the scale of capital introduced

来衡量引进资金的规模
by the amount of capital inflows

在过去的30年里
In the past 30 years

国际直接投资持续增长
FDI has been growing continuously

从图中我们可以发现
We can find

国际直接投资
the trend of changes in the annual flow

在年度流量上的变化趋势
of FDI from the figure

在总量上从1990年的
In terms of the total

在总量上从1990年的
amount it has increased from 1990's

0.205万亿美元
$0.205 trillion

增长到2019年的
to $1.54 trillion

1.54万亿美元
in 2019

增长了6.5倍
an increase of 6.5 times

年均增长百分之7.2
with an average annual growth rate of 7.2%

但是在2000年后出现大幅的波动
However after 2000 there have been large fluctuations

周期性特点明显
with obvious cyclical characteristics

在2000年投资达到波峰的
After the investment reached a peak of

1.35万亿美元后
$1.35 trillion in 2000

主要受911事件影响
was mainly affected by the 9 / 11 incident

投资量迅速下降
the amount of investment declined rapidly

在2003年
reaching a trough of

降至波谷的0.55万亿美元
$0.55 trillion in 2003

随后逐年上升
then it increased year by year

在2007年
reached its peak of

达到波峰的1.98万亿美元
$1.98 trillion in 2007

主要受美国次贷危机
Mainly affected by the U.S. subprime mortgage crisis

和全球金融危机的影响
and the global financial crisis

投资量连续7年未达到前期峰值水平
the investment volume has not reached the

投资量连续7年未达到前期峰值水平
previous peak level for seven consecutive years

但是波动幅度小于上个周期
but the volatility is smaller than that of the previous period

在2015年
After reaching a peak of

达到波峰的2.04万亿美元后
$2.04 trillion in 2015

又连年下跌
it fell again year after year

据世界投资报告预测
According to the World Investment Report

受新冠肺炎疫情的影响
affected by the novel coronavirus pneumonia epidemic

2020年国际直接投资将深度下跌
International direct investment will fall by more

超过百分之40
than 40% in 2020

降至1万亿美元以下
To below $1 trillion

回归到2005年的水平
returning to the 2005 levels

并且2021年还将
and will continue to fall

继续下跌百分之5到百分之10
by 5-10% in 2021

在结构上
Structurally

国际直接投资主要是流入了发达国家
FDI mainly flows into developed countries

以美国和欧盟为主
mainly the United States and the European Union

在大多数年份里
Developed countries received

发达国家接受了
more than two-thirds of FDI

三分之二以上的国际直接投资
in most years

但是 2008年
However after the global financial

全球金融危机后
crisis in 2008

这一比例发生了持续的变化
this proportion has been changing continuously

流向发展中国家的投资
and the investment flowing to developing countries

开始出现与发达国家持平的状态
has begun to keep pace with that of developed countries

2014年 甚至超过发达国家
In 2014 it even exceeded that of developed countries

从动态看
Dynamically

对发展中国家的投资增长更快
investment in developing countries has grown faster

三十年来
Over the past three decades

全球范围国际直接投资
FDI worldwide has increased

增长了6.5倍
by 6.5 times

年均增长百分之7.2
with an average annual growth rate of 7.2%

对发达国家的投资增长3.7倍
investment in developed countries increased by 3.7 times

年均增长百分之5.48
with an average annual growth rate of 5.48%

对发展中国家的投资增长了
and investment in developing countries increased

18.76倍
by 18.76 times

年均增长百分之10.83
with an average annual growth rate of 10.83%

增速是发达国家的两倍
the growth rate is twice that of developed countries

中国是吸引外资增长时间最长
China has enjoyed the longest

速度最快的国家
and fastest growth in attracting foreign investment

引进外资额从1990年的
The imported foreign capital increased from

346.49亿美元
$34.649 billion in 1990

增加到2019年的
to $141.23 billion

1412.3亿美元
in 2019

增长了39.5倍
an increase of 39.5 times

年均增长百分之13.61
and an average annual growth rate of 13.61%

将近是全球平均增速的两倍
nearly double the global average growth rate

这一成绩的取得
This achievement should be attributed to

得益于改革开放政策成功实施
the successful implementation of the

得益于改革开放政策成功实施
reform and opening policy in China

2017年到2019年
From 2017 to 2019

连续3年 引进外资在全球排名第二
China ranked second in the world in terms

连续3年 引进外资在全球排名第二
of foreign investment for three consecutive years

但是与排名第一的美国还有较大差距
but it still lags far behind the United States which ranked first

从资本输出的角度观察
From the perspective of capital export

主要的资本输出国是有钱的发达国家
the main capital exporting countries are rich developed countries

对外投资存量
The United States and the Netherlands are

排名前两位分别是美国和荷兰
the top two outbound investment stocks

2019年
In 2019

中国成为对外投资存量
China became the third country

排名第三的国家
in the stock of outbound investment

靠前的排名得益于中国的走出去战略
The top ranking is attributed to China's going out strategy

和一系列扩大开放政策的实施
and series of opening-up policies

但是与第一位的美国仍然差距巨大
there is still a huge gap between China

但是与第一位的美国仍然差距巨大
and the United States which ranks first

总存量不足美国的三分之一
with the total stock less than

总存量不足美国的三分之一
one-third of that of the United States

从流量角度看资本输出
In term of capital output from the perspective of flow

发达国家和发展中国家的
the ratio of capital output

资本输出比例保持在
between developed and developing countries

7比3左右
remains around 7:3

个别年份会波动到8比2
Individual years fluctuate to 8:2

或者6比4
or 6:4

比如 发达国家的跨国公司
For example multinational

比如 发达国家的跨国公司
companies in developed countries

在2019年
in 2019

对外直接投资9169亿美元
invested $916.9 billion in FDI

占全球对外直接投资的百分之70
accounting for 70% of global FDI

较上年增长百分之72
and an increase of 72% over the previous year

发展中国家和转型经济体
FDI of developing countries and economies in transition

2019年对外直接投资
reached $396.9 billion

3969亿美元
in 2019

占全球对外直接投资的百分之30
accounting for 30% of global FDI

较上年降低了百分之12.4
and a decrease 12.4% from the previous year

中国的对外直接投资增长迅速
FDI of China has grown rapidly

从1990年的8.3亿美元
from $830 million in 1990

增长到2019年的
to $117.12 billion

1171.2亿美元
in 2019

增长了140倍
an increase of 140 times

年均增长百分之18.6
and an average annual growth of 18.6%

其中 2016年
In 2016

达到阶段性的峰值
it reached a peak of

1961.5亿美元
$196.15 billion

随后连续下降3年
and then declined for 3 consecutive years

受新冠肺炎疫情的影响
Outbound investment is expected to continue to

预计2020年对外直接投资
decline in 2020

会继续下降
due to the impact of COVID-19

2019年
In 2019

中国资本输出流量全球排名第二
China ranked the second in the world

中国资本输出流量全球排名第二
in terms of capital export flow

对外直接投资的存量
The stock of FDI

超过2万亿美元
exceeds $2 trillion

存量全球排名第3位
ranking the third in the world

1990年到2019年的三十年间
Over the three decades from 1990 to 2019

中国对外投资的年均增长
the average annual growth rate of China's outbound

高于中国引进外资的增速五个百分点
investment was 5 percentage points higher than the average

高于中国引进外资的增速五个百分点
annual growth rate of China's inbound foreign investment

2015年开始
Since 2015

连续四年对外投资额超过引进外资额
the amount of China’s foreign investment

连续四年对外投资额超过引进外资额
has exceeded the amount of foreign capital

连续四年对外投资额超过引进外资额
imported for four consecutive years

使中国成为资本净输出国
making China become a net capital exporter

从国际直接投资
Judging from its ranking as the

双向全球第二的排名看
second largest two-way FDI in the world

中国不仅是引进外资的大国
China is not only a major country in

中国不仅是引进外资的大国
attracting foreign investment

同时也是对外投资的大国
but also a major country in outbound investment

引起国际直接投资
There are four main reasons for

持续增长和结构变化的
the continuous growth

主要原因有四个方面
and structural change of FDI

第一是应对贸易保护政策
The first is the investment strategy adopted

而采取的投资策略
in response to trade protection policies

比如 福耀玻璃在美国投资建厂
Fuyao Glass for example has successfully

比如 福耀玻璃在美国投资建厂
built a factory in the United States

成功的绕开了美国
bypassing the

对汽车行业实施保护
high import tariffs that

而设定的高进口关税
protect the auto industry in the United States

第二是各国投资环境的改善
The second is the improvement of the investment

第二是各国投资环境的改善
environment in various countries

包括放松对外商投资的管制
including the deregulation of foreign investment

放宽所有权的限制和实施鼓励政策
the relaxation of ownership restrictions

放宽所有权的限制和实施鼓励政策
and the implementation of incentive policies

比如 2018年
For example in 2018

中国放宽对汽车行业外资股比的限制
China relaxed restrictions on foreign equity in the auto industry

成功地以独资方式
and successfully introduced a wholly-owned

引进特斯拉汽车在上海设立整车工厂
Tesla Motors factory in Shanghai

第三 是双边投资协议的签署
The third is the bilateral investment agreements

使得投资更加便利
which facilitates the investment

在2009年
in 2009

中国和东盟签署了投资协议后
After China and ASEAN signed the Investment Agreement

中国对东盟国家的投资迅速增加
China's investment in ASEAN countries has increased rapidly

2008年
In 2008

中国对东盟直接投资
China's direct investment in ASEAN reached

21.8亿美元
$2.18 billion

2018年中国对东盟直接投资
and in 2018 China's direct investment in ASEAN reached

136.94亿美元
$13.694 billion

年均增长百分之20.1
with an average annual growth rate of 20.1%

投资存量达到1028.58亿美元
and the investment stock reached $102.858 billion

第四 是跨国公司在全球的扩张
The fourth is the rapid development

第四 是跨国公司在全球的扩张
of international investment

使得国际投资迅速发展
due to the global expansion of multinational corporations

在2020年世界企业500强中
Chinese enterprises account the most on

中国企业上榜的数量排在第一
the list of the world's top 500 enterprises in 2020

将会进一步推动中国企业的国际投资
which will further promote the international

将会进一步推动中国企业的国际投资
investment of Chinese enterprises

国际直接投资可以采用新设投资
FDI may take the form of greenfield investments

或兼并与收购的方式开展
or merger and acquisition

新设投资又称为绿地投资
Greenfield investment

是指在境外
refers to

建立一个全新的生产经营设施
the establishment of a brand new production

建立一个全新的生产经营设施
and operation facilities overseas

兼并与收购
Merger and acquisition

是指在境外购买
refer to the purchase

或合并一家现有的企业
or merger of an existing business abroad

对发达国家的投资以并购居多
Most investments in developed countries are in

对发达国家的投资以并购居多
the form of merge and acquisition

对发展中国家的投资以新设为主
and most of the investment in developing

对发展中国家的投资以新设为主
countries are in the form of greenfield investment

并且并购金额要大于新设金额
and the amount of the acquisition is

并且并购金额要大于新设金额
greater than the greenfield investment

对于这一现象的解释
The explanation for this phenomenon

可以从投资动因的研究中找到答案
can be found in the research of investment motivation

研究认为 并购交易比新设投资
researches suggest that M&A transactions

能够更快的形成生产能力
can build production capacity more

能够更快的形成生产能力
quickly than greenfield investments

并且风险可能更小
and may be less risky

收购国外企业
Acquiring foreign enterprises

能够得到对方的战略资产
can obtain the strategic assets of the other parties

比如客户
such as customers

供应链体系
supply chain system

无形资产等等
intangible assets and so on

并购还可以发挥协同效应
M&A can also play a synergistic effect

将自身的过剩能力输出到被并购企业
output its excess capacity to the acquired enterprise

提高被并购企业的效率
improve the efficiency of the acquired enterprise

从而带来更多的收益
and thus bring more benefits

但是 这些特点在2008年
But these characteristics have changed

但是 这些特点在2008年
dramatically after the 2008

全球金融危机后发生了巨大变化
global financial crisis

近十年来
In recent ten years

每年跨境新设投资的规模
Annual scale of cross border new investment

相对稳定地维持在
Relatively stable in the

8000亿美元左右
$800 billion

2018年达到峰值9820亿美元
reaching it peak of $982 billion in 2018

而跨境并购投资的波动巨大
However cross-border M&A Investment has fluctuated wildly

从不足3000亿美元
from less than $300bn

到2016年的峰值
to the peak of $869 billion

8690亿美元之间波动
in 2016

但是除2016年外
However with the exception of 2016

新设投资金额普遍高于并购投资金额
the amount of greenfield investment is generally

新设投资金额普遍高于并购投资金额
higher than the amount of M&A investment

并且新设投资的案例数
The number of greenfield investment cases

往往是并购投资案例数的两到三倍
is often 2 to 3 times the number of M&A investment cases

以上我们学习了国际直接投资的一些
Above we have learned some of the

以上我们学习了国际直接投资的一些
international direct investment

基本概念和投资的发展情况
basic concepts and investment development

国际直接投资这些变化趋势
These changing trends of international direct investment

应该引起我们的关注
should arouse our attention

这一节的内容就是这些
That's all for this section

感谢大家的参与
Thank you