投资的理论在线视频

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

这节课我们继续学习
In this class we will learn

国际商务课程的国际投资的理论
the theory of FDI in the course of international business

每年跨国公司都会投入
Every year multinational companies

每年跨国公司都会投入
will invest a huge amount of

巨额资金开展国际直接投资
money to make FDI

那么
So

企业为什么开展国际直接投资活动
why enterprises make FDI activities

对这个问题
There are

有来自三个不同角度的回答
three different theoretical explanations for this question

第一个角度是从企业
The first perspective is the comparison

自身不同市场进入方式的比较
of different market entry modes of the enterprise itself

第二个角度
the second perspective is

是对竞争对手进入新市场的考虑
the competitors entering new markets

第三个角度是综合的比较
and the third perspective is

所作出的决策
the decision made by comprehensive comparison

先从第一个角度解释
From the first perspective

企业可以通过出口
enterprises can enter foreign markets by means of export

技术授权和直接投资
licensing and direct investment

三种方式进入国外市场
three ways

不同方式有各自的适用条件
Different ways have their own applicable conditions

并且 不同方式之间
and different ways also have

也有一定的替代关系
certain substitution relations

出口方式是企业在国内建厂
The way of export is that enterprises set up factories at home

在国内生产
produce at home country

再把产品销售到国外
and then sell their products abroad

技术授权是企业授权国外厂商
Licensing means that an enterprise authorizes foreign manufacturers to

生产和销售其产品
produce and sell its products

企业对实现销售的产品收取许可费
The enterprise charges license fees for the products to be sold

企业不需要自己建立工厂
The enterprise does not need to set up its own factory

而是利用被授权方的工厂
but uses the factory of the authorized party to

能够实现产品销售
realize the product sales

国际直接投资
FDI

需要企业在国外建立工厂
requires enterprises to set up factories abroad

在国外生产
produce abroad

在国外销售产品
and sell products abroad

从上述三种方式都涉及到生产
All the above three methods involve production

运输和销售环节
transportation and sales links

比较这些环节的成本和风险
and we can make different choices by

比较这些环节的成本和风险
comparing the costs and risks

就可以作出不同方式的选择了
of these methods

出口方式会受限于高额的运输成本
The export mode will be limited

出口方式会受限于高额的运输成本
by high transportation costs

和贸易壁垒
and trade barriers

使得出口方式不可行
which will make the export mode unfeasible

国内生产要素的高成本
The high cost of domestic factors of production

也会促使企业采用投资方式
will also encourage companies

将工厂设在国外
to invest in building factories abroad

技术授权是用市场
Technology licensing is the replacement

替代自制的交换模式
of the home-made exchange model with the market

它是一种低成本的市场进入方式
It is a low-cost method to enter the market

但是当外部市场
However when the external market

不能提供有效的产品时
fails to provide effective products

技术授权方式就会失效
the licensing method will become invalid

企业就会采用投资方式进入市场
and enterprises will enter the market by means of investment

这就是内部化理论所解释的现象
which can be explained by the internalization theory

有三种情况会导致技术授权失败
Three situations may lead to licensing failure

第一种是
the first situation is

企业将具有竞争力的技术和能力
that the enterprise authorizes competitive

企业将具有竞争力的技术和能力
technologies and capabilities

授权给潜在的竞争对手
to potential competitors

具有技术流失的风险
which is at risk of technology loss

第二种情况
The second situation is

是技术授权使企业不能拥有
that the technology authorization

是技术授权使企业不能拥有
makes the enterprise unable to

工厂的控制权
have control over the factory

具有管理的风险
which has the risk of management

第三种情况就是企业的核心竞争能力
The third situation is that the core

第三种情况就是企业的核心竞争能力
competitiveness of the enterprise

无法授权给被授权方使用
cannot be authorized to the licensee

因此企业就需要自己生产
Therefore enterprises need to produce their own products

形成内部化的产品供给
to form an internalized product supply

这样就需要采用
so they need to adopt the way of

国际直接投资的方式进入市场
FDI to entry the market

第二个角度是从竞争关系提出的
The second perspective is the

第二个角度是从竞争关系提出的
competitive strategy theory put forward from

竞争战略理论
the competitive relationship

处在寡头垄断行业的企业
Companies in oligopoly industries tend to

有模仿竞争对手的倾向
imitate their competitors

通过和竞争对手行动一致
and by acting in line with their competitors

就避免了在竞争中处于不利的地位
they avoid being at a disadvantage in competition

当一个企业开展了国际直接投资活动
When an enterprise engages in FDI activities

其竞争对手
its competitors

也会迅速向相同的市场扩张
will quickly expand into the same foreign markets

比如 20世纪80年代到90年代
For example from the 1980s to the 1990s

美国的三大汽车厂商
the three major American

美国的三大汽车厂商
automobile manufacturers

看中中国巨大的市场潜力
took advantage of Chinese huge market potential

纷纷在中国建立整车工厂
and built vehicle production plants

纷纷在中国建立整车工厂
in China one after another

当然 跨国公司之间的竞争
Of course the competition among

当然 跨国公司之间的竞争
multinational corporations is

不会局限于某一个国外市场
not limited to a certain foreign market

他们往往会在全球
they tend to compete in multiple markets

多个市场
and regions in the world

多个区域同时展开竞争
at the same time

这就是多点竞争理论所解释的现象
which can be explained by the theory

这就是多点竞争理论所解释的现象
of multi-point competition

第三种理论是从综合的角度提出的
The third theory is put forward from

第三种理论是从综合的角度提出的
the perspective of synthesis

折衷范式
eclectic Paradigm

它是由约翰.邓宁教授提出
it was proposed by Professor John Dunning

邓宁将区位优势与内部化理论结合
Dunning combined the location

邓宁将区位优势与内部化理论结合
advantage with internalization theory

认为要将地区性的资产或资源
believing that regional assets or resource endowments

与企业自身独有的能力结合在一起
should be independently combine with

与企业自身独有的能力结合在一起
the unique capabilities of enterprises

需要通过国际投资
It is necessary to establish local

在当地建立生产设施才能实现
production facilities through FDI

而且通过产业在同一个地区的集聚
Moreover, the benefits of externalities

可以获得外部性的好处
can be gained through the gather

可以获得外部性的好处
of industries in the same region

折衷范式对于资源类投资
Resource investment

和高科技企业的聚集同样具有解释力
and high-tech enterprise aggregation

和高科技企业的聚集同样具有解释力
can also be explained by eclectic paradigm theory

比如 中国企业对外直接投资
For example Chinese companies

不但会选择资源丰富的澳大利亚
will choose resource-rich Australia

也会选择科技发达的北美和欧洲
as well as technologically advanced

也会选择科技发达的北美和欧洲
North America and Europe for their FD

投资理论解释了
Investment theory explains

企业开展国际直接投资业务
the profit motives and profit mechanism

获利的动机和获利的机制
of enterprises developing FDI business

在国家层面
What’s the attitude towards international investment

对国际投资会采取什么态度呢
at the national level

也可以从国家的利益得失来判断
It can also be judged by the gains

也可以从国家的利益得失来判断
and losses of the national interest

从16世纪以来
Since the 16th century

长达400多年的
the global colonial history of the Western countries

西方国家在全球范围的殖民历史
lasted for more than 400 years

造成了殖民地国家
resulting in the long-term

长期的主权丧失和利益损害
loss of sovereignty and damage

长期的主权丧失和利益损害
to the interests of colonial countries

投资成为殖民掠夺的工具
Investment had become a tool of colonial plunder

也就形成了反对
and had formed a radical

外来直接投资的激进观点
view against FDI

在殖民扩张中
Countries that had gained long-term

获得长期利益的国家
benefits from colonial expansion

当然就成为市场自由进入观点的
have certainly become staunch supporters of

坚定支持者
the idea of free market access

历史上的东印度公司
The East India Company in history

就是验证两种观点的典型案例
is a typical case study which can verify both views

我们如果简单的从意识形态的差异
If we simply from the ideological differences

来认识激进观点和市场观点
to understand radical and market perspectives

就会忽略其背后残酷而不平等的
we will lose sight of the cruel and unequal

殖民历史
colonial history behind them

随着殖民历史的终结
With the end of colonial history

和国家主权的回归
and the return of national sovereignty

资本作为生产要素的属性
the attribute of capital as a factor of production

才重新得到体现
has been reintroduced

资本的跨国流动
The cross-border flow of capital has

也带了人员 技术和管理的跨国流动
also led to the transnational flow

也带了人员 技术和管理的跨国流动
of personnel technology and management

为东道国带来了稀缺的生产要素
brought scarce production factors to the host country

培养了长期发展的能力
and cultivates the ability of long-term development

也给母国带来了丰厚的投资回报
It also brought rich investment returns to the home country

国际直接投资呈现出互利的结果
and FDI has shown mutually beneficial results

因此
so

实用民族主义的观点被更多的接受
pragmatic nationalism view is accepted by more people

当然这种互利的结果
Of course this kind of mutually beneficial result

并不是在完全自由的
is not produced in a completely free

市场环境中产生的
market environment

而是在双方政府
but in a game environment of government

政策规制的博弈环境中产生的
policy regulation of both sides

比如
For example

中兴通讯就无法自由的投资美国市场
ZTE can’t invest in the U.S. market without restriction

而是以巨额的罚款
instead it paid heavy fines

和人事的渗透
and personnel penetration

等非市场的条件为代价
of non-market conditions

华为更是面临在全球范围内
In addition Huawei is even facing suppressed and blockade

被发达国家打压和封杀
by some developed countries around the world

在逆全球化的氛围中
In the atmosphere of anti-globalization

发达国家出现了
there are more and more

越来越多的限制甚至禁止
restrictions and even bans on

国际直接投资的行为
FDI in developed countries

这些行为
This action

既表现在限制本国企业对外投资
is reflected in both the restrictions

既表现在限制本国企业对外投资
on foreign investment by domestic companies

也表现在限制外国企业
and the restrictions on foreign

来本国投资两个方向上
enterprises from investing in the country

比如 美国在特朗普执政时期
For example under the administration of Donald Trump

就提出美国企业回归美国
it’s proposed that American companies should return

同时又驱逐中国IT企业在美经营
to the United States while expelling

同时又驱逐中国IT企业在美经营
Chinese IT companies that operate in the United States

所以 在发达国家缺乏竞争力的行业
Thus the idea of free market is not popular in

自由市场的观点并不受欢迎
the industries which lack of

自由市场的观点并不受欢迎
competitiveness in developed countries

取而代之的是所谓公平市场的观点
Instead there is the so-called fair market view

为实施行政干预和
In order to implement administrative intervention and

保护国内缺乏竞争力的行业
protect the domestic industry which lacks competitiveness

找到所需要的理由
find the reasons you need

当然最简单粗暴的理由就是
Simply for the sake of

所谓的国家安全
national security

以上
above

我们学习了国际直接投资的相关理论
we have learned relevant theories of FDI

理论学习要与投资发展结合起来
Theoretical learning should be combined

理论学习要与投资发展结合起来
with investment development

多思考理论提出的背景和适用范围
and we should also consider the background

多思考理论提出的背景和适用范围
and scope of application of these theories

这一节的内容就是这些
That's all

感谢大家的参与
Thank you