1、Chapter 12 international resource movements and multinational corporations （國(guó)際資源流動(dòng)與跨國(guó)公司） Main points of this chapter: motives for international capital flows （國(guó)際資本流動(dòng)的動(dòng)機(jī)） welfare effects of international capital flows （國(guó)際資本流動(dòng)的福利影響） multinational corporations （跨國(guó)公司） motives for and welfare effects of

2、international labor migration （國(guó)際勞工遷徙的原因及其福利效應(yīng)）1Chapter 12 international resoTypes of international capital flowsinternational capital flow國(guó)際資本流動(dòng)pure currency assets flow 單純貨幣資產(chǎn)流動(dòng)Foreign direct investments （FDI）國(guó)外直接投資international debit and credit國(guó)際借貸international portfolio investments 國(guó)際證券投資2Types

3、of international capital12. 3 motives for international capital flows 12.3A motives for international portfolio investments earn higher returns risk diversification312. 3 motives for internationa 12.3B motives for foreign direct investments earn higher returns risk diversification horizontal integra

4、tion vertical integration avoid tariffs and other restrictions take advantage of government subsidies share the profits of a foreign market4 12.3B motives for foreign d horizontal integrationThe production abroad of a differentiated product that is also produced at home.在國(guó)外生產(chǎn)一種與國(guó)內(nèi)產(chǎn)品同類的有差異的產(chǎn)品。 vertic

5、al integrationThe expansion of a firm backward to supply its own raw materials and intermediate products and/or forward to provide its own sales or distribution networks.公司為控制原料和中間品的供應(yīng)而向后與其生產(chǎn)廠商合并，及（或）為控制銷售網(wǎng)絡(luò)而向前與銷售商合并。 5 horizontal integration5國(guó)外直接投資（FDI）國(guó)外公司在本國(guó)創(chuàng)立新企業(yè)國(guó)外公司并購(gòu)本國(guó)的企業(yè)外國(guó)公司和本國(guó)企業(yè)共同建立合資企業(yè) FDI指國(guó)

6、外公司對(duì)本國(guó)進(jìn)行實(shí)物資產(chǎn)投資，包括對(duì)本國(guó)企業(yè)的并購(gòu)、在本國(guó)建立合資或獨(dú)資企業(yè)，進(jìn)行廠房和設(shè)備投資，購(gòu)買房地產(chǎn)等。FDI不包括證券投資，F(xiàn)DI的主要形式是：6國(guó)外直接投資（FDI）國(guó)外公司在本國(guó)創(chuàng)立新企業(yè) FDIEM 資本BA從A國(guó)轉(zhuǎn)移到B國(guó)，使兩國(guó)利率均為BE，這使得世界的總產(chǎn)出增加EGM，其中A國(guó)得到EGR，B國(guó)得到ERM。B國(guó)的總產(chǎn)出增加ABEM，其中外國(guó)投資者獲得ABER，余下ERM作為B國(guó)國(guó)內(nèi)的凈所得。 VMPKAGRrrCHNTVMPKBA國(guó)B國(guó) B AOAOBF圖12.1 國(guó)際資本轉(zhuǎn)移的產(chǎn)出和福利效應(yīng)12.4A effects on the investing and host c

7、ountries 對(duì)資本輸入國(guó)與輸出國(guó)的作用 J7EM 資本BA從A國(guó)轉(zhuǎn)移到B國(guó)，使兩國(guó)利率均為BE affect the balance of payments of the investing and host countries. affect the revenue of both countries. affect the investing nations technological lead and host countrys control over its economy. 12.4B other effects on the investing and host count

8、ries 對(duì)資本輸入國(guó)與輸出國(guó)的作用 8 affect the balance of paymentmultinational corporations（MNCs）are firms that own,control, or manage production facilities in several countries.跨國(guó)公司是指在多個(gè)國(guó)家擁有、控制和管理生產(chǎn)設(shè)施的公司。 12.5 Multinational Corporations 跨國(guó)公司 Parent firm ForeignaffiliateForeignaffiliateForeignaffiliate9multination

9、al corporations（MNC全球有6.3萬(wàn)個(gè)跨國(guó)母公司和80萬(wàn)個(gè)分支機(jī)構(gòu)；跨國(guó)公司產(chǎn)值占世界工業(yè)生產(chǎn)總值的40%-50%;世界上500家最大跨國(guó)公司控制了75的全球貿(mào)易;FDI和全球技術(shù)轉(zhuǎn)讓的90%是由跨國(guó)公司控制的。10全球有6.3萬(wàn)個(gè)跨國(guó)母公司和80萬(wàn)個(gè)分支機(jī)構(gòu)；1012.5A reasons for the existence of Multinational Corporations 跨國(guó)公司存在的原因 Ensure their supply of foreign raw materials and intermediate products: vertical integr

10、ation. Protect and exploit their monopoly power, adapt their products to local conditions and tastes: horizontal integration. Economies of scale in production, financing, research and development, and the gathering of market information. Buy up local competition firm to maintain monopolistic profit.

11、 Minimize its tax by transfer pricing.1112.5A reasons for the existen transfer pricing: the overpricing or underpricing of products in the intrafirm trade of multinational corporations in an attempt to shift income and profits from high-tax to low-tax nations. 轉(zhuǎn)移定價(jià)：跨國(guó)公司在公司內(nèi)部交易時(shí)，有意過(guò)高或過(guò)低定價(jià)，目的是使收入或利潤(rùn)從稅

12、率高的國(guó)家轉(zhuǎn)向稅率低的國(guó)家。12 transfer pricing: the over12.5B problems created by multinational corporations in the home country 跨國(guó)公司在母國(guó)引起的問(wèn)題 the loss of domestic jobs resulting from FDI export of advanced technology（make profits, undermine technological superiority） reduce tax revenues and tax base of the home

13、country by transfer pricing make government control over the economy in the home nation more difficult.1312.5B problems created by mul12.5C problems created by multinational corporations in the host country 跨國(guó)公司在東道國(guó)引起的問(wèn)題 dominate the economies of host country keep the host country technologically de

14、pendent extract most of the benefits from host country low price paid to host country,overexploitation of nature resources.1412.5C problems created by mul對(duì)子公司所在國(guó)的負(fù)面影響控制所在國(guó)的經(jīng)濟(jì)；跨國(guó)公司將大量利潤(rùn)匯回母國(guó)，導(dǎo)致所在國(guó)經(jīng)濟(jì)“增長(zhǎng)而不發(fā)展”。吸納所在國(guó)的高級(jí)人才；跨國(guó)公司不愿意轉(zhuǎn)讓關(guān)鍵技術(shù)，導(dǎo)致所在國(guó)對(duì)跨國(guó)公司技術(shù)的依賴。15對(duì)子公司所在國(guó)的負(fù)面影響控制所在國(guó)的經(jīng)濟(jì)；1512.6 motives for and welfare

15、effects of international labor migration 國(guó)際勞工遷徙的原因及福利分析12.6 A motives for international labor migration 國(guó)際勞工遷徙的原因Escape political and religion oppression；Earn higher real wages and income abroad;The periodical fluctuation of world economy 1612.6 motives for and welfare 國(guó)際勞動(dòng)力流動(dòng)概況流動(dòng)的形式：移民(permanent mi

16、gration) 和外籍勞工(temporary migration )，前者指到別國(guó)定居，最終成為該國(guó)居民；后者指在別國(guó)臨時(shí)工作；流動(dòng)的性質(zhì)：到美、加和澳大利亞等地多是永久性移民；到日本、歐洲和中東多是外籍勞工；流動(dòng)的方向：從人口多的國(guó)家流向人口少的國(guó)家；從工資低的發(fā)展中國(guó)家流向工資高的發(fā)達(dá)國(guó)家。17國(guó)際勞動(dòng)力流動(dòng)概況流動(dòng)的形式：移民(permanent mi12.6B welfare effects of international labor migration 國(guó)際勞工遷徙的福利效應(yīng) before migration: wages in nation 2 are higher than in nation 1. after migration（nation1 nation 2）:wages are equal in two nations.（wages rise in nation 1 and fall in nation 2）total product falls in nation1 and rises in nation 2.Net increase in world output.1812.6B welfare effects of inte圖12.2 國(guó)際勞工遷徙的產(chǎn)出和福利效應(yīng) 從1國(guó)移民勞工AB到2國(guó)，使兩國(guó)工資率均為w2，這使1國(guó)