国际金融_Chapter 10 国际资本流动（International Capital Movement）

4中型映 Chapter 10 国际资本流动的含义和形式: ement International Capital Mo 3资本流出入与资本输出入 Capital Inflow Capital Outflow 1.外国在本国的资产增加1.外国在本国的资产减少 2外国对本国的债务减少;2外国对本国的债务增加 3.本国在国外的资产减少:.本国在国外的资产增加 4.本国对国外的债务增加:4本国对外国的债务减少

Chapter 10 International Capital Movement  国际资本流动的含义和形式：  资本流出入与资本输出入: Capital Inflow: 1. 外国在本国的资产增加； 2. 外国对本国的债务减少； 3. 本国在国外的资产减少； 4. 本国对国外的债务增加； Capital Outflow: 1. 外国在本国的资产减少； 2. 外国对本国的债务增加； 3. 本国在国外的资产增加； 4. 本国对外国的债务减少；

丰 or esTers Type of International Capital Movement-1 8e Capital movement 8长期资本:到期期限在一年以上.。表现为: (1)证券资本:债券,股票和其他 88 (2)实物资本:厂房和生产设备 8长期资本的流动方式 1.国际直接投资(FDⅠ Foreign Direct Investment 2.国际证券投资 Foreign Security Investment 3.国际贷款 International loan

Type of International Capital Movement-1  Capital Movement  长期资本：到期期限在一年以上。表现为：  （1）证券资本：债券，股票和其他  （2）实物资本：厂房和生产设备  长期资本的流动方式 1. 国际直接投资（FDI）Foreign Direct Investment 2. 国际证券投资 Foreign Security Investment 3. 国际贷款 International Loan

丰 or esTers Foreign Direct Investment (FDI)--I ge Definition: It is a kind of international capital flows in which a firm in one country creates or expands a subsidiary in another. The distinctive feature of FDI is that it involves not only a transfer o resources but also the acquisition of control That is, the subsidiary does not simply have a financial obligation to the parent company, It is part of the same organizational structure

Foreign Direct Investment (FDI)--1  Definition: It is a kind of international capital flows in which a firm in one country creates or expands a subsidiary in another. The distinctive feature of FDI is that it involves not only a transfer of resources but also the acquisition of control. That is, the subsidiary does not simply have a financial obligation to the parent company; it is part of the same organizational structure

丰 or esTers Foreign Direct Investment (FDi B8国际直接投资:一个国家的居民直接在另一个国家 进行实物资本(厂矿企业)投资,并获得对投资对 象的管理权。 1. Newly Establishment: e.g., agency, subsidiary branch, buy-off, and multi-national company 2.Share-holding: U.S.: those exceeding 10%;China those exceeding 25% of the total share. (including B share 3. Reinvestment ofprofits retained: Though not expressed by the inflow and outflow sometimes

Foreign Direct Investment (FDI)  国际直接投资：一个国家的居民直接在另一个国家 进行实物资本（厂矿企业）投资，并获得对投资对 象的管理权。 1. Newly Establishment: e.g., agency, subsidiary, branch, buy-off, and multi-national company…. 2. Share-holding: U.S.: those exceeding 10%; China: those exceeding 25% of the total share. (including B share) 3. Reinvestment of profits retained: Though not expressed by the inflow and outflow sometimes

中b2 International Security Investment 国际证券投资(一种间接投资)在国际证券(债 券或股票)市场上发行和买卖证券的投资行为。 3国际证券投资与直接投资的区别: 国际直接投资 国际证养投资 1直接承担投资企业的获得股息和红利 盈亏; 2.对企业无管理控制权 2.对企业还有管理权

International Security Investment  国际证券投资(一种间接投资): 在国际证券 (债 券或股票)市场上发行和买卖证券的投资行为。  国际证券投资与直接投资的区别： 国际直接投资 国际证券投资 1. 直接承担投资企业的 盈亏 ； 2. 对企业还有管理权 1. 获得股息和红利； 2. 对企业无管理控制权

丰 or esTers International loan 1. Government loan:政府间的优惠贷款 (1) Agency for International Development (AID) 美国的国际开发署 (2)Overseas Economic Cooperation Fund (OECF)日本企画厅下的海外经济协力基金 特点:期限长,带有捐赠性,也是贷款国带动出口 的手段。 2. Loans from Institution: World Bank, and other regional Institutions 3. Other Loans: Export credit, Lease and bank loans

International Loan 1. Government Loan: 政府间的优惠贷款 (1) Agency for International Development (AID) 美国的国际开发署 (2) Overseas Economic Cooperation Fund (OECF) 日本企画厅下的海外经济协力基金 特点：期限长，带有捐赠性，也是贷款国带动出口 的手段。 2. Loans from Institution: World Bank, and other regional institutions. 3. Other Loans: Export credit, Lease and bank loans

中b2 Type of International Capital Movement-I 短期资本流动:期限为1年或1年以下; 形式为现金和各种票据; 84类短期资本流动 1.贸易资金(国际结算) 2.银行资金(头寸调拨) 3.保值性资本(资本逃避) Capital Flight 4.投机性资本( Stabilizing& Destabilizing Speculations)

Type of International Capital Movement-1  短期资本流动：期限为1年或1年以下； 形式为现金和各种票据；  4类短期资本流动 1. 贸易资金 （国际结算） 2. 银行资金（头寸调拨） 3. 保值性资本（资本逃避）Capital Flight 4. 投机性资本（Stabilizing & Destabilizing Speculations)

丰 or esTers Incentives of International Capital Movement Maximum of profit and minimum of cost. (1) Cheap raw materials (2) Low rent and wage (3)Close to consumption; reduce transportation cos (4)Avoid tariff; (5) Technical information; access to indtstrializeck-cotnitries (6) Securing market share, (7 Lengthen the product life; (product cycle

Incentives of International Capital Movement Maximum of profit and minimum of cost. (1) Cheap raw materials; (2) Low rent and wage; (3) Close to consumption; reduce transportation cost (4) Avoid tariff; (5) Technical information; access to industrialized countries (6) Securing market share; (7) Lengthen the product life; (product cycle)

丰 or esTers Impact of Capital Movement ge Best allocation of productive factors(capital labor, land, and technology) i.e. from abundance to scarcit High efficiency→ productivity个→ World gnp↑ 9 OECD 196112.12 The Code of liberalization of Capital Movements”2《资本流动自由化法规》 8e Case by case concerning individual country towards inflow and outflow of capital

Impact of Capital Movement  Best allocation of productive factors (capital, labor, land, and technology); i.e., from abundance to scarcity;  High efficiencyproductivityWorld GNP  OECD:1961.12.12 “The Code of Liberalization of Capital Movements” 《资本流动自由化法规》  Case by case concerning individual country towards inflow and outflow of capital

丰 or esTers Positive Impacts Capital Exporter Capital Importer Outlets of surplus To bridge the gap of capital: capital shortage; 2. Export-drive; export 2. To create the job credit and loan: opportunity; 3. Adjustment of balance 3. Spill-over effect; of payment(surplus)4. Welfare, income, and tax and reduce trade 5. Re-export, export-orient friction; 4. Market accession

Positive Impacts Capital Exporter Capital Importer 1. Outlets of surplus capital; 2. Export-drive; export credit and loan; 3. Adjustment of balance of payment (surplus) and reduce trade friction; 4. Market accession; 1. To bridge the gap of capital shortage; 2. To create the job opportunity; 3. Spill-over effect; 4. Welfare, income, and tax; 5. Re-export, export-orient