外文翻译
原文
Some Determinants And Effects Of FDI In Singapore
Material Source: Asia Pacific Journal of Management Author: Donald J. Lecraw
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INTRODUCTION
Singapore, a small, open newly industrializing country (NIC), has relied heavily on international trade, finance, and foreign direct investment (FDI) for its economic development. There has also been a significant amount of outward foreign direct investment by firms bad in Singapore. Singapore's economic growth and structural change have been in large measure due to inward and outward FDI and international trade.
Singapore has the most open economy in the world. In 1982, gross exports were 150 per c
ent of gross domestic product (GDP) and eight times manufacturing value added. In the same year gross fixed investment by multinational enterpris (MNE) was almost $S6 billion, equal to one third of GDP, the highest share of any country in the world. Singapore, an island city state with a population of 2.4 million, received 2.2 million tourists in 1982, and was a major transportation, communication, finance and trade centre for South and Southeast Asia.
In general, the government of Singapore has implemented its overall development strategy through the private enterpri market system and devoted its efforts to influencing the macro-economic environment --tariffs and non-tariff barriers to trade, the exchange rate, taxation, savings, the investment climate, finance, labor relations and wages, human resources and infrastructure development so that private enterpris would be attracted to invest in industries in which Singapore had a comparative advantage and the private ctor could successfully fulfill the central role it had been given. Many government economic policies have been consciously designed to follow a 'Japane-style' development strategy in that they try to anticipate the trends in Singapor
淘气包埃米尔读后感e's factor and product markets to facilitate and accelerate economic restructuring. Singapore's exchange rate policy, however, has generally worked in the opposite direction. Like the Japane, the Singapore government has intervened in the foreign exchange market to maintain the Singapore dollar below its free market level.
Foreign direct investment has played a central role in Singapore's economic development strategy.1 Since foreign-owned and joint-venture firms have accounted for such large shares of total investment in the manufacturing ctor and of exports of manufactured products (and will account for similar shares in the future), the patterns of Singapore's past and future development and structural change in the manufacturing ctor and its exports have been and will continue to be cloly linked to the extent and patterns of FDI in Singapore. Data on outward foreign direct investment by Singaporean-owned firms are very limited. The government does not publish statistics on outward FDI by locally or foreign-owned firms in Singapore. What data are available come from statistics on the inward FDI of veral neighboring countries. Unfortunately the data are highly inaccurate, difficult to interpret and not comparable among sources (Wells, 1983). They d
o, however, support veral conclusions. (1) Singaporean-owned firms have made substantial foreign direct investments, possibly totaling as much as one billion dollars by 1980. (2) Singapore ranks cond, behind Hong Kong, as a source of FDI among low and middle-income, non-oil exporting countries. (3) Outward FDI by Singaporean-owned firms has incread over time. (4) Most of Singapore's FDI has been concentrated in neighboring countries. Three factors have influenced this investment pattern. Firms bad in Singapore have invested in countries with lower income per capita levels. Among the countries there is a relationship between the level of Singapore's trade and the level of FDI. Ethnic ties have also been important determinants of the patterns of outward FDI. The characteristics of Singapore's outward FDI will be analys晕轮>渔翁之利的意思ed at the end of the next ction.
ANALYSIS OF THE DETERMINANTS AND THE EFFECTS OF FDI
Data on inward FDI in Singapore can be ud to test veral hypothes on the determinants and effects of FDI in Singapore. Singapore's location-specific advantages h
白璧微瑕ave attracted FDI to utilize its highly motivated, productive, but still relatively low-wage workforce, its location, its transportation, communication and finance, infrastructure, and, to a lesr extent, its domestic market. MNE investing in Singapore have utilized their ownership specific advantages in technology, capital, management, and access to foreign markets for inputs and outputs.
Singapore's small domestic market combined with no tariffs on most imports and low tariffs on the remainder have reduced the importance of Singapore's domestic market as a location-specific advantage for import-substituting FDI. Some import- substituting FDI was attracted to Singapore prior to the late 1960s by the prospect of access to the Singapore-Malaysia market and by Singapore's mild import substitution strategy. The inflows of this type of investment largely cead in the early 1970s when Singapore moved away from import substitution toward aggressive export promotion and the remaining stock of import substituting investment declined as the firms relocated when faced by rising wages and tariff reductions in the late 1970s. Singapore's location near the resource-abundant countries of Southeast Asia, its history as a trade entreport, and it
s excellent port and infrastructure led to location- specific advantages which attracted FDI to Singapore subquent to 1960 in petroleum refining and the processing of rubber, timber, vegetable oil, and food products. Starting in the mid-1970s, the governments in Indonesia, Malaysia, Thailand and the Philippines instituted policies to encourage the upgrading of their natural resources and agricultural products prior to export. The policies included incentives for investment in natural resource upgrading, restrictions on exports of some unprocesd natural resource products, export incentives for upgraded products, and infrastructure development. The policies, combined with rising wages in Singapore, have motivated some MNE to relocate their investments in the countries and has fostered some outward FDI by Singaporean-owned firms both traders and resource upgrade to neighboring countries.
流行的歌曲A first impression of the level of FDI in Singapore's manufacturing ctor can be obtained from the aggregate statistics. In 1982 wholly and majority owned foreign establishments accounted for a quarter of total establishments in the manufacturing ctor, almost sixty per cent of employment, over three quarters of output, almost venty per cent value add
ed, venty per cent of domestic and almost ninety per cent of export sales, and over venty per cent of capital expenditure and net fixed asts. The are among the highest foreign-owned or controlled shares of manufacturing of any country in the world. Estimates of outward FDI from Singapore also place it near the top of the list of foreign investors among low and middle income countries, a remarkable record for a country with a population of only two million and a high degree of foreign ownership of its manufacturing ctor. (Wells, 1984: pp. 10雨水的诗句 , 72, 164, and t71).
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