Chapter 12 international resource movements and multinational corporations Main points of this chapter:Main points of this chapter: motives for international capital flows （国际资本流动的动机）国际资本流动的动机） welfare effects of international capital flows （国际资本流动的福利影响国际资本流动的福利影响） multinational corporations （ motives for and welfare effects of international labor migration （国际劳工迁徙的原因及其福利效应）国际劳工迁徙的原因及其福利效应）1Types of international capital flowsinternational international capital flowcapital flow国际资本流动国际资本流动pure currency pure currency assets flow assets flow 单纯货币资产流动单纯货币资产流动Foreign direct Foreign direct investments investments （FDIFDI）国外直接投资国外直接投资international international debit and creditdebit and credit国际借贷国际借贷international international portfolio investments portfolio investments 国际证券投资国际证券投资212. 3 motives for international capital flows 12.3A motives for international portfolio investments earn higher returns risk diversification3 12.3B motives for foreign direct investments earn higher returns risk diversification horizontal integration vertical integration avoid tariffs and other restrictions take advantage of government subsidies share the profits of a foreign market4 horizontal integrationThe production abroad of a differentiated The production abroad of a differentiated product that is also produced at home.product that is also produced at home.在国外生产一种与国内产品同类的有差异的产品。在国外生产一种与国内产品同类的有差异的产品。 vertical integrationThe expansion of a firm backward to The expansion of a firm backward to supply its own raw materials and supply its own raw materials and intermediate products and/or forward to intermediate products and/or forward to provide its own sales or distribution provide its own sales or distribution networks.networks.公司为控制原料和中间品的供应而向后与其生产厂商合公司为控制原料和中间品的供应而向后与其生产厂商合并，及（或）为控制销售网络而向前与销售商合并。并，及（或）为控制销售网络而向前与销售商合并。 5国外直接投资（FDI）国外公司在本国创立新企业国外公司并购本国的企业外国公司和本国企业共同建立合资企业 FDI指国外公司对本国进行实物资产投资，包括对本国企业的并购、在本国建立合资或独资企业，进行厂房和设备投资，购买房地产等。FDI不包括证券投资，FDI的主要形式是：6EM 资本BA从A国转移到B国，使两国利率均为BE，这使得世界的总产出增加EGM，其中A国得到EGR，B国得到ERM。B国的总产出增加ABEM，其中外国投资者获得ABER，余下ERM作为B国国内的净所得。 VMPKAGRrrCHNTVMPKBA国国B国国 B AOAOBF图12.1 国际资本转移的产出和福利效应12.4A effects on the investing and host countries 对资本输入国与输出国的作用对资本输入国与输出国的作用 J7 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 countries 对资本输入国与输出国的作用对资本输入国与输出国的作用 8multinational corporationsmultinational corporations（MNCsMNCs）are firms that own,control, or manage production facilities in several countries.跨国公司是指在多个国家拥有、控制和管理生产设施的公司。跨国公司是指在多个国家拥有、控制和管理生产设施的公司。 12.5 Multinational Corporations 跨国公司跨国公司 Parent firm ForeignaffiliateForeignaffiliateForeignaffiliate9全球有6.3万个跨国母公司和80万个分支机构；跨国公司产值占世界工业生产总值的40%-50%;世界上500家最大跨国公司控制了75的全球贸易;FDI和全球技术转让的90%是由跨国公司控制的。1012.5A reasons for the existence of Multinational Corporations 跨国公司存在的原因跨国公司存在的原因 Ensure their supply of foreign raw materials and intermediate products: vertical integration. vertical integration. Protect and exploit their monopoly power, adapt their products to local conditions and tastes: horizontal integrationhorizontal 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. Minimize its tax by transfer pricingtransfer pricing.11 transfer pricing: 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. 转移定价：转移定价：跨国公司在公司内部交易时，有意过高或过低定价，目的是使收入或利润从税率高的国家转向税率低的国家。1212.5B problems created by multinational corporations in the home country 跨国公司在母国引起的问题跨国公司在母国引起的问题 the loss of domestic jobs resulting from FDIthe loss of domestic jobs resulting from FDI export of advanced technology export of advanced technology（make profits,make profits, undermine technological superiority undermine technological superiority） reduce tax revenues and tax base of the home reduce tax revenues and tax base of the home country by transfer pricing country by transfer pricing make government control over the economy in the make government control over the economy in the home nation more difficult home nation more difficult.1312.5C problems created by multinational corporations in the host country 跨国公司在东道国引起的问题跨国公司在东道国引起的问题 dominate the economies of host countrydominate the economies of host country keep the host country technologically dependent keep the host country technologically dependent extract most of the benefits from host country extract most of the benefits from host country low price paid to host country,overexploitation low price paid to host country,overexploitation of nature resources of nature resources.14对子公司所在国的负面影响控制所在国的经济；跨国公司将大量利润汇回母国，导致所在国经济“增长而不发展”。吸纳所在国的高级人才；跨国公司不愿意转让关键技术，导致所在国对跨国公司技术的依赖。1512.6 motives for and welfare effects of international labor migration 国际劳工迁徙的原因及福利分析国际劳工迁徙的原因及福利分析12.6 A motives for international labor migration 国际劳工迁徙的原因国际劳工迁徙的原因Escape political and religion oppressionEscape political and religion oppression；Earn higher real wages and income abroad;Earn higher real wages and income abroad;The periodical fluctuation of world economyThe periodical fluctuation of world economy 16国际劳动力流动概况流动的形式：移民移民(permanent migration) 和外籍劳外籍劳工工(temporary migration )，前者指到别国定居，最终成为该国居民；后者指在别国临时工作；流动的性质：到美、加和澳大利亚等地多是永久性移民；到日本、欧洲和中东多是外籍劳工；流动的方向：从人口多的国家流向人口少的国家；从工资低的发展中国家流向工资高的发达国家。1712.6B welfare effects of international labor migration 国际劳工迁徙的福利效应国际劳工迁徙的福利效应 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.18图12.2 国际劳工迁徙的产出和福利效应 从从1国移民劳工国移民劳工AB到到2国，使两国工资率均为国，使两国工资率均为w2，这使，这使1国总国总产出减少产出减少ABEG，2国总产出增加国总产出增加ABEM，世界总产出净增额为，世界总产出净增额为EGM。www1w3w2w2VMPL1VMPL21国国2国国 B AOAOBFEMGJ1912.6C other welfare effects of international labor migration 国际劳工迁徙的其他福利影响国际劳工迁徙的其他福利影响Brain drainFinance effectsSocial conflictionCongestion cost 20