Toward a sustainable future:Examining the interconnectedness among Foreign Direct Investment(FDI),urbanization,trade openness,economic growth,and energy usage in Australia

The energy demand in Australia is increasing with the industrialization and rapid economic growth.This study analyzed the relationships among the economic growth,Foreign Direct Investment(FDI),trade openness,urbanization,and energy usage in Australia based on the data from World Development Indicators(WDI)from 1972 to 2021.The results indicates that there is a cointegration among economic growth,FDI,trade openness,urbanization,and energy usage,which was traced through the autoregressivedistributed lag(ARDL).The Zivot-Andrews unit root test reveals that energy usage,economic growth,FDI,urbanization,and trade openness show significant structural breaks in 1993,1996,1982,2008,and 1994,respectively.The ARDL model shows that economic growth has a positive and significant effect on energy usage in the long-run(0.814)and short-run(0.809).Moreover,the results also show that FDI(0.028)and trade openness(0.043)have positive impacts on energy usage in the long-run.However,urbanization shows a negative and significant influence on energy usage in the long-run(–0.965).Then,the research demonstrates a unidirectional causation between energy usage and trade openness,with energy usage significantly causing trade openness.The current study endorses energy consumption policies and investment strategies for a paradigm shifting from a reliance on fossil fuels as the primary energy source to renewable energy sources.These findings have profound implications for sustainable energy usage.

The Effect of Foreign Direct Investment on Air Pollution in the Economic Community of West African States region: What Influence Does Tax Expenditure Have?

Air pollution is one of the crucial environmental challenges facing the countries of the Economic Community of West African States (ECOWAS). The objective of this paper is to examine the effect of an attractive tax policy on the relationship between Foreign Direct Investment (FDI) and air pollution in ECOWAS region over the period 2000 to 2019. By using the Ordinary Least Squares (OLS) method and panel data analyses (fixed effects and random effects), the results show that, in general, FDI does not have a significant effect on air pollution in the region. However, closer analysis reveals that an interaction between FDI and an attractive tax policy has a negative effect on air quality, leading to an increase in air pollution. Thus, companies attracted by tax incentives may not meet rigorous environmental standards. These results highlight the importance for policymakers to balance economic incentives with environmental protection in ECOWAS. Attractive tax policies can stimulate investment, but they must be designed in a way that encourages environmentally friendly practices, thereby helping to improve air quality in the region.

The Impact of the World Trade Organization （WTO） Regime on Foreign Direct Investment （FDI） Flows to Vietnam： A Gravity Model Approach

Foreign direct investment （FDI） has taken an important role in Vietnam＇s development process since the launch of Renovation in 1986. After Vietnam＇s accession to the World Trade Organization （WTO）, a large amount of FDI capital flowed into the country, up to 143,950.3 million USD. Wherein, there was a switching of FDI capital from the manufacturing sector to the service one in tandem with a downward trend in the agriculture. Like the previous duration, Vietnam＇s FDI capital sources came mostly from Asia-Pacific region and European economies （net capital, technology exporters） probably caused by Vietnam＇s integration emphases on dynamic Asia-Pacific region. Geographical location of FDI was characterized by a concentration on the three main key economic regions： the Red River Delta （surrounding Ha Noi, Hai Phong, and Quang Ninh）, the Central region （surrounding Da Nang）, and the Southeast of the country （surrounding Ho Chi Minh City） owing to good infrastructure, abundance of skillful labor force, and large market size. By constructing a gravity model, using descriptive, quantitative methods and applying them to recent data set by Vietnam＇s authorities and the international organizations during the period from 1995 to 2011 of 18 Vietnam＇s major country partners, the author finds evidence broadly consistent with the prediction that the WTO has had a positive impact on FDI flows to Vietnam.

A Study on the Determinants of Location Choice in Inward Foreign Direct Investment （FDI）： Focusing on the Incheon Free Economic Zone

Inward foreign direct investment （FDI） is expected to grow further by virtue of economic globalization. A thorough understanding of the locational determinants of inward FDI will be conducive to enhanced efficiency in attracting direct and SOC-related investments from foreign entities. This study analyzes 51 cases of inward direct foreign investment made in the Incheon free economic zone （IFEZ） from 2002 to 2009 to determine the factors influencing FDI volume, the relevance of locations and the correlation between investment size and location. First, the relationship between the loeational determinants of FDI and the total investment size （total expected project cost） is analyzed. Second, the relationship between the locational determinants of FDI and the FDI is analyzed. Third, the relationship between the locational determinants of FDI and the location choice is analyzed. The results indicate the determinants that influence locations and investment size of FDI entities; whether these factors exercise influence in the zone; and the factors that have relatively significant effects. Ultimately, based on the analytical findings, a few implications for policy and practice are derived.

Political Impact of Chinese Foreign Direct Investment （FDI） in the European Union （EU）

This paper explores the political challenges posed by the recent influx of Chinese outward foreign direct investment （OFDI） into the European Union （EU）. Chinese OFDI has increased substantially in recent years. Chinese direct investment is still minute in the EU, but it is growing fast, and the strong upward trajectory is likely to continue in the years to come. This surge represents challenges and opportunities for EU countries. In the current context of economic and debt crisis in Europe, whether China is seen as a saviour or a predator, the question of a Faustian bargain made by European countries by courting and hosting Chinese investment needs to be asked. The benefits of foreign direct investment （FDI） for the host economy are well known, but Chinese OFDI may come with implicit strings attached and could potentially act as a Trojan Horse, affecting European norms and policies. The influx of Chinese OFDI can create an unhealthy transatlantic competition with security ramifications, which should therefore be addressed. It is interesting to find the right balance between ensuring the benefits from Chinese FDI （from job creation to productivity gains） and protecting from its harmful effects.

A Panel Data Analysis of the Impact of Chinese Foreign Direct Investment (FDI), Remittances and Foreign Aid on Human Capital Growth and Brain Drain in Africa

The main purpose of this research was to analyze the impact the Chinese foreign direct investment (FDI), remittances, and foreign aid have had to human capital growth (HCG) and brain drain. The study data were collected from five African countries (Nigeria, Kenya, Ghana, South Africa, and Morocco) from 2009 to 2018. Secondary sources were used in data collection, then autoregressive distributed lag (ARDL) modeling was used in the analysis. Before modelling was done, co-integration tests and panel unit were applied. The results revealed that Chinese FDI, remittances, and foreign aid had a significant and positive impact on HCG in the long but not the short-run. Besides, remittances, Chinese FDI, and foreign aid demonstrated significant negative impacts on brain drain in the long term, not in the short term. This study makes important practical and theoretical contributions about the roles of Chinese FDI, remittances, and foreign aid in the reduction of brain drain and the growth of human capital.

投资便利化对中国对“一带一路”沿线国家OFDI区位选择影响研究

为了研究投资便利化对中国对“一带一路”沿线国家直接投资区位选择的影响,本文首先选取了宏观经济环境、营商环境、基础设施建设、金融服务效率、科学教育供给水平以及制度环境6个一级指标和38个二级指标,建立了测评投资便利化水平的指标体系,应用熵值法算得52个沿线国家在2007—2019年期间的投资便利化水平。接着,运用拓展投资引力模型和面板门槛模型,对投资便利化对中国对“一带一路”沿线国家直接投资区位选择的影响进行实证分析。然后,分别从“一带一路”倡议提出前后及不同投资动机视角进行异质性检验。最后,提出中国应积极推动有关投资便利化规则的多边和区域谈判,不断加深同沿线各国的投资便利化建设与合作,促使其投资便利化水平提高,助推共建“一带一路”高质量发展。

文化距离、友好城市对中国OFDI的影响——基于“一带一路”沿线国家的实证研究

在共建“一带一路”高质量发展的背景下,友好城市关系与文化因素成为独具影响力的关键一环。依据交易成本理论和“外来者劣势”理论,构建了拓展的引力模型评估文化距离和友好城市影响我国OFDI的作用机理以及两者之间的互动机制。实证结果显示,文化距离对我国OFDI有抑制作用,友好城市数量的增加弱化了文化距离对OFDI的负面影响,具有正向调节作用,通过分样本检验进一步发现在文化距离较大的国家中友好城市的正向调节作用不显著,反而在文化距离较小的国家更加有效。据此,中国应推进友好城市网络建设,加强文化交流,促进中国OFDI高质量发展。

服务业进出口、OFDI和全要素生产率的动态关系研究——基于VAR模型的实证分析

研究服务业贸易、投资与服务业之间的影响关系,对提升我国服务行业国际竞争力、促进其高质量发展具有重要意义。论文使用我国2000—2021年数据,构建VAR模型对服务业进出口、服务业对外直接投资(OFDI)和全要素生产率的动态交互关系进行实证分析。研究结果显示,服务业进出口对服务业对外直接投资具有正相关关系,且长期支持效果明显;服务业进出口对OFDI、全要素生产率提升具有促进作用;在短期内,全要素生产率与OFDI之间存在双向促进作用,从长期来看则存在一定负向影响。基于实证研究结论,文中提出制定政策鼓励服务企业参与国际化竞争、发挥服务业进出口对OFDI的促进效应、提升服务企业自主创新能力等相关对策建议。

汇率风险、双边关系与中国纺织产业OFDI

纺织产业是传统制造业的典型代表,也是全球化最高的产业之一,随着中国纺织产业成为第五次国际转移的投资方,汇率风险成为纺织产业对外投资的重要风险之一。基于2015—2019年中国纺织产业对56个东道国(地区)的对外直接投资面板数据,实证分析了东道国(地区)汇率风险、双边关系对中国纺织产业对外直接投资的影响。研究结果表明:中国纺织产业对外直接投资存在汇率风险偏好特征;双边关系显著降低中国纺织产业对外直接投资的汇率风险偏好倾向;双边关系的调节效应在未与中国签订货币互换协议、非洲地区国家样本中更加显著。

Foreign Direct Investment with Chinese Characteristics:A Middle Path Between Ownership-Location-Internalization Model and Linkage-Leverage-Learning Model

The majority of multinational enterprises （MNEs） traditionally originate from developed countries. In the last ten years, however, there has been dramatic growth in foreign direct investment （FDI） from China. It is a comparatively new phenomenon that challenges the classic FDI theories. In this paper, we review the pros and cons of two important theories, known as the Owner- ship-Location-Internalization （0LI） model and Linkage-Leverage-Learning （LLL） model, and use the statistical data and company case studies from China to test the plausibility of these two models. We believe that neither of them suits totally： the OLI model is quite use- fill for understanding FDI from China to developing economies, while the LLL model is more powerful for explaining the FDI to de- veloped economies. We argue that the companies from China attain a very advantageous position as intermediates in the global economy They may catch up with the first movers if they integrate OLI-led and LLL-led FDI within one firm. This combination can bring to- gether the most advanced knowledge acquired in developed economies with the knowledge about adaptation needs and the needs for cost reduction in production as expressed in developing economies. It may also accelerate the knowledge transfer globally. We thus fill a gap in research into the geographical pattern of Chinese FDI and offer a deeper understanding of the internationalization of Chinese MNEs and revolving knowledge transfer.

政府R&D资助对OFDI逆向绿色创新的影响机制研究

应用中国分省区层面数据并采用面板门槛模型,实证考察了政府R&D资助影响OFDI逆向绿色创新的动态效应。研究发现,OFDI对国内绿色创新产生了显著的驱动效应,但这种影响呈现出明显的先负后正的“U”型动态演化特征;政府R&D资助会正向调节OFDI逆向绿色创新溢出,且存在最适宜于OFDI逆向绿色创新的政府R&D资助区间(0.366,0.428],过高或过低强度的政府R&D资助均会在一定程度上造成OFDI逆向绿色创新的红利损失;政府R&D资助调节下OFDI对绿色创新的动态影响具有显著时空异质性,即在时空维度上存在“激励效应”与“挤出效应”交替演化的鲜明特征。

对外贸易、FDI与中国绿色全要素生产率——基于空间计量模型的分析

实现双碳目标、提高全要素生产率、推动经济绿色转型是数字时代下中国迈向经济高质量发展阶段的重要目标.本文采用四阶段DEA方法,结合SBM模型和Tobit回归,测算2005—2020年中国30个省份的绿色全要素生产率,以对外贸易、外商直接投资作为核心解释变量,以产业结构、环境规制等为控制变量构建空间面板数据模型,探究对外贸易、外商直接投资对我国绿色全要素生产率的影响.实证研究表明:对外贸易有利于促进技术进步,进而对我国绿色全要素生产率具有显著的促进作用,而外商直接投资对我国绿色全要素生产率的影响,在统计上并不显著.产业结构水平和人口密度对我国绿色全要素生产率的提升有抑制作用.

双向FDI互动对区域创业活跃度的影响

基于2003—2021年省际面板数据,根据耦合协调度模型测算我国省域双向FDI(foreign direct investment)互动发展水平,运用双向固定效应模型考察双向FDI互动对区域创业活跃度的影响。研究发现,双向FDI互动显著提升了区域创业活跃度,在影响过程中,经济增长和产业结构发挥正向调节作用,政府干预发挥逆向调节作用。异质性检验结果表明,在市场规模越大、创新能力越强和城市化水平越高的区域中,双向FDI互动越能促进区域创业活跃度提升。

Threshold Effects in the Capital Account Liberalization and Foreign Direct Investment Relationship

This paper examines how capital account liberalization （CAL） affects foreign direct investment （FDI） inflows. Authors use a dynamic panel model encompassing 14 Middle East countries over the period from 1985 to 2009. The findings suggest that countries that are able to reap the benefits of the capital openness policy satisfy certain threshold conditions regarding the level of financial development and institutional quality. Thus to promote FDI, governments in this region should develop a set of policies that not only focus on financial openness, but also on the improvement of the financial system and legal institutions.

Forecasting Foreign Direct Investment to Zambia: A Time Series Analysis

Three methods are considered in this paper: Simple exponential smoothing (SES), Holt-Winters exponential smoothing (HWES) and autoregressive integrated moving average (ARIMA). The best fit model was then used to forecast Zambia’s annual net foreign direct investment (FDI) inflows from 1970 to 2014. Foreign direct investment is foreign capital investment to Zambia. Throughout the paper the methods are illustrated using Zambia’s annual Net FDI inflows. A comparison of the three methods shows that the ARIMA (1, 1, 5) is the best fit model because it has the minimum error. Forecasting results give a gradual increase in annual net FDI inflows of about 44.36% by 2024. Forecasting results plays a vital role to policy makers. Decision making, coming up with good policies and suitable strategic plans, depends on accurate forecasts. Zambian FDI policy makers can use the results obtained in this study and create suitable strategic plans to promote FDI.

Does Foreign Direct Investment Affect S0_(2) Emissions in the Yangtze River Delta?A Spatial Econometric Analysis

As the major source of air pollution,sulfur dioxide(S0_(2))emissions have become the focus of global attention.However,existing studies rarely consider spatial effects when discussing the relationship between foreign direct investment(FDI)and S0_(2) emissions.This study took the Yangtze River Delta as the research area and used the spatial panel data of 26 cities in this region for 2004-2017.The study investigated the spatial agglomeration effects and dynamics at work in FDI and S0_(2) emissions by using global and local measures of spatial autocorrelation.Then,based on regression analysis using a results of traditional ordinary least squares(OLS)model and a spatial econometric model,the spatial Durbin model(SDM)with spatial-time effects was adopted to quantify the impact of FDI on S0_(2) emissions,so as to avoid the regression results bias caused by ignoring the spatial effects.The results revealed a significant spatial autocorrelation between FDI and S0_(2) emissions,both of which displayed obvious path dependence characteristics in their geographical distribution.A series of agglomeration regions were observed on the spatial scale.The estimation results of the SDM showed that FDI inflow promoted S0_(2) emissions,which supports the pollution haven hypothesis.The findings of this study are significant in the prevention and control of air pollution in the Yangtze River Delta.

Empirical Study of China＇s Outward Foreign Direct Investment for 2001-2008

China＇s outward FDI has been increasing recently, as the country＇s policies over industrialization and national security change. Using financial data of 244 Chinese enterprises, this study empirically investigates the patterns and determinants of China＇s outward FDI from 2001 to 2008 for its seven major destinations. Tobit and multiple regression analyses indicate that early Chinese FDI in 2001 and 2002 is concentrated in the labor-intensive industries in Asia, like those of early Japanese FDI in the early 1970s as well as those of Korean FDI in 1990s. The results also indicate that non-production oriented manufacturers invested in North America, in order to seek for market cultivation, technological advance, R＆D skills, and name brands. We also found that the central state-owned enterprises are the key FDI players in the continents with locational disadvantages

双向FDI对产业间协调和产业转型升级的影响——基于数字经济发展的实证分析

本文运用2011—2022年中国30个省份(除西藏)的面板数据,实证分析了外商直接投资(FDI)和对外直接投资(OFDI)对产业间协调和产业转型升级的影响及区域表现差异,并构建数字经济发展水平指数,分析数字经济发展水平对FDI和OFDI的产业间协调效应和产业转型升级效应的影响及作用机制。研究结果表明:中国FDI和OFDI对产业间协调程度具有显著促进作用,但两者的交互项却对其具有显著抑制作用;中国FDI和OFDI对产业转型升级程度具有显著抑制作用,但两者的交互项却对其具有显著促进作用;数字经济发展水平能够通过需求效应、供给效应、技术溢出效应、逆向技术溢出效应、自然资源水平效应五大机制影响FDI和OFDI的产业间协调效应和产业转型升级效应。研究结论对于如何在数字化时代更好地推动双向FDI对产业结构形成积极影响具有一定启示,并为中国引资、投资政策的制定提供了新的视角和思路。

OFDI与区域碳排放的非线性关系——基于技术创新的门槛效应研究

随着我国外部市场的扩大和经济对外开放政策的推进,对外直接投资(OFDI)呈现出迅猛增长的趋势。然而,由于过去采用粗放式增长模式,生态环境发展不充分,且由于“双碳”目标政策的实施,碳排放已成为对环境产生重大影响的关键因素,并被纳入总排放控制体系。基于此,本文选取中国2005—2019年30个省份(西藏、港澳台地区除外)的面板数据进行分析。结果表明,在不考虑技术创新作为门槛变量的情况下,整体上我国OFDI对本地碳排放具有显著的抑制作用。然而,在引入技术创新作为门槛变量后,处于技术创新水平较高的地区通过加大OFDI带来的逆向技术溢出效应可以降低本地区碳排放水平;中等技术创新水平的地区增大OFDI反而会增加地区碳排放;较低技术创新水平的地区对外直接投资的碳减排效应则不显著,OFDI对区域碳减排效应存在门槛。文章提出建议:技术创新水平较高地区进一步加大对外开放力度,充分发挥OFDI的逆向技术溢出效应;技术创新水平较低地区扩大OFDI规模,优化调整OFDI结构,坚持绿色导向型OFDI,积极引进国外先进技术、管理经验等,缓解全球温室效应等问题。