THE STATE COUNCIL DECIDES TO EXTEND THEIMPORT-DUTY EXEMPTION PERIOD FOR IMPORTS OF EQUIPMENT AND RAW MATERIALS BY ENTERPRISES WITH FOREIGN INVESTMENT

Recently the State Council decided to extend the period ofduty exemption for imports of equipment and raw materials by foreign-invested enterprises below US$30 million.In order to administrate import and export activities in light ofinternational practice and apply a unified, fair and standardizedpolicy toward import duties, the State Council, on December28,1995, decided to reform and adjust the policies of import duties by fairly significant reduction of the overall import tariff leveland elimination of preferences of import-duty exemption for mostimport items, which was also applicable to imports of equipmentand raw materials by foreign-invested enterprises set up since April1st, 1996. At the same time, with a view to maintaining the policycontinuity and relative stability, those enterprises established before March 31, 1996 were allowed an extended duty-exemptionperiod of one to two years for importation of equipment and rawmaterials(referring to construction materials, etc.) if such importswere below the value of their total investments, and for

REGULATIONS ON THE ALTERATION OF STOCK EQUITY HELD BY INVESTORS OF FOREIGN INVESTMENT ENTERPRISES

Article 1With a view to promoting the healthy development of foreign invest-ment enterprises, protecting the legitimate rights and interests of investorsof the parties concerned and safeguarding the social and economic order,this set of regulations has been formulated in accordance with the Com-pany Law of the People’s Republic of China,Law of the People’s Republicof China on Chinese-Foreign Equity Joint Ventures,Law of the People’sRepublic of China of Foreign on Chinese-Foreign contractual Joint Ven-tures,Law of the people’s of China of Foreign Capital Enterprises,andother relevant laws and regulations.Article 2The alteration of investors’stock equity in foreign investment enter-prises as used hereof refers to the alteration of investors or theirshares(hereinafter referred to as the stock equity) of financialcontribution(inchiding the cooperative conditions offered) in Chinese-for-eign equity joint ventures,Chinese-foreign contractual joint ventures andforeign investment enterprises(hereinafter referred to as the enterprises).

Compliance of Documentation Transfer Pricing Requirements in Foreign Direct Investment Enterprises in Vietnam

The increase of inter-boundary transactions brings a number of benefits for enterprises. However, even when benefits of transfer pricing are evident, multinational organizations still face legal challenges, including performing parts of transactions in another jurisdiction and motives of tax officials in investigating transfer pricing. This is especially true when countries do not want to lose benefits from tax collection. Therefore, many countries and organizations such as the Organization for Economic Cooperation and Development （OECD）, Pacific Association of Tax Administrators （PATA）, the European Union （EU）, and Vietnam have introduced requirements for transfer pricing documentation to prevent transfer pricing manipulation and maintain benefits from taxes. The aim of this research was to assess the compliance of those requirements of foreign direct investment （FDI） enterprises in Vietnam. This article which is a summary of our research includes the following sections： （1） OECD guidelines of transfer pricing documentation; （2） Vietnam regulations of transfer pricing documentation; （3） results of the research; and （4） discussion and conclusion.

The Impact Analysis of New Company Law on Foreign Invested Enterprise Law

In this paper, the impact of the new company law on foreign-funded enterprise law are analyzed. Firstly. the foreign investment enterprise law is summarized, followed by a detailed introduction of the impact of the new company law and foreign-invested enterprise law . Finally. Impact on the Law of Foreign Investment Enterprises. From these researches, it is concluded thai the promotion of the new company law on the relationship between FIEs and some suggestions for the coexistence of the two.

The Impact Analysis of New Company Law on Foreign Invested Enterprise Law

In this paper, the impact of the new company law on foreign-funded enterprise law are analyzed. Firstly, the foreign investment enterprise law is summarized, followed by a detailed introduction of the impact of the new company law and foreign-invested enterprise law. Finally, Impact on the Law of Foreign Investment Enterprises. From these researches, it is concluded that the promotion of the new company law on the relationship between FIEs and some suggestions liar the coexistence of the lwo.

The State Council Notified to Rectify and Reorganize Non-Experimental Commercial Enterprises with Foreign Investment

The State Council Office has recently issued"Notification of relevant issues on rectifying andreorganizing non-experimental commercial enter-prises with foreign investment", making it clearthat non-experimental commercial enterprises withforeign investment would be rectified.The notification emphasizes that all the non-experimental commerical enterprises with foreigninvestment which have been presumptuously ap-proved for establishment by localities or depart-ments prior to the issuance by the State CouncilOffice of the Urgent notification of prompt stop oflocal presumptuous approval of establishment ofcommercial enterprises with foreign

THE DEVELOPMENT OF OUTWARD ECONOMY IN RURAL ENTERPRISESAND THE DIFFERENCE AMONG PROVINCES

Rural wterprise plays a more and more important role in the development of outward economy of China. In 1994, 44.5 percent of the export value was produced by rural enterprises. This paper will focus on the rural enterprises with export, their growth, structural change and regional distribution. 'San Lai Yi Bu' as a special form of outward enterprises, the foreign investment in rural enterprises the regional distribution and development tendency of rtral aterprises with foreign investment will be studied at the same time. The factor analysis will be used to study the evolution of the role that rural enterprises played in the development of outward economy, the regional difference in the development level and industrial structure of rural enterprises of outward economy.

Impact of China’s Outward Foreign Direct Investment on Enterprise Performance

The present study seeks to address two fundamental questions.(1)Does outward foreign direct investment(OFDI)enhance enterprise performance ultimately?(2)How does this effect come about?A new dataset from the years 2011 to 2016 based on the micro-data of 88 Chinese multinational-listed enterprises was used to test research hypotheses with the mediating effect modeling approach.The study results reveal that:(1)the investment intensity has a positive influence,while investment span has a negative influence on enterprise performance;(2)the enhanced innovation capability can considerably increase the enterprise performance,while investment intensity and span both hinder the upgrading of innovation capability;and(3)the innovation capability of an enterprise plays a partial intermediary role among investment span and enterprise performance.However,there is no mediating effect between investment intensity,innovation ability,and enterprise performance.

FOREIGN INVESTMENT LAW:A RADICAL REFORM

The widely discussed Foreign Investment Law of the People’s Republic of China was adopted at the second session of the 13th National People’s Congress,China’s national legislature,and will come into force on January 1,2020.It is considered the most important law on opening-up since China’s entry into the World Trade Organization.Passage of the law represented a new move for China to continue its opening-up,demonstrating the country’s active attitude toward promoting higherlevel opening-up and heralding radical reform of its foreign investment administration system.

Some Main Foreign Invested Enterprises in Tianjin

MOTOROLA (CHINA) ELECTRONICS LTD. DIRECTOR: RICH YOURTS G. MANAGER: P.T.LAI ADD: NO. 10, 4TH AVENUE, TEDA TIANJIN, CHINA. TEL: 022-25325050 FAX: 022-25326975 P.C.: 300457 TIANJIN MITSUMI ELECTRIC CO., LTD. DIRECTOR: MORIBE LISUO G.MANAGER: TAMURA TRA-

Relevant State Agencies Will Conduct a Joint Annual Inspection on Foreign Invested Enterprises

The Ministry of Foreign Trade and Economic Coop-eration (MOFTEC),the State Administration forIndustry and Commerce (SAIC),the State Economicand Trade Commission (SETC),the Ministry of Finance(MOF),the State Administration for Exchange Control(SAEC),the State Taxation Bureau (STB) and the GeneralCustoms Administration (GCA) (hereinafter referred to asCompetent Joint Annual Inspection Agencies) have jointlyissued a circular a few days before which stipulates that,from the year 1997 onwards,a joint annual inspection willbe conducted on FIEs in order to further improve and stan-dardize China’s investment environment,lessen the burdenson the shoulders of enterprises and enhance the level of ad-ministration over FIEs.

NATIONAL TREATMENT FOR FOREIGNINVESTED ENTERPRISES

The adoption of the Foreign Investment Law of the People’s Republic of China is considered a milestone in the history of the country’s foreign capital management.The law confirms“national treatment”for foreigninvested enterprises in China while further broadening market access and improving the business environment.

中国企业OFDI和企业生产率:来自选择效应还是学习效应

本文使用1999—2007年中国工业企业数据库和商务部境外直接投资企业名录数据库匹配后的样本数据,在将OFDI企业状态进行分类的基础上对中国OFDI企业是否存在自我选择效应和学习效应进行检验。首先使用随机占优的KS非参数检验方法对不同经营状态的OFDI企业进行检验,验证了两种效应的存在。接着使用系统GMM方法对样本数据分组进行回归实证检验并得到以下结论:第一,从样本总体来看,两种效应同时存在,但自我选择效应更加显著,说明生产率高的企业会自主选择境外直接投资来拓展国际市场和提高企业竞争力。企业的学习效应更容易受到地区、行业等因素的影响而表现得有所差异。第二,分地区来看,东南、环渤海地区的OFDI企业学习效应要显著强于全国其他地区。第三,分行业来看,资本密集的行业表现出的学习效应比资源和劳动密集型行业更强。第四,分企业性质来看,民营企业OFDI比重逐年增加,经营更加灵活,学习效应比国有企业更为显著。

外资安全审查加剧背景下中国OFDI面临的挑战及对策——以日本规避美国投资壁垒的经验为借鉴

近年来,以美国和欧盟为首的发达国家对中国企业的外资安全审查加剧,并在全球范围内引起连锁反应,使中国对其技术领域的OFDI严重受阻。如何有效规避投资壁垒,摆脱技术获取受制于人的困境,对于推动中国企业顺利“走出去”至关重要。文章首先梳理了美国和欧盟外资审查机制的现状、特征与趋势,分析了其对中国企业OFDI的短期和长期影响;其次,总结并借鉴了日本成功规避美国投资壁垒的经验;最后,从政府和企业层面提出了中国的应对之策。面对美欧等发达国家技术“脱钩”的合谋行为,中国需从如下六个方面进行应对:加强政府沟通和舆论阐释,淡化东道国敌对思维;谙熟安全审查条例,注重投资策略灵活多变;健全OFDI配套政策体系,提升投资风险应对能力;把握疫情下新机遇,强化双方利益纽带;开展第三方科技合作,优化外资优惠政策;攻坚核心技术,提高科技硬实力。

RCEP框架下企业OFDI技术利益的理论机制与实证检验

区域全面经济伙伴关系协定(RCEP)合作框架下中国企业对外直接投资(OFDI)及其技术利益格局会深远影响成员国的后续科技创新与合作。本文基于上市公司面板数据,运用“熵权法”测算技术利益,结合企业、环境、东道国与OFDI特征研究中国企业对RCEP国家直接投资的技术利益实现问题。研究发现:对RCEP国家直接投资对实现技术利益具有显著促进作用;管理效率的提升强化技术利益的实现能力,高知识产权保护水平强化技术利益实现的动机。进一步分析表明,国有企业能实现更多的技术利益,而民营企业可以通过提高管理效率和知识产权保护水平提升技术利益实现水平;企业OFDI水平越高、东道国知识产权保护水平越高,技术利益实现效果越好;投资到RCEP国家的企业相比投资到“一带一路”国家的企业会获得更多技术利益。

“一带一路”、OFDI与企业创新——基于沪深上市公司的实证分析

建设创新丝绸之路是推动共建“一带一路”高质量发展的重要抓手。在第四次工业革命的背景下,“一带一路”倡议为企业“走出去”和“引进来”提供广阔平台,对企业把握数字化、网络化、智能化发展机遇,探索新技术、新业态、新模式具有重要意义。文章从企业对外直接投资视角切入,以2007—2017年3 665家沪深上市公司作为研究样本,利用倾向得分匹配法、双重差分法、政策评估中介效应模型等研究方法,评估“一带一路”倡议对企业创新的影响,进一步揭示企业对外直接投资的中介效应。机理分析表明:“一带一路”倡议为中国企业对外直接投资提供了互联互通的交通基础设施、良好政策环境和有效金融支持体系,企业主要采用绿地投资和跨国并购,通过规模经济效应、压力式创新、逆向技术溢出效应、技术比较优势、生产协作网络等途径,提高企业自身的创新水平。实证分析结果表明:第一,“一带一路”倡议显著提升企业创新水平,其政策效应在“一带一路”倡议提出后持续增强;第二,政府补助、净利润和市值均对企业创新具有显著为正的作用,政府补助降低企业从事创新研发活动风险和研发投入成本,盈利能力强和市值高的企业普遍具有对抗技术创新风险的能力;第三,相较于小型企业和民营、外资企业,大中型企业和国有企业更能通过“一带一路”倡议提升创新水平;第四,企业对外直接投资在“一带一路”倡议促进企业创新中发挥显著为正的中介效应,而且大中型企业和国有企业对外直接投资的中介效应更强。此外,基于替换变量和平行趋势检验的稳健性检验结果证明了文章研究结论的可信性。最后,文章提出以下政策建议:第一,基于科创主体、创新投入、成果转化、政府管理等各个环节,积极发挥有为政府的政策引导作用,逐步建立科技金融创新、科技成果转化、人才引进等方面的长效机制;第二,加强创新要素流动与创新资源优化配置,促进与“一带一路”沿线国家实现技术研发合作和创新成果共享;第三,深化国际产能合作,推动产业迈向全球价值链中高端,实现产业转型升级。

基于数据包络法的OFDI对高新技术企业创新效率的影响分析

我国已经成为对外直接投资的大国,高新技术企业的OFDI行为能否提升企业创新效率是一个重要的命题。基于数据包络法构建回归模型,以广东高新技术企业微观数据为样本进行了检验,结果表明,高新技术企业的OFDI促进了创新资源的投入和创新活动的实施,然而创新产出无法提升,创新效率降低。其原因在于许多OFDI重新配置创新资源,注重模仿创新,忽视了自主创新。为此,提出建议,在促进企业对外直接投资获取技术溢出效应的同时,需要增强企业自主创新能力,真正提升创新效率。

经济政策不确定性与中国OFDI企业国际化模式——来自微观企业的证据

将“中国工业企业数据库”与“境外投资企业(机构)名录”进行匹配,构建包含对外直接投资信息的全新数据库,系统分析国内外经济政策不确定性对中国OFDI企业国际化模式选择的影响。研究发现,中国OFDI企业在国内经济政策不确定性较高时倾向于选择并购的进入模式,在东道国经济政策不确定性较高时倾向于选择绿地投资的进入模式;国内外经济政策不确定性对OFDI企业的出口密集度有显著的负向影响,说明OFDI企业在政策不确定性下会减少传统的出口贸易活动;经济政策不确定性对中国OFDI企业国际化模式选择的影响还依赖于母公司上游知识资产跨国流动性、企业股权结构和所处的区域特征;企业技术创新能力会提高OFDI企业在国内经济政策不确定性下选择并购的可能性,但降低企业以绿地投资方式进入经济政策不确定性较高东道国的可能性;技术创新能力能够有效缓解国内外经济政策不确定性对中国OFDI企业出口贸易的负向影响。

地区生产性服务业发展水平对中国企业OFDI决策的影响

自"走出去"实施以来,中国OFDI流量持续快速增长,我国生产性服务业增加值占GDP的比重也在逐年增加。为探究生产性服务业发展水平与中国企业OFDI决策的关系,文章结合分工、价值链、产业集聚等理论分析生产性服务作用于企业OFDI的机制,经研究发现:金融业、信息业、科技业及批发零售业越发达的地区,企业进行OFDI的可能性越大;运输仓储和邮政业越发达的地区,企业进行OFDI的概率却相对较小;企业生产效率、企业资产规模、劳动力规模等都是显著影响企业OFDI决策的重要异质性因素等。并提出了改善生产性服务业状况,提升中国企业国际竞争力和国际投资水平的建议。