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Chapter3 International Capital Movement and Transnational Corporation国际资本移动与跨国公司 Page 2 Lesson 1 International Capital Movement国际资本移动n1.Fundamental Connotation and Basic Type 国际资本移动的基本内涵和基本类型nInternational Capital Movement refers to the international manufacturing, marketing and financial service activities that transfer capital from one country or region across borders to others. International Capital Movement is mainly represented by direct or indirect international movement of factors of production. LOGO Page 3 1. Fundamental Connotation and Basic TypenThe capital account on a countrys balance-of-payment sheet embodies a concentrated reflection of the countrys capital movement, including capital output and capital input, in a certain period. International capital movement can make up for deficit of current account for some countries. Capital moving from capital-abundant countries to capital-short countries could facilitate the resource exploitation and import of advanced technologies and managerial expertise in the capital-short countries, and at the same time, find a way to make profit of excessive capital for the capital-abundant countries. International Capital Movement involves capital exporting country and capital importing country, the former is also called the home country, and the latter is called the host country. Page 4 nDepending on ways of investment, International Capital Movement is mainly classified into foreign direct investment and foreign indirect investment. nBoth foreign direct investment and foreign indirect investment can take the form of purchasing foreign enterprise stocks. The difference is that foreign direct investment means the amount of purchased stocks reaches certain ratio so that the investors obtain the right of operation and management, while foreign indirect investment means the investors can only receive dividends and bonus but no right of operation and management.1. Fundamental Connotation and Basic Type Page 5 2. Foreign Direct Investment对外直接投资nForeign Direct Investment is the main form of international capital movement. It refers to the investment activities that foreign investors conduct to found enterprises in foreign countries. The core of these activities is to control the enterprises operation and management, and the purpose is to obtain profit. It involves direct investment of production factors and featured by investors to use those factors and to directly control the management of the production process. Page 6 2.1 Sole proprietorship Vs. Joint Venture独资经营与合资经营nDepending on the stake ratio that investors hold in the investing enterprise, foreign direct investment falls into two categories: sole proprietorship and joint venture.n2.1.1 Sole proprietorship独资经营nSole proprietorship refers to the type of investment that foreign investors establish enterprise in host country with approval according to the laws of host country, and own all the capital of the enterprise. Investor of sole proprietorship enterprise owns entire equity of the enterprise so is entitled to all of its ownership and right of control and bears all the responsibility and risk. There are mainly three forms of international sole proprietorship: foreign branch, foreign subsidiary and international tax havens. Page 7 n2.1.2 Joint Venture合资经营nA joint venture is an equity company formed on contract between transnational company and company in host country, according to the laws of host country. The parties invest, manage and share profit and risk together at certain equity ratio. Joint venture is the most common investment form in modern international economy cooperation. There are two categories of international joint venture: equity joint ventures and contractual joint ventures.2.1 Sole proprietorship Vs. Joint Venture独资经营与合资经营 Page 8 2.1.2 Joint Venture合资经营n1)International Equity Joint Ventures国际股权合资企业 International Equity Joint Ventures means all kinds of investments from all parties will be converted into equity ratio at which the parties share risks and profits. This is the most common international joint venture. n2)Contractual Joint Ventures 国际契约合资企业Contractual joint ventures, also called Co-operative joint ventures, are based on cooperation contract with or without legal entity created. In contractual joint ventures, partners are allowed to share rights and obligations, such as forms of investment, enterprise structure and distribution of profits, risks and debts, according to contract stipulation, not necessarily in proportion to capital contribution. Page 9 2.2 Greenfields Vs. Mergers and Acquisitions新建与并购nDepending on the way in which foreign direct investment enters oversea market, foreign direct investment has two forms: greenfield and acquisition. 按直接投资进入海外市场的方式，对外直接投资可分为新建与收购两种类型。nGreenfield investment is the investment of building new companies or new factories to establish new manufacturing forces or operation units in Host country. It occurs when it is the first time for the investment enters the Host country. n Page 10 nInternational mergers and acquisitions refer to the acts of companies in home country to fully or partly obtain ownership, by buying or combining, of target companies in Host country through legal procedures and channels. The greatest advantage of international M to understand local market and collect information of economy and business in local country; to enhance the influence of parent company for further investment. 2. Features of Transnational Corporation跨国公司的经营特点
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