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International Investment
国际投资
• International Portfolio Investment (typically short-term) is the passive ownership of foreign
securities such as stocks and bonds for the purpose of generating financial returns.
国际组合投资（通常是短期）是被动的外国所有权产生财务回报为目的的股票和债券等证券。
• Foreign Direct Investment (FDI) (typically long-term) is an internationalization strategy in which the firm establishes a physical presence abroad through acquisition of productive assets such as capital, technology, labor, land, plant, and equipment.
外商直接投资（FDI）（通常是长期的）是一个国际化战略该公司建立了一个物理存在国外，通过收购生产性资产如资金，技术，劳动力，土地，厂房，设备。
• Transfer of assets to another country or the acquisition of assets in that country.
资产转移至其他国家或在该国收购资产。
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Growth Rates of World GDP and World Exports
世界GDP和世界出口的增长率
Leading Countries in International Merchandise Trade
在国际商品贸易中的领先国家
FDI Inflows into World Regions
Dramatic Growth of FDI
FDI急剧增长
• Developed economies= e.g., Australia, Canada, Japan, the United States, and most countries in Western Europe.
• Developing economies= e.g, Parts of Africa, Asia, and Latin America.
• Of particular significance is the growth of FDI into developing economies despite widespread poverty and less investment capital than advanced economies.
The Globalization Debate
全球化辩论
Is the shift toward a more integrated and interdependent global economy a good thing?
• Supporters believe that increased trade and FDI mean lower prices for goods and services, greater economic growth, higher consumer income, and more jobs.
• Critics worry that globalization will cause job losses, environmental degradation, the cultural imperialism, exploitation by global media and MNEs.
What is an MNE? – Characteristics
什么是跨国公司？ - 特点
A large company with substantial resources that performs various business activities through a network of subsidiaries and affiliates located in multiple countries.
一个大公司拥有大量资源，位于多个国家的子公司和附属公司，通过网络进行各种商业活动。
• Substantial direct investment in foreign countries (not only export).
主要的外国直接投资（不仅是出口）。
• Active management of these offshore assets (not simply holding them as a passive financial portfolio).
主动管理这些海外资产（不仅仅是他们作为一个被动的金融资产组合）。
• Managing integration of ope rations located in multiple countries.
在多个国家拥有经营管理一体化。
MENs: Where do they come from?
“Triad” nations:
The United States, Japan and high-income economies in the EU; often used synonymously with G-7 nations.
Geographic Location of MNEs
Why Study International Business?
• A contributor to national economic well-being.
• A facilitator of the global economy and interconnectedness.
• A competitive advantage for the firm.
• An activity with societal implications.
• A source of competitive advantage for you.
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