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企业国际化投资并购整合英文文献和翻译 第2页

更新时间:2015-11-4:  来源:毕业论文
available evidence on international investment by Indian firms through mergers and
acquisitions, which is altogether new. Section 5 analyses the underlying factors driving the
process, drawing in part on evidence at the level of firms. Section 6 discusses the enabling
factors that have made such cross-border activities possible for Indian firms, making a
distinction between conjunctural factors and longer-term factors. Section 7 considers,
briefly, the economic implications of international investment and acquisitions by firms
from India, for the firms and for the economy. Section 8 draws together some conclusions.
2. The Global Context
Foreign direct investment from developing countries is not new. It began life, albeit on a
modest note, in the 1970s. It reached significant levels during the 1980s. The period since
1990, however, has witnessed a rapid expansion in the magnitudes and a qualitative
transformation in the patterns of international investment by firms from the developing
world.
2
In more recent years, firms from India have become an integral part of this process.
The following discussion situates these trends in the wider global context. First, it
examines the emerging significance of developing country firms in outward foreign direct
investment in the world economy. Second, it considers the relative importance of India in
such outward foreign direct investment from developing countries. Third, it compares the
discernible trends in outward foreign direct investment from developing countries as a
group with that from India.
The stock of outward foreign direct investment from developing countries increased
rapidly from US$149 billion in 1990 to US$871 billion in 2000 and US$1274 billion in
2005.目标成本管理在企业经济管理中的运用
3
The share of developing countries in the total stock of foreign direct investment in
the world economy rose from 8.3% in 1990 to 13.5% in 2000 and fell to 11.9% in 2005.
4
The significance of this stock of outward foreign direct investment from developing
countries emerges with clarity in a macroeconomic perspective. It was the equivalent of
4.3% of the GDP of developing countries in 1990. This proportion more than trebled to
13.4% in 2000 and remained in that range at 12.8% in 2005.
5
The changes in stocks at the end of a period are, of course, an outcome of flows during
the period. The average 本文来自辣,文'论-文·网原文请找腾讯752018766 in the same period. The magnitudes
were not insignificant for developing countries. Such outflows were the equivalent of 3.6%
of gross fixed capital formation in developing countries during 2001 –05.
6
The expansion of foreign direct investment from developing countries has also been
associated with mergers and acquisitions abroad. During the period 2001 – 05, the average
level of purchases by firms from developing countries, reported as mergers and
acquisitions, was US$46 billion per annum. The share of developing countries as
purchasers in total mergers and acquisitions for the world economy was 9.8%.
7
The emergence of international firms from developing countries is also reflected in the
growing number of parent companies in the developing world.
8
The evidence available is
not complete; but it shows that the number of parent companies from five selected
developing countries—Brazil, China, Hong Kong, India and Korea—increased from 2681
in the early 1990s to 14 762 in the early 2000s, by as much as 451%. A comparison with
international firms from the industrialized world is instructive. The number of parent
companies in developed countries increased from 34 280 in the early 1990s to 50 520 in the
112 D. Nayyar

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