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英文文献：Politics, instability, and international investment flows-政治、不稳定和国际投资流动
英文文献作者：Art Durnev,Ruben Enikolopov,Maria Petrova,Veronica Santarosa
英文文献摘要：
We analyze the role of political instability for the organizational form of foreign investment, whether it takes the form of a majority- or minority-owned investment. We focus on the instability generated by the change of the party in power in a democratic system, rather than on the risk of changes of political regime or expropriation risk associated with this change. In majority-owned establishments, a foreign investor retains the control and enjoys fewer agency problems, while for minority-owned investments or joint ventures domestic partners of a foreign investor can lobby the government for preferential arrangements, such as firm-specific tax breaks. Political instability decreases the payoff to political connections in the future and decreases the attractiveness of minority-owned investments. The implications of our model are supported by empirical tests.
我们分析了政治不稳定对外国投资的组织形式的作用，无论它采取的形式是多数-少数股权投资。我们关注的是民主制度中执政党更迭所带来的不稳定，而不是政治政权更迭的风险或与此相关的征用风险。在拥有多数股权的机构中，外国投资者保留了控制权，并较少遇到代理问题;而在拥有少数股权的投资或合资企业中，外国投资者的国内合作伙伴可以游说政府，要求其提供优惠安排，比如针对企业的税收优惠。政治不稳定降低了未来政治关系的回报，也降低了少数民族拥有的投资的吸引力。我们的模型的含义得到了经验检验的支持。
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