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英文文献：Determinants of Foreign Direct Investment in Fast-Growing Economies: A Study of BRICS and MINT-快速增长经济体外国直接投资的决定因素:对金砖国家和铸币厂的研究
英文文献作者：Uduak Akpan,Salisu Isihak,Simplice Anutechia Asongu
英文文献摘要：
This study employs panel analysis to examine the determinants of foreign direct investment (FDI) in Brazil, Russia, India, China, and South Africa (BRICS) and Mexico, Indonesia, Nigeria, and Turkey (MINT) using data for eleven years i.e. 2001 – 2011. First, it uses pooled time-series cross sectional analysis to estimate the model on determinants of FDI for three samples: BRICS only, MINT only, and BRICS and MINT combined; then, random effects model is also employed to estimate the model for BRICS and MINT combined. The results show that market size, infrastructure availability, and trade openness play the most significant roles in attracting FDI to BRICS and MINT while the roles of availability of natural resources and institutional quality are insignificant. Given that FDI inflow to a country has the potential of being mutually beneficial to the investing entity and host government, the challenge is on how BRICS and MINT can sustain the level of FDI inflow and ensure it results in economic growth and socio-economic transformation. To sustain the level of FDI inflow, governments of BRICS and MINT need to ensure that their countries remain attractive for investment. BRICS and MINT also need to ensure that their economies absorb substantial skills and technology spillovers from FDI inflow to promote sustainable long-term economic growth by investing more in their human capital. The study is significant because it contributes to literature on determinants of FDI by extending the scope of previous studies which often focus only on BRICS.
本研究采用面板分析，利用2001 - 2011年11年的数据，研究了巴西、俄罗斯、印度、中国、南非(金砖国家)、墨西哥、印度尼西亚、尼日利亚和土耳其(MINT)的外国直接投资(FDI)的决定因素。首先，采用混合时间序列横断分析，对三个样本(仅金砖国家、仅薄荷国家和金砖国家与薄荷国家的组合)估计FDI的决定因素模型;然后，采用随机效应模型对BRICS和MINT结合的模型进行估计。结果表明，市场规模、基础设施可用性和贸易开放在吸引金砖国家和铸币投资中发挥最重要的作用，而自然资源可用性和制度质量的作用不显著。鉴于外国直接投资对投资实体和东道国政府具有互利的潜力，金砖国家和铸币厂面临的挑战是如何保持外国直接投资的水平，并确保其带来经济增长和社会经济转型。为了维持外国直接投资的流入水平，金砖国家政府和铸币局需要确保其国家对投资的吸引力。金砖国家和MINT还需要确保其经济吸收FDI流入带来的大量技能和技术溢出，通过加大对人力资本的投资，促进可持续的长期经济增长。这项研究之所以意义重大，是因为它扩大了以往研究的范围，为有关FDI决定因素的文献做出了贡献。以往的研究通常只关注金砖国家。
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