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本文将介绍和解释外商直接投资（FDI）在中国上世纪90年代的记录，这一时期可以被认为是最重要的时期，中国作为发展中国家最重要的FDI东道国的国家之一。有关外商直接投资的相关理论的解释，将进一步为外商直接投资的产生和发展提供良好的理解。在上世纪90年代初，在中国的对外直接投资经历了快速发展，由于改革开放和加入WTO。然而，在上世纪90年代末，由于1997部分亚洲金融危机中国FDI的增长率低于上世纪90年代初。外国直接投资的将被解释和评估。

Abstract 摘要

This paper will introduce and explain the past picture of Foreign Direct Investment (FDI) in China in 1990s. This period can be considered as the significant period when China is regarded as one of the most important FDI host countries in the developing countries. The explanation of relevant theories on FDI will further provide the sound understanding of the emergence and development of FDI. In the early 1990s, the FDI in China has experienced the rapid development due to the Open Door policy and WTO accession. However, the growth rate of FDI in China in the late 1990s is lower than in the early 1990s because of partly Asian Financial Crisis in 1997. The past picture of FDI will be explained and evaluated in paper.

1. The Theoretical Perspective of FDI 外商直接投资的理论视角

A number of theories have been proposed by scholars to explain the nature, causes and location of FDI. Broadly speaking, there are five major schools of thought on the issues. This section will evaluate the several theories to explain FDI.

1.1 Neo-Classical Theory
This theory sought to explain the movement of global capital on the basis of Hecksher-Ohlin-Samuelson model. In terms of Mark (1992), international fund flows of production factors, including foreign capital are determined by differences between resource endowment and factor proportions among different countries. Hence, investments flow from relatively capital-abundant countries to relatively capital-scarce countries. In other words, the theory focuses on interest rate differential as explanatory variable of cross-border capital movement, which will stop once the marginal productivity of capital in both countries is equalized.

1.2 Industrial Organization Theory
Stephen Hymer developed an Industrial Organization theory in 1960s as the classical theory failed to explain explicitly the transnational movement of direct investment. The essence of the theory is that FDI is a result of market imperfections, which can be caused by both goods and factor markets, scale economies, and government imposed regulations, especially tariff and trade barriers that prevent the efficient allocation of resources and distribution of products (Qu and Green, 1997). According to Hymer (1976), when directly invest abroad, MNCs face disadvantages, such as the information cost and uncertainties regarding the operation of firms within an unfamiliar foreign political, economic and social system, in comparison with indigenous firms. Thus, they must possess some firm specific advantages, which can be expressed as financial strength, patented technology, product differential, established market, and managerial and marketing skills, to compensate for those inherent disadvantages and outbid domestic firms.

1.3 Internalization Theory
The internalization approach to FDI, advocated by P. J. Buckley and M. Casson in 1976, marks a distinct shift from explaining why or how a MNC engages in international production to dealing the question of keeping certain activities under a MNC's control (Buckley and Casson, 1976). It calls attention to advantages which may accrue to a firm from internali本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。