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1、外文翻譯ForeignDirectInvestmentsbyKoreanAnAnalysiswithFDITheoriesFirmsMaterialSource:http://springer.lib.tsinghua.edu.cn/Author:C.MINHanandThomasL.BREWER.OwnershipAdvantagesofKoreanInvestorsInordertoexaminethepossessionofownershipadvantagesofKoreanfirms,threespecificpropositionsasliste
2、dabovearediscussed.First,itispostulatedthatKoreanfirmshaveacompetitiveadvantageintechnologyoverforeigncompetitors.Anindicationthattheydoliesintheimportationofmachinerybyforeignaffiliatesfromtheirparents.Infact,manyKoreaninvestorshaveexportedmachineryandturnkeyplantprojectsaswellasr
3、awmaterialstotheiroverseasaffiliates.Forexample,aKoreancementmillwasexpectedtoselloverUS$6millionofplantprojects,whileitinvestedUS$1millionfor60percentownershipofacementmilltobeestablishedinthePhilippines.Asimilarexampleisthatofaplasticfirmwhichputupitsusedmachinesinexchangefor55pe
4、rcentownershipofajointventureinSingapore:Overall,KoreanmanufacturinginvestorshaveexportedapproximatelyUS$t00millionofmachinery,plant,parts,andrawandintermediatematerials,whiletotalinvestmentshaveamountedtoUS$28million.Althoughtheamountofexportsincludestheexportsofrawmaterials,thefi
5、guresstronglysuggestasubstantialelementofKoreantechnologyinnewinvestments.ThesedatathusindirectlysupporttheownershipadvantagetheorythatLDCinvestorstransfertechnology.AnotherimportantfactortobenotedinexaminingtheownershipadvantagesofKoreanfirmisKoreangovernmentpolicies.Governmentpol
6、icieshaveincreasedcost-competitivenessofKoreanfirmsinforeignmarkets.Thegovernmentroleisespeciallynoteworthyinresource-basedFDIandFDIbyconstructionfirms.Koreaisheavilydependentonoverseasnaturalresources.Resourceimports,classifiedunderSITCcodes2or3,compriseapproximately45percentofKor
7、ea'stotalimports.2Fuelimportsinparticularsurgedaftertheoilpriceincreasein1979.InordertoreduceKoreandependencyonimportsfromunrelatedforeignsuppliers,thegovernmenthasencouragedprivateandstateenterprisestoinvestinoverseasresourcedevelopment.Thegovernment,forexample,providesloansatfavo
8、rableratesfor30percentofin
