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Chapter11ForeignDirectInvestmentText1UnderstandingForeignDirectInvestment(FDI)BackgroundKnowledgeBroadly,foreigndirectinvestmentincludes"mergersandacquisitions,buildingnewfacilities,reinvestingprofitsearnedfromoverseasoperationsandintracompanyloans".Inanarrowsense,foreigndirectinvestmentrefersjusttobuildingnewfacilities.ThenumericalFDIfiguresbasedonvarieddefinitionsarenoteasilycomparable.Asapartofthenationalaccountsofacountry,andinregardtotheGDPequationY=C+I+G+(X-M)[Consumption+grossInvestment+Governmentspending+(exports-imports],whereIisdomesticinvestmentplusforeigninvestment,FDIisdefinedasthenetinflowsofinvestment(inflowminusoutflow)toacquirealastingmanagementinterest(10percentormoreofvotingstock)inanenterpriseoperatinginaneconomyotherthanthatoftheinvestor.FDIisthesumofequitycapital,otherlong-termcapital,andshort-termcapitalasshownthebalanceofpayments.FDIusuallyinvolvesparticipationinmanagement,joint-venture,transferoftechnologyandexpertise.StockofFDIisthenet(i.e.InwardFDIminusOutwardFDI)cumulativeFDIforanygivenperiod.Directinvestmentexcludesinvestmentthroughpurchaseofshares.FDIisoneexampleofinternationalfactormovements.Text1DefinitionWhyisFDIimportantforanyconsiderationofgoingglobal?HowHasFDIChangedinthePastDecade?WordsandExpressionsimpetus

n.推动；促进；推动力(Somethingthatgivesaprocessimpetusoranimpetusmakesithappenorprogressmorequickly.)ThisdecisionwillgiverenewedimpetustotheeconomicregenerationofeastLondon.这一决定会给东伦敦的经济复苏带来新的推动力。attendant

a.伴随的；附带的；相关的(Youuseattendanttodescribesomethingthatresultsfromathingalreadymentionedorthatisconnectedwithit.)MrBranson‘svictory,andalltheattendantpublicity,werewelldeserved.布兰森先生的胜利，以及随之而来的关注度，都是理所应当的。...therisksattendantontheexplorationoftheunknown.探索未知所带来的危险license

v.批准；许可(Tolicenseapersonoractivitymeanstogiveofficialpermissionforthepersontodosomethingorfortheactivitytotakeplace.)Undertheagreement,thecouncilcanlicenseaU.S.companytoproducethedrug.根据协议，委员会可授权一家美国公司生产这种药品。proponent

n.支持者；拥护者；辩护者(Ifyouareaproponentofaparticularideaorcourseofaction,youactivelysupportit.)Halseywasidentifiedasaleadingproponentofthevaluesofprogressiveeducation.哈尔西被认为是进步教育价值观的主要拥护者。retentionn.保持；保留Theretentionofsomethingisthekeepingofit.Theysupportedtheretentionofastrongcentralgovernment.他们赞成保留一个强大的中央政府。sentences1.Thechangeintradeandinvestmentpoliciesandtheregulatoryenvironmentgloballyinthepastdecade,includingtradepolicyandtariffliberalization,easingofrestrictionsonforeigninvestmentandacquisitioninmanynations,andthederegulationandprivatizationofmanyindustries,hasprobablybeenthemostsignificantcatalystforFDI’sexpandedrole.本句的主语为change,谓语动词为hasbeen,其中including引导的句子成分用来修饰主语。privatization私有化2.Thesimpleansweristhatmakingadirectforeigninvestmentallowscompaniestoplishsuchtasksasavoidingforeigngovernmentpressureforlocalproduction,circumventingtradebarriers,hiddenandotherwise,makingthemovefromdomesticexportsalestoalocally-basednationalsalesoffice,capabilitytoincreasetotalproductioncapacityandopportunitiesforco-production,jointventureswithlocalpartners,jointmarketingarrangements,licensing,etc.avoiding,making引导的成分用来修饰taskscircumventv.规避，逃避（规则或限制）Text2CostsandBenefitsofFDItotheNation-StateBackgroundKnowledgeImportanceandbarrierstoFDITherapidgrowthofworldpopulationsince1950hasoccurredmostlyindevelopingcountries.Thisgrowthhasbeenmatchedbymorerapidincreasesingrossdomesticproduct,andthusepercapitahasincreasedinmostcountriesaroundtheworldsince1950.Whilethequalityofthedatafrom1950maybeofquestion,takingtheaverageacrossarangeofestimatesconfirmsthis.Onlywar-tornandcountrieswithotherseriousexternalproblems,suchasHaiti,Somalia,andNigerhavenotregisteredsubstantialincreasesinGDPpercapita.Thedataavailabletoconfirmthisarefreelyavailable.AnincreaseinFDImaybeassociatedwithimprovedeconomicgrowthduetotheinfluxofcapitalandincreasedtaxrevenuesforthehostcountry.HostcountriesoftentrytochannelFDIinvestmentintonewinfrastructureandotherprojectstoboostdevelopment.Greatercompetitionfromnewcompaniescanleadtoproductivitygainsandgreaterefficiencyinthehostcountryandithasbeensuggestedthattheapplicationofaforeignentity’spoliciestoadomesticsubsidiarymayimprovecorporategovernancestandards.Furthermore,foreigninvestmentcanresultinthetransferofsoftskillsthroughtrainingandjobcreation,theavailabilityofmoreadvancedtechnologyforthedomesticmarketandaccesstoresearchanddevelopmentresources.Thelocalpopulationmaybeabletobenefitfromtheemploymentopportunitiescreatedbynewbusinesses.CostsandBenefitsofFDItotheNation-StateAdverseeffectsoncompetitionResourcetransfereffectsEmploymenteffectsBalanceofpaymentseffectsNationalsovereigntyandautonomybenefitscostsHostcountryeffctsWordsandexpressionsindigenousa.当地的；本土的；土生土长的(Indigenouspeopleorthingsbelongtothecountryinwhichtheyarefound,ratherthancomingthereorbeingbroughttherefromanothercountry.)...thecountry'sindigenouspopulation.该国的本土人口subsidiaryn.1.附属公司；子公司(Asubsidiaryorasubsidiarycompanyisacompanywhichispartofalargerandmoreimportantcompany.)...BritishAsiaAirways,asubsidiaryofBritishAirways.英国亚洲航空公司，英国航空公司的子公司2.辅助的；附带的；次要的(Ifsomethingissubsidiary,itislessimportantthansomethingelsewithwhichitisconnected.)Theeconomicsministryhasincreasinglyplayedasubsidiaryroletothefinanceministry.经济部已经越来越成了财政部的附属了。monopolize

v.独占；垄断(Ifyousaythatsomeonemonopolizessomething,youmeanthattheyhaveaverylargeshareofitandpreventotherpeoplefromhavingashare.)Theyarecontrollingsomuchcocoathattheyarevirtuallymonopolizingthemarket…他们控制了大量的可可粉，因此他们几乎垄断了整个市场。repatriate

v.把（海外利润）调回国内(Ifacompanyrepatriatesprofitsthatithasmadeinanothercountry,itbringsthembackintoitshomecountry.)Foreigninvestorsaretobeallowedtorepatriateprofitsoveronebillionrupees.外国投资者将被允许将利润额超过10亿卢比的部分调回国内。sentences1.Beneficialspinoffeffectsarisewhenlocalpersonnelwhoaretrainedtooccupymanagerial,financial,andtechnicalpostsinthesubsidiaryofaforeignMNEsubsequentlyleavethefirmandhelptoestablishindigenousfirms.spinoffeffects溢出效应who引导的定语从句修饰localpersonnelpost=position职位sentences2.Althoughahostgovern