澳大利亚外商直接投资政策研究1945-2007

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1、澳大利亚外商直接投资政策研究1945-2007 2012 届研究生硕士学位论文学校代码:10269学 号:51090400024 澳大利亚外商直接投资政策研究 1945-2007院 系:外语学院英语系专 业:英语语言文学研究方向:澳大利亚研究指导教师:侯敏跃 教授论文作者:张 钒2012 年 3 月 AUSTRALIAS FOREIGN DIRECT INVESTMENT POLICIES1945-2007 Submitted by Zhang FanA thesis submitted in partial fulfillment of therequirements for the deg

2、ree ofMaster of Arts in English English DepartmentEast China Normal University Shanghai, ChinaMarch 2012 华东师范大学学位论文原创性声明郑重声明:本人呈交的学位论文澳大利亚外商直接投资政策研究 1945-2007,是在华东师范大学攻读硕士/博士(请勾选)学位期间,在导师的指导下进行的研究工作 及取得的研究成果。除文中已经注明引用的内容外,本论文不包含其他个人已经发表或撰写过的研究成果。对本文的研究做出重要贡献的个人和集体,均已在文中作了明确说明并表示谢意。 作者签名:张钒 日期:2012年

3、3月 19日华东师范大学学位论文著作权使用声明澳大利亚外商直接投资政策研究 1945-2007 系本人在华东师范大学攻读学位期间在导师指导下完成的硕士/博士(请勾选)学位论文,本论文的研究成果归华东师范 大学所有。本人同意华东师范大学根据相关规定保留和使用此学位论文,并向主管部门和相关机构如国家图书馆和“知网”送交学位论文的印刷版和电子版;允许学位论文进入华东师范大学图书馆及数据库被查阅、借阅;同意学校将学位论文加入全国博士、硕士学位论文共建单位数据库进行检索,将学位论文的标题和摘要汇编出版,采用影印、缩印或者其它方式合理复制学位论文。 本学位论文属于(请勾选) ( )1.经华东师范大学相关部

4、门审查核定的“内部”或“涉密”学位论文*, 于 年 月 日解密,解密后适用上述授权。 ()2.不保密,适用上述授权。导师签名侯敏跃 本人签名 张钒 2012年3月 19日* “涉密”学位论文应是已经华东师范大学学位评定委员会办公室或保密委员会审定过的学位论文(需附获批的华东师范大学研究生申请学位论文“涉密”审批表方为有效),未经上述部门审定的学位论文均为公开学位论文。此声明栏不填写的,默认为公开学位论文,均适用上述授权)。张钒 硕士学位论文答辩委员会成员名单姓名 职称 单位 备注 陈 弘 副教授 华东师范大学 主席 官 群 副教授 华东师范大学张吉生 教授 华东师范大学 Acknowledge

5、mentsThis thesis submitted to East China Normal University ECNU is an outgrowth of my studies. It would not have been completed without the help and support of many people, to whom I owe deep thankfulnessI would like to make my greatest gratitude first and foremost, to my thesis supervisor, Professo

6、r Hou Minyue, who has not only helped me with the guidance and correction of the thesis but also enlightened me with the insightful knowledge of Australia. He has walked me with his patience and encouragement during all the three years of study and through the whole process of thesis draftingMy grea

7、t appreciation must also go to Professor Chen Hong, who has endowed me with abundant opportunities to participate in academic lectures and activities, from which I was inspired and my views were broadenedI am also grateful to Professor Nick Bisley, my supervisor during my visit to La Trobe Universit

8、y in Melbourne, Australia, for discussing with me the layout of the thesis and offering me new ideas about the contentsSincere thanks must also go to the Faculty of the Humanities and Social Science at La Trobe University for their kindness and hospitality. I also want to thank the library of La Tro

9、be University for the access it provided me during my stay at La Trobe to the first hand materialsI wish to thank all my fellow classmates at East China Normal University, who visited Australia together with me for their kind-hearted help during our stay in AustraliaLast but not least, my special th

10、anks must go to my beloved parents, who have given me their love and support. It is their constant encouragement, care and assistance that have facilitated my study at ECNU and the completion of the dissertationi Acronyms and AbbreviationsABC Australian Broadcasting Corporation ABS Australian Bureau

11、 of Statistics AIDC Australian Industry Development Corporation ALP Australian Labor Party AMIC Australian Mining Industry Council AMP Australian Mutual Provident Society ANOP Australian National Opinion Polls FATA Foreign Acquisitions and Takeovers Act FDI Foreign Direct Investment FIAC Foreign Inv

12、estment Advisory Committee FII Foreign Indirect Investment FIRB Foreign Investment Review Board FTA Foreign Takeovers Act GBE Government Business Enterprise GDP Gross Domestic Product GNP Gross National Product IDP Investment Development Path IMD International Institute for Management MNC Multinatio

13、nal Corporation NSW New South Wales OLI Ownership advantages, Locational advantages and Internalization advantages R&D Research and Development RRT Resources Rent Tax TNC Transnational Corporation UNCTAD United Nations Conference on Trade and Development WCY World Competitiveness Yearbookii List of

14、FiguresFigure 1 Annual Inflow of Private Oversea Investment in Companies in Australia,by Type of Company in which Capital Invested, 1960-61 to 1964-6525Figure 2 Foreign Direct Investment in Australia, 1982-83 to 1986-8746Figure 3 Capital Transactions in Australia, 1982-83 to 1987-8847Figure 4 The Le

15、vels of Foreign Direct Investment in Australia.52Figure 5 The Proportion of Foreign Ownership of Equity.53iii List of TablesTable 1 Combination of Advantages and Forms of Economic Activities.11Table 2 Mining: Net Value of Production Apportioned to Australian and DirectOverseas Ownership, by Industry

16、, 1966 to 1968.29Table 3 Mining: Net Value of Production Attributed to Direct Overseas andAustralian Control, by Industry, 1966 to 1968.29Table 4 Foreign Ownership of the Australian Mineral Industry30Table 5 Inflow of Direct Overseas Investment in Companies in Australia, by Industry38Table 6 Inflow

17、of Direct Foreign Investment in Enterprises in Australia, byIndustry Group.41Table 7 Foreign Ownership and Control of the Mining Industry 1982-8343Table 8 Share in Flow of Direct Investment into Australia, 1980-81 to 1990-91.49iv 摘 要 在 21 世纪最初十年间,随着经济全球化的发展,世界各国越来越多地参与到世界经济事务中。作为经济全球化的重要动力之一,外商直接投资(

18、FDI)对世界经济的增长做出了重要贡献。虽然外商直接投资最早可以追溯到 18 世纪英国工业革命之时,但直至二战结束后才真正得到了快速发展。而作为英国殖民地的澳大利亚,自 1788 年英国人建立殖民地起,就开始了利用外资发展经济的历程。在 1901 年澳大利亚联邦建立之后,独立的外商投资政策开始形成,并在第二次世界大战后逐步趋于完善。然而,纵观澳大利亚外商投资政策的发展历程,澳大利亚政府在对待外资的态度和政策上并非始终如一。甚至在20世纪70年代以前,经过将近200年的发展,澳大利亚都没有颁布具体的法律来管理外商投资。而从 70 年代开始,澳大利亚政府不仅颁布法律,设立机构来管理外资,并且在相对

19、较短的时期内,使政策不断发生转变。在二战后外商直接投资得到快速发展之时,澳大利亚从奇夫利政府到霍华德政府的外商直接投资政策分别是什么?这些政策都有什么特点?是什么原因促使政府对政策做出调整?本文从外商投资的定义出发,以当前主流的国际直接投资理论为依据,采用参考历史文献和利用官方统计数据相结合的方法,详细阐述了从1945年到2007年澳大利亚政府在外商直接投资上的态度和政策,并分析了导致这些态度和政策转变的原因,同时利用数据说明这些转变对澳大利亚引入外商直接投资政策的影响,从而回答上面提出的问题。文中所反映的事实充分表明,在战后 60 多年的时间里,澳大利亚在引入外商直接投资政策上经历了三个阶段

20、,分别是门户开放阶段、限制阶段和自由化阶段,并从最初的欢迎外商直接投资演变为鼓励和审查并存的局面。虽然总理和财政部长在对待外商直接投资的问题上扮演着举足轻重的角色,但影响政策走向,使其在短时期内不断变化的更深层次的原因则是澳大利亚利用外资发展经济的需求和国内经济民族主义的相互作用。在 2007 年霍华德任期结束时的鼓励和审查并存的局面,正是这两种因素相互妥协的结果。关键词:澳大利亚,外商直接投资,政策 v AbstractstThe first decade of the 21 century has witnessed the development of globalization bec

21、ause of which countries around the world increasingly integrate into the world economyAs one of the significant driving forces, Foreign Direct Investment FDI contributes a lot to ththe growth of the world economy. Although it can be traced back to the 18 century when Great Britain was accelerating i

22、ts Industrial Revolution, the real and rapid development of international direct investment did not unveil until the end of the Second World War. Australia, as one of the British colonies in the colonial era, used to utilize foreign capital to develop its national economy since the commencement of t

23、he white settlement on the continent in 1788After the foundation of the Commonwealth of Australia in 1901, independent foreign investment policies gradually took shape and gained tremendous improvement in the post-war eraHowever, a chronological survey of the development of foreign investment polici

24、es of Australia reveals that the Australian official attitudes towards, and policies of, foreign investment were not always consistent. Even after approximately 200 years of settlement, there were no specific laws issued by the government to supervise foreign investment before the 1970s. From the 19

25、70s, nonetheless, the government not only introduced laws and established institutions to govern foreign investment, but also improved the policies over FDI in comparatively short periods. What were the policies of the Australian governments from Ben Chifley to John Howard in the post-war era when F

26、DI developed rapidly? What were the characteristics of them? What were the reasons behind the changes of the policiesBased on the definition of foreign investment, the theories of FDI as the theoretic foundation, and relevant historic reviews and official statistics, this dissertation is intended to

27、 explore the Australian governments attitudes towards and policies over FDI from 1945 to 2007, and analyze the reasons behind the changes and the impacts of the alterations on the inward FDI polices of Australia, so that the questions proposed above can be answered. In general, Australia has experie

28、nced three stages in relation to its FDI policies in the phase under study, namely, the open door period, the restriction period and the liberalization period, and shifted from a welcoming stance to the coexistence of encouragement and examinationThough the Prime Minister and the Treasurer played im

29、portant roles in FDI decision making, vi the more deeply-rooted reasons affecting the FDI policies were the dual impacts of the economic need for foreign investment and the growing economic nationalism. The approach of coexistence of encouragement and examination maintained at the end of the Howard

30、government in 2007 resulted from a compromise between the two elementsKey Words: Australia, foreign direct investment, policies vii Table of Contents Acknowledgements. i?Acronyms and Abbreviations ii?List of Figures. iii?List of Tables iv?摘 要v?Abstractvi?Chapter 1 Introduction. 1?1.1 The Introductio

31、n of the Issue1?1.2 Literature Review. 2?1.2.1 Overseas Literature 2?1.2.2 Domestic Literature3?1.3 Objectives. 4?1.4 Methodology4?Chapter 2 FDI Theories and Development. 5?2.1 Conceptions and Forms of Foreign Investment. 5?2.2 FDI Theories6?2.2.1 FDI Theories of Developed Countries. 6?2.2.1.1 Monop

32、olistic Advantage Theory. 6?2.2.1.2 Life Cycle Theory 7?2.2.1.3 Internalization Theory8?2.2.1.4 The Eclectic Theory of International Production. 10?2.2.1.5 Comparative Advantage Theory 11?2.2.2 FDI Theories of Developing Countries 12?2.2.2.1 Theory of Comparative Over-accumulation of Capital. 12?2.2

33、.2.2 The Theory of Small Scale Technology 13?2.2.2.3 State on Localized Technological Capacities. 13?2.2.2.4 Theory of Technological Innovation and Industry Development. 14?2.2.2.5 The Theory of Investment Development Path 14?2.3 Development Tendency of FDI Theories15?2.3.1 The Theory of Inductive F

34、actors Combination of Investment16?2.3.2 Competitive Advantage Theory 16?2.4 The Theoretic Foundation of the Dissertation. 17?Chapter 3 An Open Door for FDI. 18?3.1 Inward FDI before 1945. 18?3.2 Restoration and Reconstruction 1945-194920?3.2.1 Demand for Population 20?3.2.2 Immigrants and Overseas

35、Capital 21?3.3 Gradual Vacillation of Liberal FDI Policies 1950-1966. 22?3.3.1 Disputes over Costs and Benefits 22?3.3.2 “Growth with Stability” 25?Chapter 4 Restrictions on FDI 28?4.1 The Coalitions Successive Attempts 1967-197228?4.1.1 A Failed Attempt to Restrict FDI. 28?4.1.2 Political Dilemma a

36、nd Ambiguity32?viii 4.2 Economic Nationalism and Restrictions on FDI 1973-1975 34?4.2.1 Labor and Economic Nationalism34?4.2.2 The Foreign Takeovers Act 1975. 36?4.3 Affirmation of Restrictive Policies 1976-1983 38?4.3.1 The Establishment of the Foreign Investment Review Board38?4.3.2 Protection of

37、National Resources 40?Chapter 5 Liberalization 44?5.1 Crises and Reform 1984-1996. 44?5.1.1 Currency and mid-1986 Crises. 44?5.1.2 Beginning of Liberalization 45?5.1.3 A Further Step on Liberalization. 49?5.2 From Downturns to Growth 1997-2007. 50?5.2.1 Privatization50?5.2.2 Coexistence of Encourage

38、ment and Examination52?5.3 Further Research Issues54?Chapter 6 Conclusion. 55?Bibliography 56ix Chapter 1 Introduction1.1 The Introduction of the Issue stIn the first decade of the 21 century, countries around the world increasingly integrate into the world economy with the economic globalization im

39、posing profound impacts on their domestic economy. Foreign direct investment FDI, as one of the significant driving forces of economic globalization, contributes a lot to the growth of the world economy. Although it can thbe traced back to the first half of the 18 century when England was accelerati

40、ng its Industrial Revolution, the real and rapid development of international direct investment did not unveil until the end of World War Two. As one of the British colonies in the colonial era, Australia used to make use of foreign capital to develop its national economy since British colonists est

41、ablished their settlement in 1788. After the foundation of the Commonwealth of Australia in 1901, independent foreign investment policies gradually took shape and grew faster after the Second World War. In particular, the Foreign Investment Review Board FIRB was established and laws and regulations

42、like the Foreign Takeovers Act 1975 were introducedAustralia is now attracting investors from every corner of the world with its abundant natural resources, political stability and strictly rule-based financial system. According to the United Nations Conference on Trade and Development UNCTAD report

43、, in 2005 Australia was one of the most preferred locations for foreign affiliates of the top 50 financial Transnational Corporations TNCs, ranking 6th ahead of developed countries and economies such as Hong Kong, Canada, Singapore and Japan. In 2007, The International Institute for Management Devel

44、opment IMD released its World Competitiveness Yearbook 2007 WCY 2007, indicating that Australia had been ranked the most resilient economy in the world for five of the past six years, that is, 2001-06. In accordance with the Australian Trade Commission Austrade, Australias inbound FDI increased by 1

45、0% in 2009, amounting to A$ 436 billionIn WCY 2010, Australia ranked the fifth most competitive nation in the world. It can be rightly claimed on the basis of these figures that Australia has become an attractive host country of foreign investmentHowever, the FDI into Australia was not governed by p

46、olicies at the very beginning of the white settlement on the continent. In fact, not until the mid-1970s did the Australian 1 government issue its laws to supervise FDI as well as other foreign investments. Though the official policies and attitudes towards FDI into Australia lasted over 200 years,

47、the legal governance of FDI and other foreign investments was no more than 40 years long. These policies, attitudes and laws have undergone modifications and alterations over time, which demonstrated dissimilar traits under altered governments in different times. Meanwhile, given the fact that FDI o

48、f the world did not achieve real and rapid development until the post-war era, the inbound FDI of Australia also had the same pace with that of the world, so its inward FDI policies after the Second World War played a crucial role in the performance of FDI into AustraliaIn addition, seen from the st

49、atistics of Australias inbound FDI in the post-war era, the volume did not demonstrate a constant rising feature but a fluctuated one. What were the factors that caused the fluctuations? What were the attitudes towards, and policies of, inward FDI under different governments? Why did these governmen

50、ts make changes to the attitudes and policies? This dissertation tries to find out the answers to these questions 1.2 Literature Review 1.2.1 Overseas Literature After the Second World War, international investment gradually recovered from the destruction of the war and stepped into a rapid developm

51、ent phase in the 1970s, which attracted continuous attention in the academic community. Scholars abroad conducted researches from different aspects on international investment, including foreign direct investment. For example, in 1976, H.F. Bell, an economic advisor to Australian Mutual Provident AM

52、P Society, pointed out in his Australian Government Policy in Relation to Foreign Investment that Australia had clear official policies on FDI, the antipathetic attitude towards foreign investment had been moderated and the FDI policies would be stable in the context of bipartisanship. As a professo

53、r of international business and policy analysis, DrGloberman, in 1988, proved the tendency of liberalization of FDI by analyzing policy changes of many countries including Australia. Through analysis of the economic costs and benefits of FDI, Tony Making, Senior Lecturer in Economics at the Universi

54、ty of Queensland, indicated in 1996 that restrictive FDI policies in those years caused great loss to the attraction of foreign 2 investment, and suggested that Canberra adopt more liberal FDI policies in his Liberalising Australias Foreign Investment Policy. However, Peter Brain held opposite opini

55、ons. In 2000, he argued that the inflow of foreign investment will influence Australian strategic industries, so he called on the government to set restrictions on FDI to protect these industries in his Stop Selling Australias Future. In the same year, C.J. Pokarier analyzed the political factors in

56、 the Australian FDI from 1960-96. Besides, J.Y.Y. Yang, N. Groenewold and M. Tcha 2000:45 analyzed FDI from an economic perspective and stated that “interest rates, wage changes, a measure of the openness of economy and a variable representing industrial disputes were important determinants of FDI i

57、nflows into Australia”. In 2009, by examining exports, imports, foreign direct investment, foreign portfolio investment and other foreign investments, Krishna G. Iyer, Alicia N. Rambaldi and Kam Ki TanBg 2009 stated that the practice of using financial incentives to attract FDI was justified and emp

58、hasized the significance of FDI and imports to Australia, a country far away from other nations, to attract international technologies 1.2.2 Domestic Literature Xu Guangheng 1992 claimed that the Australian government welcomed all kinds of foreign investment by introducing and analyzing its foreign investment policies. Qi Xiulan 1995 highlighted the supervision of foreign investment in the tax respect. In mining industry, senior economic engineer Zhang Hua 2001 analyzed the inve