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Foreign direct investment and financial markets influences: Results from the United States

机译：外国直接投资和金融市场影响：美国的结果

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摘要

This paper investigates the linkages among Foreign Direct Investment (FDI-greenfield and mergers and acquisitions (M&A)) decisions and equity market returns and volatilities. The central premise is that FDI decisions by Multinational Enterprises (MNE) are influenced, among other factors, by risk and uncertainty indicated by equity market returns and volatilities in the destination (host) countries. This is because of the events on the stock markets in general, and their volatilities, in particular, signal the vitality of the investment climate of the target country. Including capital market variables among the determinants of FDI is important for assessing the cost of capital and for evaluating direct investment and asset allocation decisions.Secondary time-series data (quarterly) were used on incoming US FDI from 1994 to 2018 along with data on independent variables such as exchange rates, inflation, market size, equity market returns, and equity market volatilities. Thus, the paper endeavors to contribute to the International Business literature by highlighting the role played of equity returns and volatilities in FDI decisions and therewith attempts to integrate finance (capital markets) with International Business/Strategic Decision making. Several different regression specifications (OLS, Fixed, and random-effects and VAR) were utilized to analyze the data, and capital market variables (stock returns and volatilities) were found to influence the location of production facilities by a multinational enterprise (MNE). In other words, the share of production capacity optimally located abroad, as well as M&A decisions, are influenced by capital market returns and volatilities.
机译：本文调查了外国直接投资（FDI-Greenfield和Mergers及收购（并购））决定和股权市场回报和持有情况的联系。中央前提是，跨国企业（MNE）的外国直接投资决策受到目的地（东道国）国家的股权市场回报和持有量的风险和不确定性的风险和不确定性。这是因为股票市场的事件一般，以及它们的挥发性，特别是指导目标国家的投资气候的活力。包括外商直接投资决定因素的资本市场变量对于评估资本成本以及评估直接投资和资产分配决策是重要的。正中时序数据（季度）于1994年至2018年从1994年到2018年与独立数据一起使用汇率，通货膨胀，市场规模，股权市场回报和股权市场波动等变量。因此，本文通过强调在外国直接投资决策中发挥的股权回报和挥发性的作用以及将财务（资本市场）与国际商业/战略决策融合的作用作出贡献。利用了几种不同的回归规范（OLS，固定和随机效应和VAR）来分析数据，并发现资本市场变量（股票回报和挥发性）影响跨国企业（MNE）的生产设施的位置。换句话说，在国外最佳地位以及并购决策的生产能力份额受资本市场回报和持有情况的影响。

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  • 来源
    《The North American journal of economics and finance》 |2020年第7期|101182.1-101182.13|共13页
  • 作者

    Yavas Burhan F.; Malladi Rama K.;

  • 作者单位

    Calif State Univ Dominguez Hills Dept Accounting Finance & Econ Carson CA 90747 USA|Calif State Univ Dominguez Hills Carson CA 90747 USA|Dept Accounting Finance & Econ Carson CA USA;

    Calif State Univ Dominguez Hills Dept Accounting Finance & Econ SBS C-315 Carson CA 90747 USA|Calif State Univ Dominguez Hills Carson CA 90747 USA|CFA Soc Los Angeles Los Angeles CA USA;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Equity returns and volatilities; FDI decisions; Supply chains; MA;

    机译：股权回报和波动性;外国直接投资决策;供应链;并购;

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