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文献出处：Ramasamy B, Laforet S. The location choice of foreign direct investment location choice [J]. Journal of World Business, 2014, 47(1): 17-25.

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The location choice of foreign direct investment location choice

Ramasamy； Laforet .

Abstract

With the acceleration of international capital flows, foreign direct investment location researches are increasingly brought to the attention of the people. Foreign direct investment location research includes general theory of foreign direct investment, foreign direct investment in the macro level and micro level in foreign direct investment in content. Foreign direct investment theory since the hammer of monopoly advantage theory has developed rapidly, has produced many influential theory and genre, but mature and universal foreign direct investment theory system has not yet formed. Scholars of foreign direct investment (FDI) in macro and micro level research mainly concentrated in the country and an area of instead of foreign direct investment to explore aspects of specific determinants and its effect, and effect of foreign direct investment (FDI) location decision space depend on the elaboration, analysis of dynamic evolution, regional scale decomposition, similarities and differences between the international comparison and industry research is still weak. Article argues that these weaknesses as well as more perfect theoretical framework of foreign direct investment will become the future foreign direct investment location research important frontier.

Key words: foreign direct investment; location decision; micro FDI location decision

1 Introduction

Foreign direct investment (FDI) location decision problem as an important topic of international academic research, because of its interdisciplinary research contents and methods, has become the research frontier of economics, geography, management, and even politics. Scholars in recent decades, different fields of FDI location decision problems are a lot of theoretical and empirical research. From the existing results of FDI location decision research content mainly includes three aspects: one is the general theory of FDI, the theory of international direct investment behavior, it is the basis of the research on FDI location decision, has formed many schools; Second, the macro FDI location research, the essence of which is the study of location selection of FDI country;3 it is micro FDI location research, to explore a instead of FDI regional differences and its determinants. But both general FDI theory and study the macro and micro level, is far behind the academic consensus. In addition, how to create a more favorable geographical conditions to attract more FDI, is currently in many countries, especially developing countries) and a instead and regional issues of common concern, and the existing FDI location research is cannot provide fully effective theoretical support, needs to be updated more mature in the practice of FDI location research results to guide the decision. System, therefore, review and summarize the existing research results of FDI location decision, to find out the defects of the present study, a clear direction to the forefront of research in the future to improve FDI location theory and effective decision making is of great significance to guide practice.

2 A progress, foreign direct investment theory and its schools

After the Second World War, the FDI flow increases gradually, and become one of the dominant driving force of economic globalization of the world. In this new situation, the problem of FDI has become the international field of academic research hot spot. Before the 1960 s, western scholars on the interpretation of the international capital flow, more is to emphasize the new classical economics theory of the traditional principle of comparative advantage, think that the root reason for

international capital flow is the interest rate difference from country to country. As the international direct investment scale expands unceasingly, scholars increasingly in-depth study of Fri.’s a result of the research Angle, object, method and so on are different, they put forward the point of view is different also, and formed many schools. This article will discuss only affect more extensive, reflect the track of development of the theory of FDI main schools, these schools according to the overall and its follow the theory of perspective can be divided into two categories: the first category is based on the theory of international trade theory of Frisch schools of thought for studying the general reference to the classical international trade theory, especially the theory of comparative advantage, to provide theoretical basis for study of its FDI.More influential include: (1) the Vernon (1966) international product life cycle theory. The theory is that the product is in different stages of innovation, mature and standardized, multinational companies to adopt internationalization strategy is different also, mature and standardized stage progressive loss due to the monopoly advantage and is suitable for foreign direct investment. The theory explains the greatly after the second world war the United States investment motives of the enterprises in Western Europe, but cannot explain to the direct investment of developed countries in developing countries.(2) Kojima (1978) theory of comparative advantage. The theory is that FDI is a combination of capital, technology and management way, its contribution is to break the previous FDI theory research object has always been the limitations of U.S. companies, for the first time distinguishes between the inverse shun trade guide FDI trade guide and Japan. But its FDI are divided into two types, that is, American and Japanese and deny monopolistic factors on the effect of FDI, both in theory and practice is hard to stand up.(3) originated from Weber's industrial location theory, (1977) proposed by Dunning, etc and the development of theory of location advantage. The theory is that larger location advantage of host country is necessary for multinational companies to FDI and deciding FDI decision tendency and industry structure and type. And that location advantage is dynamic, the economic development of a country (region) level and the change of the structure will change its geographical conditions, thus affect FDI

location decision.(4) the Dunning (1981) theory of stage of development. Determinants of a country's FDI flow to the country's economic development and structure exist correlation system. This theory has a high practical value and a country at a certain stage, necessarily linked with the corresponding characteristics of FDI policy (new cui, 2002), a deficiency is unable to explain some developed countries due to the direct investment is very big between the actual net outward investment has very small phenomenon. The second type is based on the theory of industrial organization theory of FDI. That is, from the perspective of industrial organization to capital through multinational management to achieve maximum value target for the idea, to build the theory framework.Be influential genres include: (1) the monopoly advantage theory of Hymer.Hymer (1976) for the first time demonstrated that FDI is different from the securities investment, and argue that multinational company foreign direct investment, because they have the monopoly of the specific advantages, such as economies of scale, knowledge advantage, distribution network, production diversification and innovation ability, raw material control, condensation and reputation advantages, etc.But the theory is basically according to the enterprise's FDI behavior research, and lack of universality.(2) Kindle Berger (1969) theory of oligopolistic reaction. In the further study of the second world war the United States after the characteristics of foreign direct investment, according to Kindle Berger oligarchs enterprise take any activity, other companies will make corresponding responses, foreign investment in the us will also be divided into two types of offensive and defensive, the former refers to the monopoly of multinational companies overseas expansion, the latter refers to other companies to protect and follow up investment in overseas markets, and I thought this is a major cause of FDI.(3) such as Buckley (1976) and Rugman market internalization theory (1987).Dunning think multinational company via FDI to the internalization of external market trading as much as possible in order to overcome the external market failure, as long as the marginal profit is greater than the marginal cost, the company has the internalization of motivation.

3 The research progress of foreign direct investment macro location decision

Theoretical and empirical research on FDI location selection is an important topic of the international academic attention in recent years. Initially, clear geographical analysis method of introducing FDI behavior research is a British scholar Dunning (1973), then Vernon (1974) and so on the related writings also discusses the FDI location problem, after location analysis gradually become one of the hot spot in the FDI theory. The following from the theory of FDI location and the influence factors of FDI location decision research from two aspects to understand its progress. (1) research on the theory of foreign direct investment location in front of the introduction of FDI theory, many scholars have noticed the importance of location factors, such as Dunning, Vernon had more deeply discussed problem of FDI location. Dunning in its international production compromise theory emphasizes the three advantages include the geographical advantages, and the FDI location factors as market, trade barriers, and location cost and investment environment four categories (Dunning, 1973197 (7).Later Dunning the FDI location factors and made a further elaboration of complement and development (Dunning, 1988, 2006).(2) research on the influence factors of FDI location decision to study the effect of FDI location decision factors generally there are two ways, one is through a company on-the-spot investigation to understand the influence factors of FDI location decision; The second is the econometric analysis to explore the determinants of FDI location. From the point of different literature, these two methods there are many influence factors of examine.

4 The research progress of foreign direct investment in the micro location decision

FDI research focus on the micro level a instead of FDI regional differences and its determinants. Due to micro locational research significance for a instead of the regional planning policy response is bigger, so it attracts many scholars research interests. Micro FDI location decision research mainly has three aspects, one is the enterprise level, the second is the regional level, and the third is the source level.

5 The prospect of research, foreign direct investment location decisions