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利用外资的实际到位率反映利用外资的成本收益,投资环境的信息不对称是影响外资实际到位率的重要因素。在信息对称条件下,实际外资与合约外资是一致的;外商对东道国投资环境的了解远比东道国少,外商签订投资合约时依据现有的投资环境信息选择投资额,在实际经营过程中,外商发现真实的投资环境反映的交易成本高于预期,按照边际利润等于边际成本的原则,外商削减实际投资额。中国实际外资到位率的变化验证了这一观点。
The actual utilization rate of foreign investment reflects the cost-benefit of utilizing foreign investment. Asymmetric information in the investment environment is an important factor that affects the actual rate of foreign investment. Under the condition of information symmetry, the actual foreign investment is consistent with the contractual foreign investment. The foreign investors’ understanding of the investment environment in the host country is far less than that of the host country. When the foreign investors sign the investment contract, the amount of investment is selected based on the existing investment environment information. In actual operation, It is found that the real investment environment reflects higher than expected transaction costs. In accordance with the principle of marginal profit equal to marginal cost, foreign investors cut their actual investment. The change in the actual rate of foreign investment in China validates this view.