外文翻译

毕业设计（论文）外文翻译题目学院专业班级学号学生姓名指导教师温州大学本科毕业设计建筑与土木工程学院1DeterminantsofUSinvestmentinrealestateabroadFariborzMoshirian*,ToanPhamSchoolofBanking&Finance,TheUni6ersityofNewSouthWales,Sydney,NSW2052,AustraliaReceived22January1998;accepted22April1999Abstract：ThepurposeofthispaperistoanalyseanddiscussthosefactorswhicharecontributingtotheexpansionofUSFDIinrealestate.TheempiricalresultsofthismodelofFDIinrealestateshowthatasUSforeignfinancialliabilitiesincrease,thereisanaccompanyingincreaseinitsFDIinrealestate.ThisresultisconsistentwiththestudybyRussekh,F.,Ruffin,R.,1986.TheroleofforeigndirectinvestmentinUScapitalflows.Am.Econ.Rev.76,1127–1130,whoshowedthatUSFDIabroadisasubstituteforUSfinancialassets.Furthermore,theempiricalresultsindicatethatasreturnsfromtheUSstockmarketdecline,therearemoreincentivesforUSinvestorstoinvestinforeignrealestate.TheempiricalresultsalsoshowthatUSfinancialwealth,USFDIinmanufacturingandbankingandUSbilateraltradecontributepositivelytotheexpansionofUSFDIinrealestate.©2000ElsevierScienceB.V.Allrightsreserved.Keywords:Realestate;Foreigndirectinvestment;Stockmarket1.IntroductionSincetheearly1980s,accordingtotheWorldInvestmentReport(UnitedNations,1997),world-wideflowsofforeigndirectinvestment(FDI)havegrownatunprecedentedrates,toreachatotaloutflowofabout$420billionin1996.TheannualaveragegrowthrateofFDIhasbeen33%between1987and1996whichfarexceededthatofmerchandiseexports(12%)andnominalGDP(12%).USFDIabroadiscategorisedintoseveralindustries.OneofthecategoriesofUSFDIabroadisFDIinrealestate,asopposedtoFDIinmanufacturing,banking,etc.WhileitisobservedthatUSFDIinrealestateissmall,ithasincreasedbymorethanfourtimesovertheperiod1985–1997.TherearefivemajorcountriesinwhichtheUShasinvestedinrealestate.TheseareCanada,theUK,Mexico,FranceandItaly.In1997,almost39%oftheUSFDIabroadinrealestatewasintheUK,21%inCanada,12%inMexico,3%inFranceand3%inItaly.Realestateinvestmenthaslongbeenconfinedtomarketswithwhichinvestorsarefamiliar.InternationaldiversificationwasnotontheagendaasWebb(1984)foundinacomprehensivesurveyofUSinstitutionalinvestors’attitudesinthe1970sandearly1980s.Theyappearedtodiversifyonlyoverdifferentpropertytypesandregionswithintheirhomecountry.However,in温州大学本科毕业设计建筑与土木工程学院2the1980sgrowingamountsofmoneywerebeinginvestedabroadinmanyindustries,includingrealestate.ThisisthefirststudyofFDIinrealestatewhichattemptstoprovideananalysisandanexplanationforthedeterminantsofUSinvestmentinrealestateabroadovertheperiod1985–1995.TheunpublishedquarterlydataonUSFDIinrealestate,manufacturingandbankingmakesuchastudypossible.AccordingtoanunofficialdefinitionoftheUSDepartmentofCommerce,FDIinrealestatecoversinvestmentbyUSprivateinvestorsinrealestateincludingdomicile,commercialbuilding1.Thepaperisstructuredasfollows:Section2reviewssomeoftherelevantliteratureinFDI;Section3proposesvariousfactorswhichcoulddetermineUSFDIinrealestate;Section4modelsUSFDIinrealestate;Section5describesthesourcesofdataandthemethodologyusedinthispaper;Section6reportstheempiricalfindings;andSection7makessomeconcludingremarks.2.LiteraturereviewTherehavebeenanumberofstudiesonFDIingeneral,inmanufacturing,bankingandinsurance.However,therehasnotbeenastudyofFDIinrealestate.ThissectionofpaperintendstosurveysomeofthemostrelevantFDIstudieswhicharerelevanttoFDIinrealestate2.Williams(1997)recentlysurveyedvariousestablishedtheoriesofFDIinthecontextofmultinationalbanking.InthissurveyhediscussedmajorFDItheoriessuchastheinternationalinvestmenttheory,theeclectictheoryandtheindustrialorganisationhypothesis;however,moststudiesofFDIhavebeenbasedontheeclectictheoryasameansofmeasuringthemostsignificantdeterminantsofFDI.SomestudiesofFDIhavehighlightedoneortwoasthemaindeterminantsofFDIabroad.Forinstance,studiesbyCushman(1987),andFrootandStein(1991)identifiedtheeffectsofexchangeratesonFDIasthemaindeterminantfactorforFDIabroad.StudiessuchasNigh(1986)arguedthatthesizeofthemarketinthehostcountryisthemostsignificantfactorforFDIabroad.SchneiderandFrey(1985)consideredthebalanceofpaymentasthemostsignificantdeterminantofFDIabroad.Furthermore,somestudiesfoundmorethanonefactorasthemajordeterminantsofFDIabroad.StudiessuchasCulem(1988)foundthatthehostmarketsize,themarketgrowthrate,unitlaborcost,tradeflowsandeconomiesofscaleare温州大学本科毕业设计建筑与土木工程学院3themajordeterminantsofFDIabroad.Inadditiontotheabovestudies,somespecificstudiessuchasGoldbergandJohnson(1990)andGrossandGoldberg(1991)weremadeintheareaofforeignbanks’activitieswhereanumberofhypothesessuchascostofcapital,marketsize,exchangerate,economicgrowthandtradewerefoundasthemajordeterminantsofFDIinbanking.Ascanbeseenfromtheabovestudies,mostofthestudiesofFDIhaveselectedcertainfactorsasthemostrelevantcontributorstotheFDIabroad.ThisisconsistentwiththeeclectictheoryofFDI.Inthisstudy,asintheabovestudies,anumberoffactorswhichappeartobethemostsignificantcontributorstotheexpansionofUSFDIinrealestateasopposedtoFDIingeneralormanufacturingwillbeidentified.3.FactorscontributingtoUSFDIinrealestateabroadInthissection,hypothesesbasedmainlyontheeclectictheorywillbeusedt