| After World War II, during more than half of the century, as the multinational corporations of modern times have occurred, direct investment abroad has met its unprecedentedly rapid evelopment. It has not only played an important role in the economic growth and social progress of developed and developing countries, but also forcefully promoted the further development of international trade and finance, and deepened international division of labor of social production, having deeper and deeper effect on the entire international economy. Over 20 years of reform and opening, China has achieved great successes in terms of absorbing direct foreign capital, attracted the world-wide attention and become the first option of foreign investing. This paper, first, makes a summary of the present theoretical research on China's utilizing of foreign funds. Then it gives an analysis and discussion of China's further needs for introducing of foreign capital. Hence, it leads to the analysis of the structure of utilizing foreign capital. The structure issues of direct foreign investment are the important issues of the course of carrying out investing behavior, which have their own independent characters as well as close mutually relations. International direct investment theory is the guiding theory of the multinational direct investment, including the motives of investing and the conditions of investing, the decisive factors and the investing advantages etc. Each theory with certain points of view and definite purposes takes up the multinational direct investment under certain conditions. In chapter I , this paper sums up the world classical theories of direct investment abroad, which is of great significance in understanding the investment behavior of multinational corporations in China and improving the academic level of China's theoretical research. In chapter II, in accordance with the scale and actual situation of China's utilizing of foreign funds, on the basis of exact data, it analyses the regional structure, pattern structure, source structure as well as the industrial set-up, and probes into the industrial set-up, upgrading effects and influential mechanism of foreign investment all-sidedly and systematically. In chapter III, it analyses the effects of utilizing of foreign direct investing on China's economy, in the light of international direct investment theory, on the basis of a good understanding of present situation, and a good command of vast amount of scientific data. In chapter IV, it makes data analyses and predictions of the tendency of China's utilizing of foreign capital in the coming years, which based on the dynamic data of China's utilizing of foreign capital and probes into the new features of foreign investing, especially the five great trends that will appear in this field. At last, in chapter V, it puts forward reasonable suggestions on the direction of China's foreign funds utilizing in future and makes achievements in scientific research according with the present situation. As the rapid development of the international direct investment and the quick process of China's internationalization, the practical significance of this proposition is becoming more and more important. The innovations of this paper are: it (1) makes predictions of the tendency of China's utilizing of foreign capital by the data derivation method; as well as (2) puts forward the idea that foreign capital should involve in the shareholding-system's reform of state-owned enterprises as the important way of foreign capital utilizing on an extended scale. |
