Giáo trình kinh tế quốc tế phần 2 PGS TS đỗ đức bình

Chtfdng OAU TU QUOC TE VA DI CHUYEN LAO B0NG QUOC TE Giai thieu D;iu tu quoc te la mot nhung noi dung quan cua cac quan he kinh te quoc te Noi dung chtrong truac het giai thieu v khai niem va nhung tac dong cua dau tu quoc te doi vai nuac tiep nhan va nuac di dau tu Tiep den la phan giai thieu nhung van 66 ca ban ve hai loai hinh ddu tu quoc te (dau tu true tiep va dau tu gian tiep nu 6c ngoai) Tiep sau nhung van d& chung ve dau tu nuac ngoai tai Viet Nam la phan di chuyen lao dong quoc te vai nhung van d6 lien quan den quan niem, xu hucmg van dong, hieu qua phuc lai, cac tac dong den cac doi tugng huu quan va tinh hinh xuat khau lao dong cua Viet Nam 3.1 KHAI NIEM VA TAC D 0N G CUA DAU T l/Q U O C TE 3.1.1 Khai niem va nguyen nhan cua dau tu quoc te 3.1.L I Khai niem Dau tu quoc te la mot hinh thtirc cua di chuyen quoc te v6 von, von dugc di chuyen tu quoc gia sang quoc gia khac d i thue hien mot hoac mot so dir an dau tu nM m dem lai lgi l'ch cho cac ben tham gia T \ uc chat, dau tu quoc te la su van dong cua tien te va tai san giua csc quoc gia nham dieu chinh ty le giua cac yeu to san xuat, tao die j ki 6n cho nen kinh te cac q u 6c gia phat tri£n, gop phan thue day sir phat tri 6n cua nen kinh te toan cau noi chung 1; ?»■[■wifi- iHi'lijl! TRI/C5NG 0*1 HQ^KINH t £;QII0'c DAN g iA o t r i n h k in h r i q u o c x i 3.1.1.2 Nguyen nhan cua dau tu quoc te Trong thirc te, dau tu quoc te duoc thue hien vdi nhieu ngtncn nhan khac nhau, co the t6ng ket mot so nguyen nhan sau: Thu nhat, su mat can doi v t cac yeu to san xuat giua cac quoc gia nen co su chenh lech v6 gia ca cac yeu to, dau tu quoc te duoc thirc hien nMm dat dugc lgi fch tir su chenh lech (khai thac lgi the so sanh cua m6i quoc gia) Thu hai, su gap go ve lgi fch cua cac ben tham gia, cu the la: + Doi vai ben co von dau tu: Can tlm nai dau tu co lai, can tranh hang rao bao ho mau dich cung nhu su kiem soat hai quan buon ban quoc te, can khuech truang thi trudng, uy tin, tang cudng vi the va m a rong quy mo kinh doanh + Doi vai ben tiep nhan von dau tu: Do thieu von tich luy, nhu cau tang truang nhanh, nhu cau doi mai ky thuat, cong nghe va tiep nhan kinh nghiem quan ly tien tien de khai thac co hieu qua cac nguon tai nguyen va tao viec lam cho lao ddng nuac dau tu quoc te dugc thue hien 6i dap ung cac nhu cau Dac biet doi vdi cac nude dang phat trien, thue hien tiep nhan dau tu quoc te nh&m muc dich chuyen dich ca cau kinh te, xay dung cac khu cong nghiep va khu cong nghe cao, gop ph&n thue hien cong cuoc cong nghiep hoa dat nude Thu ba , nhieu trudng hgp, ddu tu quoc te nh&m giai quyet cac nhiem vu dac biet nhu xay dung cac cong trinh co quy mo vugt ngoai pham vi bien gidi quoc gia, doi hoi phai c5 su phoi hgp cua nhi£u quoc gia 3.1.2 Tac dong cua dau tu quoc te Thue te cho thay rang, dau tu quoc te co nhitng tac dong nang tinh hai mat (tac dong tich cuc va tac dong tieu cuc) ca doi vdi iudc chu dau tu (nuac chit nha) vajucdc tiep nhan dau tu (nude so tai tra fifiw I8H T i q u c o An 3.1.2.1 Doi v&i nu&c chu dau tu ❖ Tdc dong tich cuc: + Kh^c phuc dugc xu hudng giam sut loi nhuan nude, co ' di&u kien thu duoc loi nhuan cao hon cho chu dau tu tlm duoc moi trucmg dau tu thuan loi hon; 4- La bien phap d £ vuat qua hang rao bao ho mau dich nham m o rong thi trudng; tan dung triet d£ nhung uu cua nude nhan dau tu + Khuech truong duoc san pham, danh tieng, tao lap uy tin va tang ci ong vi the cua ho tren thi trudng the gidi; + Khai thac duoc nguon yeu to dau vao san xua't vdi chi phf thap hem so vdi dau tu nude ♦> Tdc dong tieu cuc: + Meu chien luge, chfnh sach khong phu hop thi cac nha kinh doanh khong muon kinh doanh nude, ma chi lao nude ngoai k inh doanh, dd quoc gia cd nguy co tut hau; + Dan den lam giam viec lam d nude chu dau tu; + Cd the xay hien tuong chay mau chat xam qua trinh chuyen giao cong nghe; + Chu dau tu cd ihi gap rui ro ldn neu khdng hieu ro ve moi trudng dau tu., 3.1.2.2 Ddi v&i nu&c tiep nhan dau tu: Tdc dong tich cUc: + Gop phan giai quyet kho khan thieu von; + ^ ao viec lam, tang thu nhap cho lao dong nude; + Hoc tap kinh nghiem quan ly, tac phong lam vifec tien tien, tiep nhan cong nghe hien dai tir nude chu dau tu; + Tao dieu kien d6 khai thac cac nguon tai nguyen mot cach iliiiiliISii OA, HOCKIlllB llliiliM ilM m co hieu qua; + Giup cho viec xay dung cac khu cong nghiep, khu cong nghe cao nham h6 tr a cho qua trinh cong nghiep hoa, chuyen dich c a cau kinh te; + Gop phan khac phuc nhung kho khan thien tai, hoa hoan va giai quyet cac van 66 xa hoi ❖ Tac dong tieu cuc: + Co the d^n tai tinh trang khai thac tai nguyen thai qua, gay o nhi£m moi truang; + Gay sir phan hoa, tang khoang cach phat trien giua cac vung va giua cac tang lap dan cu; + Co the" lam tang cac van d£ v6 te nan xa hoi, benh tat; + Co the" bi anh hudng hoac le thuoc vao nhung yeu cau phi'a chu dau tu tu 3.1.3 Mot so ly thuyet ve dau tu quoc te Nhung noi dung tren day da he thong nhung nguyen nhan va tac dong mang tinh thue tiin cua dau tu quoc te Ben canh do, thong qua nhieu cong tinh nghien curu, cac nha kinh te' hoc da dtra nhung quan die’m khac lam c a sd ly luan de' giai thfch cho dong ca thue hien dau tu quoc te d cac quoc gia Trong do, cac ly thuyet tieu bieu can dugc ke tdi la: ly thuyet lgi ich can bien, ly thuyet ve chu ky song quoc te cua san pham, ly thuyet v6 quyen life thi trudng, ly thuyet ve tmh khong hoan hao cua thi trudng va ly thuyet chiet trung 3,1.3.1 Ly thuyet led ich can bien Ly thuyet dugc xay dung dua tren nhung gia dinh sau: •f The gidi co hai qu6c gia: quoc gia va quoc gia + T6ng von d£u tu cua toan the gidi dugc bieu di£n tren hirh iijil mmm* ssstaameatsszi ve la doan O O ’ (hinh 3.1) va vdn duoc di chuydn ty giua cac qudc gia Vdi cac gia djnh trdn, hidu qua cua dau tir qudc te cd the duoc bidu didn qua hinh 3.1 I Qudc gia Qudc gia M R vm pk2 j VMPK, O O' B Hinh 3.1: Anh hucmg phuc loi cua dau tu quoc te Trong do: O O ’ tong vdn dau tu cua the gidi Oi O ’i’ - tuong ung la cac true bieu d iln gia tri san pham can bien tang them cua vdn dau tu d qudc gia va qudc gia 2; C'A - vdn dau tu ciia qudc gia O'A - vdn d^u tu cua qudc gia VMPK1 va VMPK2 la hai dudng bi£u di6n gia tri san pham caln bien tang them ciia qudc gia va qudc gia tuong ung vdi cac TRlfONGBAI W M M m & f f l H K i 133 £5=aes£ mure von dau tu khac Trong di6u kien canh tranh, gia tri dc3 hieu hien lgi nhuan hoac co tuc cua von dau tu ❖ Xef trudng hap toan bo von a moi quoc gia duac su dung de dciu tu nuac: - Doi vai quoc gia 1: dau tu toan bo von nuac OA vai muc lai nhuan la O C Khi do, gia tri t6ng san pharp (dugc bang dien tich phia duai cua duang gia tri san pham can bien tang them) la dien tich cua hinh OFGA Trong do, phan dien tich cua OCGA la gia tri san pham tao tir von dau tu va phan lai la dien tich tam giac CFG la gia tri san pham tao tur cac yeu to phoi hgp nhu dat dai, lao don° - Doi vai quoc gia 2: dau tu toan bo von nuac O'A vai muc lai nhuan O'H Tong gia tri san pham tao la dien tich cua hinh O’JMA, dien tich O ’HMA la gia tri san pham tao tir von va phan lai la dien tich HJM - gia tri san pham cua cac yeu to phoi hgp Xet trudng hap von dau tu di chuyen ti( quoc gia sang quoc gia (co dau tu quoc te), hieu qua cua von dau tu se dugc xac dinh nhu sau: Do lgi nhuan cua von dau tu a quoc gia (O'H) cao han a quoc gia (OC) nen phan AB cua von dau tu se chuye’n tir quoc gia sang dau tu a qu6c gia va can bang a muc lgi nhuan BE (BE= ON = 'T ) BE chmh la muc ty suat lgi nhuan binh quan a hai quoc gia Khi do, tong gia tri san pham tao bai quoc gia la dien tich cua OFEB (thu nhap tu dau tu nuac) cong them phan dien tich ABER (t6ng lgi nhuan thu dugc nha dau tu nuac ngoai) N hu vay, t6ng thu nhap cua quoc gia la dien tich OFERA, dien tich ERG la phan thu nhap tang them so vai trudc co dau tu nuac ngoai N dong von dau ta quoc te di chuyen tir do, tong gia tri san pham tao (thu nhap) tir vdn d qudc gia tang len den dien tich ONRA, tdng thu nhap tir cac yeu to phoi hop giam xuong dien tich tam giac NFE Dong vdn dau tu nude ngoai AB tir qudc gia vao qudc gia lam :ho ty suat loi nhuan cua vdn ddu tu d qudc gia giam tir O'H xuong cdng O ’T Khi dd, tong gia tri san pham (tdng thu nhap) cua qudc gia tang tir dien tich O’JM A len dien tich O'JEB Tdng gia tri san pham tang them la dien tich ABEM, dd phan dien tich ABER la phan thu nhap thuoc ve nha dau tu nude ngoai (cac nha dau tu den tir qudc gia 1), dien tich ERM la thu nhap lgi fch) thuc sir cua qudc gia nhd cd dau tu nude ngoai Trong dd, tdng gia tri san pham thu nhap tao tu vdn dau tu nude giam tir dien tfch O H M A xuong dien tfch O'TRA, thu nhap tir cac yea td phoi hgp tang tir dien tfch HJM len dien tfch TJE Qua phan tfch tren, chung ta cd th i rut ket luan rang tir quan diem coi the gidi la mot tong the gom hai qudc gia, dau tu qudc te lam cho tdng gia tri san pham ciia toan the gidi tang len (bi6u Ji6n qua phan dien tfch EMG hinh 3.1) N hu vay, dau tu qudc te da gop phan tang kha nang phan phoi va hieu qua sir dung cac nguon lire cua tirng qudc gia cung nhu ciia toan n6n kinh te the gidi 3.1.3.2 Ly thuyet ve chu ky song quoc te cua san pham Ly thuyet dugc xay dung dua tren co sd ly thuyet ve chu ky song cua san pham Theo quan di£m cua ly thuyet ve chu ky song qudc te cua san pham, ngudi ta cd the giai thich tai cac nha san xuat lai chuyen hudng hoat dong kinh doanh ciia ho tir chd san xuat va xuat khau san pham sang thuc hien d£u tu nude ngoai Ly thuyet gia dinh rang, dau tien cac nha san xuat dat dugc lgi the doc quydn xuat khau nhd vide cho ddi nhung san pham mdi, hoac cai tien nhung san pham dang dugc san xuat danh rieng GtAO TRINH KINH t £QUOC t | cho thi truang nirac ngoai Trong giai doan dau cua vong dai san pham mai, giai doan thu nghiem san xuat dugc tien hanh tap trung tai chinh quoc ca ichi chi phi san xuat a nuac ngoai co the A* • thap han giai doan nay, de tham nhap thi truang nuac ngoai, cac cong ty co the thue hien xuat khiu san ph&m Tuy nhien, san pham da tra nen chuln hoa giai doan phat trien, cac nha san xuat se khuyen khich viec thue hien dau tu nuac ngoai nhftrn tan dung lgi the chi phi san xuat thap (vai gia cac yeu to dau vao re, chinh sach uu dai cua chinh phu nuac sa tai) va quan han la nham ngan chan kha nang de mat thi truang vao tay cac nha san xuat dia phuang 3.1.3.3 Ly thuyet ve quyen luc thi trudng Ly thuyet v6 quyen luc thi truang cho ding, dau tu quoc te dugc thue hien nhung hanh vi dac biet cua cac cong ty doc quyen nhom tren pham vi quoc te, bao gom: phan ung cua cac cong ty doc quyen nhom, hieu qua kinh te nha quy mo va sir lien ket dau tu quoc te theo chieu doc Tat ca cac hanh vi deu nham han che canh tranh, mo rong thi truang va ngan can khong cho doi thu khac tham nhap vao nganh va thi truang cua cac cong ty doc quy£n nhom Dau tu quoc te theo chieu doc (hay goi la lien ket theo chieu doc giua cac nha san xuat) ton tai cac cong ty dau tu nuac ngoai di san xu£t cac san pham trung gian Sau nhung san phstm dugc xuat khiu ngugc tra lai va dugc su dung lam dau vao san xuat cua nuac chu nha Dau tu'quoc te theo chieu doc la ( hinh thue dugc thue hien ph6 bien cac nganh cong nghiep che tao va nhung nganh sir dung nhi£u tai nguyen thien nhien Theo ly thuyet nay, cac c6ng ty thue hien dau tu quoc te vai mot so ly nhu sau: Thu nhat, nguon cung cap nguyen lieu cang tra nen khan hiem, cac cong ty cua nude sa tai khong du kha rr- ma nang tham va khai thac nguydn lieu mdi Do vay, cac cong ty da qudc £,ia tan dung lgi the canh tranh tren ca sd khai thac nguyen lieu d nude sd tai Dieu dd gop ph£n ly giai tai dau tu qudc te theo chieu doc thudng dugc thuc hien d cac nude dang phat tridn Thu hai, thdng qua dau tu qudc te theo chieu doc, cac cdng ty doc quyen nhom cd the thiet lap nen cac hang rao ngan can khdng cho cac cdng ty khac tiep can tdi ngudn nguyen lieu ho dang khai thac Thu ba, dau tu qudc te theo chieu doc cd thd tao lgi the vd chi phi thong qua viec cai tien ky thu&t b&ng cach phoi hgp san xuat v-i chuyen giao san pham giua cac cdng doan khac cua qua trinh san xuat Day la lgi the ldn hon hkn lgi the cd dugc tu vide phoi hgp giua cac nha san xu&t doc lap thdng qua viec dinh gia 3.1.3.4 Ly thuyet chiet trung Ly thuyet phat bieu ding, cac cdng ty se thirc hien dau tu nude ngoai hoi du ba lgi the Dd la lgi the vd dia didm, lgi the ve sd huu va lgi the ve noi hoa Lai the ve dia diem la lgi the cd dugc viec tien hanh hoat dong kinh doanh tai mot dia diem nhat dinh vdi nhung dac thu rieng (do dieu kien tu nhien hoac dugc tao ra) Lgi the ve dia didm cd thd gin lien vdi sir giau cd cua ngudn tai nguyen thien nhien, sir s£n cd cua luc lugng lao dong vdi gia re, lao dong lanh nghe, Lai the ve sd huu la lgi the cd dugc mot cong ty cd ca hoi tham £,ia sd hiru mot sd tai san dac biet nhat dinh, chAng han nhu nhan hieu san pham, ban quyen cdng nghe hoac ca hoi quan ly Lai the noi hoa la lgi the dat dugc viec noi hoa hoat dong san xu it thay vi chuyen nd dd'n mot thi trudng kem hieu qua han Ly thuyet chiet trung kh&ng dinh ring, xuat hien day du cac lgi the ke tren,.cac cong ty se tham gia vao dau tu qudc te g iA o m i m kinh r € w t l i 3.2 DAU T U GIAN T IE P N U tfC NGO A I 3.2.1 Khai niem va dac diem cua dau tu gian tiep nude ngoai 3.2.1.1 Khai niem: Dau tu gian tiep nude ngoai la mot loai hinh di chuyen von giua cac quoc gia, nguai chu sa htru von khong true tiep quan ly va dieu hanh cac hoat dong sir dung von Noi cach khac, dau tu gian tiep nuac ngoai la mot loai hinh dau tu quoc te ma quyen sd huu tach rdi quy^n sir dung doi vdi mot tai san dau tu Chu dau tu nude ngoai co the’ dau tu dudi hinh thue cho vay va hudng lai suat hoac dau tu mua c6 phieu, trai phieu va hudng lai tuc 32.1.2 Dac diem - Nguon von dau tu gian tiep nude ngoai dugc cung c£p bdi cac Chfnh phu, cac 16 churc quoc te, cac to chuc phi chinh phu (NGO) va tu nh&n Neu la von dau tu cua cac to chuc quoc te thi thudng co khoi lugng ldn va kern theo la cac dieu kien uu dai ve lai suat va thdi gian (gom thdi gian an han va thdi gian tra ng) Ngoai ra, no g in liin vdi cac yeu cau mang sic thai chfnh tri cua cac 16 chuc quoc te Neu la von dSu tu cua tu nh&n thi dugc thue hien thong qua viec mua c phieu, trai phieu va bi khong che d muc dudi 10-25% v6n phap dinh - Chu dau tu nude ngoai khong true tiep tham gia dieu hanh hoat dong cua doi tugng d£u t u - Chu d iu tu nude ngoai thu dugc lgi nhuan thong qua lai suat cho vay hoac lgi tire c6 ph&n 3.2.2 Cac hinh thufc dau tu gian tiep nude ngoai Dau tu gian tiep nude ngoai dugc thue hien tir nhieu nguon khac nhau, dudi cac hinh thiic sau: vien trg co hoan lai va vien trg khong hoan lai, vay uu dai hoac khong uu dai, mua c6 phieu hoac trai phieu 138 I TRUONG Ht?C K1NHTS' QU6C I g M II11 Vai m