8/12/2014

1
LOGO
U T QUC T

GV: Ths. Trng Hong Anh Th
Email: anhtho2711@gmail.com
Trng i hc Ngoi Thng C s 2 ti TP.HCM
Thng tin mn hc
Tn mn hc: u t quc t
1
S tn ch: 3
2
Thi gian phn b: 45 tit
3
4
nh gi
40%
im trn
lp
(im danh,
tho lun, thi
gia k,)
100%
60%
im thi
cui k
(vn p)
8/12/2014
2
Mc tiu mn hc
Mn hc cung cp cho sinh vin:
Nhng kin thc c bn v di chuyn
dng vn u t trn qui m quc t;
Mi trng u t QT;
Chnh sch u t ca cc quc gia;
Hnh thc u t QT.


Ni dung chi tit hc phn
Chng 1: Tng quan v TQT
Chng 2: Mi trng u t quc t
Chng 3: T do ha u t v cc khu
vc u t t do
Chng 4: Hip nh u t quc t
Chng 5: Cc hnh thc c bn ca
TQT
Chng 6: TNCs trong hot ng TQT
Chng 7: M&A trn th gii

PGS.TS V Ch Lc (1997), Gio trnh
u t nc ngoi, NXB Gio Dc
PGS.TS V Ch Lc (2012), Gio trnh
u t quc t, NXB i hc Quc gia H
Ni
www.mpi.gpv.vn


























































































































































































































































































































































































































































































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Ti liu hc tp
8/12/2014
3
Imad A.Moosa (2002), Foreign Direct
Investment, Theory, Evidence and
Practice
UNCTAD (2010), Economic and legal
aspects of FDI
UNCTAD, World Investment Report
www.unctad.org

Ti liu hc tp
Company
LOGO
CHNG 1
TNG QUAN V U T QUC T
4. Mt s l thuyt v TQT
3. Phn loi TQT
2. Khi nim TQT, TNN
1. Khi nim v c im ca u t
Ni dung chng
8/12/2014
4

Samuelson v Nordhaus: u t l s hy sinh
tiu dng hin ti nhm tng tiu dng trong
tng lai


1.1. Khi nim u t
Econterms: u t l vic
s dng cc ngun lc vi
mong mun tng nng lc
sn xut hoc tng thu nhp
trong tng lai

LI
NHUN
HOT NG T
LI CH
KINH T
X HI
1.1 Khi nim u t


Tm li: u t l vic s dng vn vo
mt hot ng nht nh nhm thu li li
nhun v/hoc li ch kinh t x hi

1.1. Khi nim u t
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5
Di gc mt quc gia:
Ngun
vn T
Trong
nc
Nc
ngoi
1.1. Khi nim u t
1.2. c im ca u t
TS hu hnh
TS v hnh
TS ti chnh
C vn u t
Li nhun
v/hoc li ch
kinh t x hi
Tnh sinh li
NN ch quan
NN khch quan
Tnh mo
him, ri ro

Mi quan h tng trng kinh t v u t
c biu hin qua h s ICOR
(Incremental Capital Output Ratio) theo
m hnh tng trng nn kinh t ca
Harrod Domar.
1.3. u t v tng trng kinh t
8/12/2014
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M hnh tng trng KT ca Harrod Domar:
ICOR = I/GDP (1)

ICOR: t l gia vn u t v tng trng kinh t
ca 1 ngnh, 1 lnh vc, 1 khu vc hoc ca ton
b nn kinh t trong 1 thi k nht nh (1 nm, 5
nm, )
I: tng vn u t tng thm ca nn kinh t trong
k
GDP: mc tng tng sn phm quc ni


1.3. u t v tng trng kinh t
ICOR = I/GDP

I = ICORGDP
I/GDP = ICOR(GDP/GDP)
k = ICORg
g = k/ICOR
Vi: k l t l gia vn u t tng thm v
tng sn phm quc ni
g l tc tng trng ca nn kinh t

1.3. u t v tng trng kinh t
g = k/ICOR
Tc tng trng ca nn kinh t ph
thuc vo:
1. T l gia vn u t tng thm v tng
sn phm quc ni
2. H s ICOR



1.3. u t v tng trng kinh t
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ngha ca h s ICOR:

ICOR = I/GDP



1.3. u t v tng trng kinh t
H s ICOR cc nc:

cc nc pht trin ICOR thng...........
cc nc chm pht trin ICOR thng........
1.3. u t v tng trng kinh t
Bi tp

1. Trong thi k 2001 2005 tc tng
trng kinh t Vit Nam bnh qun l
7,5%/nm; t l vn u t trn GDP l
33,5% => H s ICOR = ?



1.3. u t v tng trng kinh t
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u t quc t: l hnh thc di chuyn vn t
nc ny sang nc khc tin hnh hot
ng sn xut kinh doanh hoc cc hot ng
khc nhm mc ch thu li nhun hoc t
cc hiu qu x hi.


2. Khi nim TQT, TNN
2. Khi nim TQT, TNN

u t nc ngoi: l vic cc nh u t ca
mt nc (php nhn hoc c nhn) a vn
hoc bt k hnh thc gi tr no khc sang
mt nc khc thc hin cc hot ng sn
xut kinh doanh hoc cc hot ng khc
nhm thu li nhun hoc li ch kinh t x hi.


2. Khi nim TQT, TNN
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u t ra nc ngoi: l vic nh u t a
vn bng tin v cc ti sn hp php khc t
mt nc ra nc ngoi tin hnh hot ng
u t.

2. Khi nim TQT, TNN
3. Phn loi TQT
Tiu ch: theo ch u t
T trc tip nc ngoi
(Foreign Direct Investment - FDI)
T chng khon nc ngoi
(Foreign Porfolio Investment FPI)
Tn dng quc t
(International Loans)
u t t
nhn quc t
3. Phn loi TQT
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10

u t trc tip nc ngoi (Foreign Direct
Investment FDI)

FDI l mt hnh thc u t quc t trong
ch u t ca mt nc u t ton b hay
phn ln vn u t cho mt d n nc
khc nhm ginh quyn kim sot hoc tham
gia kim sot d n .

3. Phn loi TQT
u t chng khon nc ngoi (Foreign
Porfolio Investment FPI)

FPI l hnh thc u t quc t trong ch
u t ca mt nc mua chng khon ca cc
cng ty, cc t chc pht hnh mt nc
khc vi mt mc khng ch nht nh thu
li nhun nhng khng nm quyn kim sot
trc tip i vi t chc pht hnh chng
khon.

3. Phn loi TQT

Tn dng quc t (International Loans)

L hnh thc u t quc t trong ch u
t mt nc cho i tng tip nhn u t
mt nc khc vay vn trong mt khong
thi gian nht nh.

3. Phn loi TQT
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11
u t phi t
nhn QT
H tr pht
trin chnh
thc (ODA)
H tr chnh
thc (OA)
3. Phn loi TQT
H tr pht trin chnh thc (Official
Development Assistance - ODA)

ODA l cc khon vin tr khng hon li,
vin tr c hon li hoc tn dng u i ca
cc Chnh ph, cc t chc lin chnh ph, cc
t chc phi chnh ph (NGO), cc t chc
thuc h thng Lin hp quc (UN), cc t
chc ti chnh quc t dnh cho cc nc ang
v chm pht trin.

3. Phn loi TQT

H tr chnh thc (Official Assistance OA)

OA c nhng c im gn ging nh ODA.
im khc nhau l i tng tip nhn u t,
i vi ODA ch c cc nc ang v km
pht trin c nhn hnh thc u t ny, cn
OA c th u t cho c mt s nc c thu
nhp cao v d nh Israel, New Caledonia,...

3. Phn loi TQT
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4. Mt s l thuyt v TQT
5W v 1H:
Who Who is the investor?
What What kind of investment?
Why Why go abroad?
Where Where is the investment made?
When When is the investment made?
How How does the firm go abroad?
Marginal
Product of
Capital
Hypothesis
Hc thuyt v
sn lng cn
bin ca vn
(MacDougall
Kemp)
International
product life
cycle - IPLC
L thuyt v
vng i quc
t ca sn phm
(Raymond
Vernon)
Dunnings
Eclectic theory
of international
production
L thuyt Chit
trung ca
Dunning v sn
xut quc t
4. Mt s l thuyt v TQT
4.1. Hc thuyt MacDougall Kemp
Gi nh:
Th trng hai quc gia l th trng cnh
tranh hon ho;
Th gii bao gm nc i u t (nc cho
vay) v nc tip nhn u t (nc i vay).
Trc khi c s di chuyn vn gia cc quc
gia th li nhun cn bin/sn lng cn bin
ca vn nc i u t thp hn li nhun
cn bin/sn lng cn bin ca vn nc
tip nhn u t;

8/12/2014
13
Khng c hn ch v u t, vn c dch
chuyn hon ton t do;
Thng tin th trng hon ho, ngi nhp vn
v xut khu vn u c thng tin y lin
quan n phng n u t ca mnh;
Cc quc gia u sn xut cng mt loi sn
phm
4.1. Hc thuyt MacDougall Kemp
4.1. Hc thuyt MacDougall Kemp
O
1
: nc pht trin
O
2
: nc ang pht trin
O
1
Q: vn O
1
trc khi c s dch chuyn ra nc ngoi
O
2
Q: vn O
2
trc khi c s dch chuyn vo trong nc
MN, mn: ng sn lng cn bin ca vn O
1
v O
2


Trc khi c s dch chuyn vn t nc O
1

sang nc O
2

4.1. Hc thuyt MacDougall Kemp
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Do s chnh lch gia li nhun cn bin/sn
lng cn bin gia 2 nc
4.1. Hc thuyt MacDougall Kemp
Sau khi c s dch chuyn vn t nc O
1

sang nc O
2

4.1. Hc thuyt MacDougall Kemp
4.1. Hc thuyt MacDougall Kemp
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4.1. Hc thuyt MacDougall Kemp
Nhn xt:
4.1. Hc thuyt MacDougall Kemp
Trong :

Kt lun:


4.1. Hc thuyt MacDougall Kemp
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16
u im ca m hnh

Nhc im ca m hnh
4.1. Hc thuyt MacDougall Kemp
4.2. L thuyt v vng i quc t ca sn phm -
Raymond Vernon
Hai tng lm cn c xut pht ca l thuyt:

Mi sn phm c mt vng i:
Xut hin tng trng mnh chng li - suy gim

Cc nc cng nghip pht trin thng nm gi
nhng cng ngh c quyn do h khng ch khu
nghin cu v trin khai v do c li th v qui m
(giai on 1945-1960)

Sn phm
chn mui
Sn phm
mi xut
hin
SP v
quy trnh
c tiu
chun
ha
G 1 G 2 G 3
4.2. L thuyt v vng i quc t ca sn phm -
Raymond Vernon
Vng i quc t ca mt sn phm gm 3 giai on:

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4.2. L thuyt v vng i quc t ca sn phm -
Raymond Vernon


Sn phm mi xut hin:
Cn thng tin phn hi nhanh v c bn
trong nc pht minh ra sn phm, xut
khu khng ng k.

4.2. L thuyt v vng i quc t ca sn phm -
Raymond Vernon

Sn phm chn mui:
Sn phm chn mui, nhu cu tng, xut
khu tng mnh, cc i th cnh tranh
trong v ngoi nc xut hin, FDI xut
hin.
SP v quy trnh c tiu chun ha

Th trng n nh, hng ha tr nn thng
dng, cc doanh nghip chu p lc phi
gim chi ph cng nhiu cng tt tng li
nhun hoc gim gi tng nng lc cnh
tranh, FDI tip tc pht trin.

4.2. L thuyt v vng i quc t ca sn phm -
Raymond Vernon
8/12/2014
18
Giai on Mi xut hin Chn mui Tiu chun ha
Quy m SX
ti nc pht
minh
Gi
a im SX
XK/NK ti
nc pht
minh
4.2. L thuyt v vng i quc t ca sn phm -
Raymond Vernon
Hn ch:

4.2. L thuyt v vng i quc t ca sn phm -
Raymond Vernon
4.3. L thuyt Chit trung ca Dunning v sx quc t


Nn u t di hnh thc FDI khi no?


8/12/2014
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Location
advantages
(li th a
im)
Ownership
advantages
(li th v
quyn s hu)
Internalization
advantages
(li th ni b
ha)
O L I
M hnh OLI

4.3. L thuyt Chit trung ca Dunning v sx quc t
Li th v quyn s hu hay cn gi l li th
ring ca doanh nghip (Firm specific
advantages FSA)

Doanh nghip phi s hu mt hoc mt s li
th cnh tranh c bit gi l li th v quyn
s hu hoc li th ring ca doanh nghip.

4.3. L thuyt Chit trung ca Dunning v sx quc t
4.3. L thuyt Chit trung ca Dunning v SX quc t
Li th ni b ha (Internalization advantages)

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Li th ni b ha (Internalization advantages)

FDI s c s dng nhm thay th cc giao dch
trn th trng bng cc giao dch ni b khi cc
nh u t thy cc giao dch ni b s t tn km,
an ton v kh thi hn cc giao dch trn th trng
bn ngoi.
4.3. L thuyt Chit trung ca Dunning v SX quc t
Li th a im hay cn gi l li th ring
ca nc nhn u t (Country specific
advantages- CSA)

Li th kinh t
Li th vn ha x hi
Li th chnh tr


4.3. L thuyt Chit trung ca Dunning v SX quc t
Company
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