歐盟國家對俄羅斯直接投資之研究

The Study of EU Countries' Foreign Direct Investment in Russia

蔡承恩(Cheng-En Tsai)

指導教授 ： 魏百谷 ； 馬良文

淡江大學/國際研究學院/俄羅斯研究所碩士班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.00081

摘要

隨著1980年代以來國際間投資貿易的發展，歐盟各國逐年增加其海外的直接投資，成為對外直接投資流出國。蘇聯於1991年解體後，成為轉型的經濟體，在資本主義市場的過渡中，對於外資存在著需求，而外國直接投資最能發揮經濟發展的效益，為俄羅斯最理想的外資進入之投資類型。歐盟為俄羅斯最大的投資來源國，根據歐盟統計局(Eurostat)的資料，2007年投資約172億歐元，2008年增加為256億歐元，佔俄羅斯外來直接投資約46%。歐盟為俄羅斯外資之最大來源國，在直接投資上占有重要的地位。
本研究以John Dunning之折衷理論運用至歐盟對俄羅斯的直接投資，探討歐盟對俄羅斯直接投資之產業、區域特性、投資動機以及經營模式。首先瞭解歐盟在俄羅斯整體投資產業的情形，分析區域分布及特性，並藉由歐盟對俄羅斯投資的動機探討歐盟企業海外投資的動機取向以及地主國潛在的優勢。另外歐盟企業所具備對外的投資優勢也是海外投資進入模式的依據。
本文之研究目的為歐盟國家對俄直接投資之模式，並利用個案分析法及SWOT分析法研究歐盟國家對俄羅斯的直接投資。研究發現，歐盟對俄直接投資的動機為尋求市場及尋求資源，而投資的模式主要是利用併購的方式進入俄羅斯的市場。由個案分析及SWOT分析的結果得知，歐盟企業能成功地掌握內部優勢及外部機會對俄直接投資。

關鍵字

直接投資 ； 歐盟 ； 俄羅斯 ； 跨國企業

並列摘要

Since 1980s the development of international investment and trade, led to EU countries have increasing their foreign direct investment overseas every year, and becoming the foreign direct investment outflow economies. After the collapse of the Soviet Union in 1991, the Russian economy was in a transitional period, as it was transforming from a communist economy to a capitalistic market. This led to a strong demand for foreign capital, and so foreign direct investment played an important role in its economic development. EU investment in Russia grew steadily; the EU was Russia’s largest source of direct investment. According to the data of Eurostat, the 2007 EU FDI in Russia was about 17.2 billion euros; than in 2008, it increase to 25.6 billion euros, approximately accounting for 46% of the total foreign direct investment in Russia. Thus, the EU is Russia’s largest source of direct investment, and plays an important role in Russia’s inward FDI.
The eclectic theory of Dunning John is the theoretical basis to examine the EU direct investment in Russia, exploring EU direct investment in Russian industry, regional characteristics, the investment motives and the business model. Having a grasp for the overall investment in Russia is the first step to analyze the regional distribution and characteristics. The competitive edge of European entrepreneurship overseas along with the potential advantages of the host countries will be analyzed via the motivational approach of EU’s outward for Russian investment. However, the inherent advantages of EU entrepreneurs are the analytical basis to the foreign investment.
The purpose for the study aims to analyze the Entry Mode, which EU countries invest in Russia, by means of case study as well as SWOT analysis. The conclusion of thesis is demonstrated, as far as the motive of investing in Russia is concerned, market-seeking and resource-seeking are the main approaches for EU; whereas, in order to enter into Russian market, these transnational enterprises of EU take M&A manner as a lever to acquire the market share. Furthermore, the analysis for case study and SWOT outlines that the success of EU enterprises is attributed by using internal strength and external opportunities to efficiently operate the business in Russian market.

並列關鍵字

FDI ； European Union ； Russia ； TNCs

參考文獻

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