外商直接投资与制度环境--在转型经济体中的作用研究外文翻译-环境工程(编辑修改稿)

外商直接投资与制度环境--在转型经济体中的作用研究外文翻译-环境工程(编辑修改稿)内容摘要：

s, each being awarded a grade on a scale from 1 (best) to 5 (worst). All subgrades are then used to form an overall index of institutional quality. The Heritage Foundation data bined with the facts on FDI inflows (Table 2) seem to suggest that there is a threshold of overall institutional quality at around that the economy must ensure to facilitate enough stability and certainty for foreign investors to e in more significant amounts. Bulgaria and Romania, for example, significantly improved their institutional quality, especially in trade, fiscal burden, and moary stability. In the light of the process of their accession to the EU, which is taking place in 2020, both economies have been very devoted to reforms. These institutional reforms were crucial for the change in foreign investors’ attitude (given that prior to 2020, CEB economies were receiving around 75% of all FDI to transition economies. Cheap labour and good location were qualities that Romania and Bulgaria were able to offer also in the mid1990s, but instability, uncertainty, and lack of reforms (including privatization) kept investors away from them. Once the institutional circumstances changed, the preferences of investors changed, first impression obtained from the above data is that better institutional framework raises FDI inflows. This would mean that beside its direct influence on the economic performance of a country (Moers 2020, Knack and Keefer 1995), institutional quality also affects the economy indirectly, through its impact on the levels of FDI. It thus would be wise to examine the extent of this impact and incorporate the findings into a development strategy. Empirical analysis of the importance of institutional quality for FDI. The empirical analysis was carried out in two steps. First the importance of the institutional environment for FDI was confirmed by a simple correlation analysis taking into 5 account various aspects of institutional quality. Then a set of new variables was obtained from the most important institutional aspects by the principalponent method, and these variables were used in a panel data analysis to determine the significance of institutions for FDI and to take into account also some other important variables like labour cost and location. The importance of various institutional aspects was examined by a correlation analysis between FDI and ponents of the Heritage Foundation Index. Despite its simplicity, correlation is noheless illustrative, since it exposes those areas of institutional environment that have the highest correlations with FDI. It is reasonable to believe that these are also the institutional aspects that represent an indicator of ‘‘FDI climate’’ or ‘‘FDI friendliness’’ for foreign investors. The analysis covered a span of 8 years (1995–2020) in 24 transition economies. The most important factors turned out to be regulation, property rights protection, and the presence of a black market. The area of capital flows and foreign investment (in this area the Heritage Foundation subindex evaluates various restrictions regarding capital transfers) was fourth, followed by wages and prices. The stability of the rules of the game and the ability to enforce these rules to protect property rights are expected to be the most important for foreign investors. Unless property rights are protected in the economy and fear of nationalization is excluded, foreign capital will go to a different economy. What is interesting is the relatively low ranking of the area of capital mobility. It would be reasonable to expect that potential investors consider the development of capital markets. Correlation analysis indicates that foreign investors care mostly about the legal aspects of the economy. But thi。