FPI can help strengthen the local financial infrastructure, which can facilitate the operations of TNCs, most particularly when FDI is undertaken through M& As.
在对国内资本市场发展与外国证券投资的关系方面的问题进行了活跃的讨论之后,就下列问题形成了共识:.
After a lively discussion on the issues related to the relationship between the growth of domestic capital markets and foreign portfolio investment, a common understanding on the following issues emerged.
For example, through backward and forwards linkages FDI can encourage the creation of domestic companies, which in turn would have recourse to FPI for the financing of their expansion.
Foreign Portfolio Investment includes a variety of instruments which are traded(or tradeable) in organized and other financial markets: bonds, equities and money market instruments.
Complementarities: FDI is owned by foreign TNCs and is sector- and firm-specific, while FPI in general is issued by local companies or Governments and is not sector-specific;
The growth of domestic capital markets, particularly in developing countries, and its relationship with foreign portfolio investment"(TD/B/COM.2/EM.4/2)(background document);
Other developmental impact: FDI can transfer technology and improve market access, while FPI can help to strengthen the process of domestic capital market development;
As regards(ii), the Commission decided to convene an Expert Meeting on the Growth of Domestic Capital Markets, Particularly in Developing Countries, and its Relationship with Foreign Portfolio Investment.
The increased access to foreign portfolio investment, especially during the boom periods of 1993-94 and 1996-early 1997, was accompanied by a reduction in the cost of capital.
外国直接投资与外国证券投资之间的相互关系.9-12.
Interlinkages between foreign direct investment and foreign portfolio investment 9-12.
赞成在这些协议中包括外国证券投资的论点如下:.
Arguments in favor of including FPI in these treaties are the following.
外国证券投资通过金融市场进行,因此需要有相当流动的国内和国际资本市场。
FPI is mediated by financial markets and thus requires the existence of fairly liquid capital markets, domestic or international.
世界银行的债务报告制度也仅包括了对于发展中国家的外国证券投资的估计数。
The World Bank Debt Reporting System also contains estimates of FPI for developing countries only.
另一些与会者认为,如果对外国证券投资提供这种保护措施,它会鼓励更多的证券投资。
Other participants argued that if protection was extended to FPI, it would encourage more equity investment.
产生了这样一个问题,即关于对外国证券投资使用控制措施是否与投资协定中的国民待遇规定相矛盾。
The question arose as to whether the use of control measures on FPI would be contradictory to the national treatment provision in investment agreements.
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