Internacionalización de la Empresa Lección 3ª La crisis global

Internacionalización de la Empresa
Lección: Flujos de Inversión Extranjera Directa
Universidad Autónoma de Madrid
Curso 2013
Emilio Ontiveros
ontiveros@afi.es
www.afi.es
www.emilioontiveros.com
@ontiverosemilio
Programa
Introducción. El ámbito de estudio
1.
La dinámica de integración global. Fases
2.
Encuentros en la tercera fase
3.
La crisis global de 2007. La más compleja de la historia
4.
La irrupción de las multinacionales de los emergentes
5.
La nueva demografía
6.
De la dictadura a la democracia y los estados fallidos
7.
Un mundo dispar: desigualdad y pobreza
8.
La búsqueda de la sostenibilidad
9.
Las potencias mundiales del siglo XXI
10.
Enfrentar la complejidad y la incertidumbre
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Definición de IED
Direct investment flows are transactions between a direct
investor in one economy and a direct investment enterprise in
another economy, and among affiliated direct investment
enterprises that are in a direct investment relationship, other
than those that are resident in the same economy.
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Formas de IED
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Direct investment financial flows are composed of:
a) Equity capital,
b) Reinvested earnings (and undistributed branch
profits)
c) Other capital.
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Formas de IED, Equity capital
Equity capital comprises:
i) equity in branches;
ii) all shares in subsidiaries and associates (except
non-participating preference [preferred] shares,
which are treated as debt securities and included
under direct investment, other capital);
iii) other capital contributions, including non-cash
acquisitions of equity (such as through the provision
of capital equipment).
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Formas de IED, Reinvested earnings
Reinvested earnings and undistributed branch profits comprise,
in proportion to equity held, direct investors’ shares of:
i) earnings that foreign subsidiaries and associated enterprises
do not distribute as dividends (reinvested earnings),
ii) earnings that branches and other unincorporated enterprises
do not remit to direct investors (undistributed branch profits)
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Formas de IED, Other capital
Other capital: covers the borrowing or lending of funds between
i) direct investors resident in one economy and their
subsidiaries, branches, and associates resident in other
economies;
ii) enterprises within a group of related direct investment
enterprises that are resident in different economies. The
instruments covered include loans, debt securities, suppliers’
(trade) credits, financial leases, and non-participating
preference [preferred] shares which are treated as debt
securities
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FDI inflows, global and by groups of economies, 1980–2008 (Billions of dollars)
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International Merger and Acquisitions, world ( OCDE, dic 09)
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Merger and Acquisitions, firms based in 6 major emerging economies
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Global Mergers and Acquisition Volume as a Percent of Total Global Equity Market Capitalization
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Glossary of foreign direct investment terms and definitions
http://www.oecd.org/dataoecd/56/1/2487495.pdf
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