Phenomenon of Direct Investments that are not Associated with “Classic” TNCs

 
PIIS013122270018626-9-1
DOI10.20542/0131-2227-2022-66-1-91-99
Publication type Article
Status Published
Authors
Affiliation: Moscow State Institute of International Relations (MGIMO-University)
Address: 76, Prosp. Vernadskogo, Moscow, 119454, Russian Federation
Journal nameMirovaia ekonomika i mezhdunarodnye otnosheniia
EditionVolume 66 Issue 1
Pages91-99
Abstract

The article is devoted to the review of current scientific research on foreign direct investment (FDI), which is not related to “classical” TNCs. It is shown that a separate study of “global born” firms from TNCs is required mainly because of the need to adjust the theoretical concepts that explain the phenomenon of TNCs. The separate study of FDI of sovereign investment funds and investors in foreign real estate is useful mainly due to the applied tasks of state regulation of such investments. Non-standard FDI can also include investments by pseudo-TNCs, with round-tripping FDI through offshore and similar jurisdictions, as well as FDI by private equity funds. At the same time, pseudo-TNCs and private equity funds can be studied within the framework of the established paradigm of TNCs analysis. Therefore, relatively small amount of publications are devoted to such topics. The majority of publications on non-typical FDI appeared only in the 2000s, which illustrates the blurring of the usual boundaries of FDI. Russian scientists are still focused on studying TNCs. This is partly due to the fact that a new direction has also emerged in such analysis – the study of TNCs from developing and post-socialist countries, which are often difficult to attribute to “classic” Western multinational investors. In this aspect, Russian and generally post-Soviet TNCs turned out to be interesting material for analysis at least in the first 10–15 years of the 21st century. However, the analysis of new FDI players is important for Russia for a number of reasons: 1) creating comfortable conditions for the import of capital to Russia while respecting national interests (FDI of sovereign funds, especially Chinese and Arab); 2) encouraging forms of capital export that contribute to improving the position of Russia in the international division of labor (primarily FDI in modern industries of small “born global” firms); 3) limiting excessive capital exports (FDI of pseudo-TNCs and individuals).

Keywordsforeign direct investment, sovereign wealth funds, foreign direct investment in real estate, “global born” firms
AcknowledgmentThe reported study was funded by RFBR, project number 20-114-50033 (“Phenomenon of direct investments that are not associated with "classic" TNCs”)
Received30.08.2021
Publication date18.02.2022
Number of characters25478
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1 Масштабы накопленных в мире прямых иностранных инвестиций (ПИИ) постоянно растут. Если в конце 2000 г. показатель составлял 7.4 трлн долл., то к концу 2010 г. он вырос до примерно 20 трлн, а к концу 2020 г. до 39–41 трлн долл. [1, p. 258, 262]. Несмотря на тиражируемые в СМИ заявления некоторых экспертов о сворачивании процессов глобализации, на наш взгляд, можно говорить лишь о трансформации некоторых важных черт этого явления. Даже серьезные экономические кризисы не могут остановить процесс дальнейшей транснационализации бизнеса. Например, в 2020 г., когда динамика глобальной экономики была опрокинута последствиями пандемии коронавируса COVID-19, снизились только объемы новых ПИИ, но сокращения ПИИ в масштабах мировой экономики не произошло. Другое дело, что сейчас в некоторых странах уже менее половины накопленных ПИИ приходится на традиционных акторов этого инвестирования – транснациональные корпорации. Разумеется, в широком смысле к ТНК или, как с 2014 г. их называют в ЮНКТАД (самой авторитетной организации в области анализа ПИИ), – многонациональным компаниям (МНК) можно относить любых прямых инвесторов за рубежом. Однако обычно предполагается, что речь идет именно о компаниях (частных или с участием государства), а не физических лицах или государственных структурах, причем компаниях, сначала возникших как организации, работающие на национальном рынке, а уже спустя продолжительное время решивших интернационализировать свой бизнес.
2 Еще в 2011 г. известный специалист Р. Рамамурти обратил внимание на то, что в 2000-е годы произошла активизация сравнительно новых типов прямых инвесторов, к которым он отнес суверенные инвестиционные фонды (СИФ), фонды прямого инвестирования и ТНК с “растущих рынков”, то есть из развивающихся и постсоциалистических стран [2]. Однако ТНК с “растущих рынков”, перспективы возвышения которых он оценил как благоприятные, при всех отличиях от “классических” ТНК западных стран все же являются полноценными ТНК. В то же время есть и другие виды “новичков” прямого инвестирования помимо СИФ (намного жестче ТНК привязанных к интересам государства базирования и при этом имеющих привилегированное положение с точки зрения изыскания средств для ПИИ) и фондов прямого инвестирования (которые не просто демонстрируют самые волатильные ПИИ, но и в отличие от ТНК часто имеют весьма размытые границы в плане консолидации дочерних структур вокруг центрального холдинга).
3 Речь идет прежде всего о компаниях, “рожденных глобальными”, которые не вписываются в парадигму поэтапной интернационализации ТНК, предложенную Уппсальской школой [3], а также о физических лицах, которые стали вкладывать существенные средства в приобретение зарубежной недвижимости, в том числе для личных целей. При этом согласно 4-му изданию руководства ОЭСР по определению ПИИ, все капиталовложения в контроль над зарубежной недвижимостью необходимо относить к прямым инвестициям [4]. Правда, в статистике обычно сложно различить ПИИ в недвижимость с коммерческими целями и ради организации собственного проживания или отдыха. Отдельно следует учесть и наличие псевдоТНК, которые связаны с осуществлением только ПИИ, “путешествующих по кругу” (обычно через офшоры).

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