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随着改革开放的日益深化,中美两国相互投资自上世纪90年代起进入快速增长时期,投资规模持续扩大,相互成为对方重要的外资来源国。但因存在不对称信息,两国金融市场发育程度与制度质量差异,导致两国不同的国际投资选择,两国相互投资的结构因此呈现出各自鲜明的特征。本文基于美国财政部与美国商务部经济分析局的数据,结合国际投资理论研究的新发展,分析中美相互投资结构的特点,探究其形成原因,为改善我国对美投资结构提供参考。
With the deepening of the reform and opening up, mutual investment between China and the United States has entered a period of rapid growth since the 1990s and the scale of investment has continued to expand, making each other an important source of foreign investment for each other. However, due to the asymmetric information, the differences in the degree of development and the quality of the institutions in the financial markets between the two countries have led to different international investment choices between the two countries. Therefore, the mutual investment structure between the two countries therefore shows their own distinctive characteristics. Based on the data from the U.S. Department of the Treasury and the Bureau of Economic Analysis of the U.S. Department of Commerce and the new developments in international investment theory, this paper analyzes the characteristics of the mutual investment structure between China and the United States, explores the reasons for the formation, and provides a reference for improving China’s investment structure in the United States.