关键词: 对外直接投资, 国际收支, 净效应

Abstract: International direct investment not only affects the balance of payments of the host country, but also has an impact on the balance of payments of the home country. This paper focuses on the influence mechanism of Outward Foreign Direct Investment (OFDI) on balance of payments of the home country, and constructs the mathematical analysis framework of OFDI’s effect. It shows that: OFDI exerts impacts on balance of payments of the home country by the seven channels included in effects of investment, repatriation of profit, trade and so on; in the initial OFDI will cause the negative net effect of balance of payments for the home country, but with the accumulation of OFDI stock, the net effect of balance of payments will gradually be positive. Finally, this paper estimates OFDI’s impacts on Chinese balance of payments. It is shown that the rate of return on OFDI in China is greater than the rate of return on domestic investment. And in the recent years, the net effect on the balance of payments is continually negative, but it plays a positive part in improving the"double surplus”.

Key words: Outward foreign direct investment, Balance of payments, Net effect