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direct investment enterprises in economies other than those in which the direct investors reside. The members of
an associated group of
individuals or enterprises are, through their combined ownership of 10 per cent or more,
deemed to have an influence on management that is similar to the influence of a single individual or enterprise with
the same degree of ownership.
Compilation of statistics on direct investment will entail collection or estimation of three broad types of data -
direct investment income, direct investment financial transactions and direct investment position (stock).
Direct investment
income consists of income on equity and income on debt, and covers income accruing to a
direct investor in one economy from the ownership of direct investment capital (see below) in an enterprise in
another economy. Income on direct investment is presented on a net basis for both direct investment abroad and
direct investment in the reporting economy (i.e., receipts of income on equity and income on debt less payments of
income on equity and income on debt for each). Income on equity is subdivided into (a) distributed income
(dividends and distributed branch profits) and (b) reinvested earnings and undistributed branch profits.
Income on
debt consists of interest payable (i.e., accrued) between direct investors and direct investment enterprises; both
interest payable by the direct investor to the direct investment enterprise and interest payable by the direct
investment enterprise to the direct investor are included.
Direct investment financial transactions consist of (a) capital provided (either directly or through other related
enterprises) by a direct investor to a direct investment enterprise or (b) capital received from a direct investment
enterprise by a direct investor. For the economy in which the investment is located, such capital includes funds
provided directly by the direct investor and funds provided by other direct investment enterprises associated with
the same direct investor. For the economy of the direct investor, such capital includes
only funds provided by the
resident investor. Direct investment financial transactions are recorded primarily on a directional basis––resident
direct investment abroad and non-resident direct investment in the reporting economy––and are broken down into
equity capital, reinvested earnings and other capital, the last category being associated with various inter-company
debt transactions.
The
direct investment position measures the value of the stock of direct investment. In principle, the position
should be measured at current market prices as of the dates involved (that is, beginnings or ends of reference
periods).
In practice, however, there may be some departures from the market price principle. In many cases, book
values from the balance sheets of direct investment enterprises (or of direct investors) will be used to determine the
value of the stock of direct investments.
Following BD3, in both inward and outward direct investment statistics, the direct investment enterprise should,
if feasible, be analyzed both by its own industrial activity and by the industrial activity of the direct investor. The
minimum level of detail recommended by BD3 is that of nine major divisions of ISIC.
a
For the purposes of
consistency with FATS statistics compiled as recommended by the present
Manual, a further breakdown to the
level of the
Manual’s ISIC Categories for Foreign Affiliates (see paras. 4.41-4.43 below) would be desirable.
BPM5 and BD3 provide additional details on the
treatment of direct investment, including special instructions for
the treatment of intercompany transactions between affiliated banks (depository institutions) and between affiliated
financial intermediaries (e.g., security dealers). Compilation hints can be found in the IMF
Balance of Payments
Compilation Guide (Washington, D.C., 1995).
a
See BD3, para. 49 and ISIC, Rev.3, para. 133.
4.10. Interest in FATS statistics
has arisen from two
primary sources. The first is GATS. By including
commercial presence and presence of natural persons as
modes of supply, it has created a new need for
information describing the activities of foreign-owned or
-controlled firms in host economies. The information
will mainly relate to commercial presence. However,
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