59
its implementation does not require the use of subjective
criteria, nor does it require that compilers examine the
nature of investments on a case-by-case basis. The
absence of a subjective factor has the added benefit of
eliminating a potential source of bilateral asymmetry -
namely, the possibility that the
issue of control will be
assessed differently by home- and host-country
compilers. Finally, majority-owned foreign affiliates do
fall within the scope of GATS definitions of ownership
and - all but the rarest instances, typically involving
highly regulated economies - control.
4.21. Although the measure of majority ownership
recommended by the present
Manual differs from the
1993 SNA concept of a
foreign-controlled enterprise,
the two concepts are alike in that both refer to
ownership by a single investor (or investor group).
This approach is followed in the present
Manual not
only for consistency with the SNA (and with BPM5
and BD3, both of which use ownership by a single
investor or investor group in defining direct
investment), but also because it is only through a single
investor or associated investor group that control can
be systematically exercised. However, the relevance––
both for GATS purposes and for globalization
analysis––of other
criteria for selection is
acknowledged, and the
Manual encourages countries
that can do so to provide supplemental statistics
covering cases in which foreign control may be deemed
to be present, even if no single foreign direct investor
holds a majority stake.
4.22. Examples of investments that might be covered
on a supplemental basis are majority ownership by
multiple foreign direct investors,
ownership of exactly
50 per cent by a foreign direct investor, and cases in
which a qualitative assessment has been made that
effective control has been achieved through a minority
stake in an enterprise.
63
These should be labelled in a
way that indicates the nature of the investments in the
firms covered by the statistics. Similarly, countries for
which any of these groups are embedded in the basic
statistics should provide explanatory notes indicating
their
coverage and, if possible, the aggregate amounts
accounted for by them. Such supplemental statistics on
affiliates that are not majority owned may be
Dostları ilə paylaş: