| Constant development of international process of integration, have exerted a great influence on global capital circulation, especially foreign direct investment. In 1994, NAFTA included the clause of investment in the frame of the protocol formally. After this, the direct investment effect of economic integration entered the structure range of the main free trade agreement of the world. "10+1" agreement of China and Association of South-east Asian Nations (ASEAN) proposed " set up a mechanism of convenient, transparent and competitive investment for CAFTA, but has not expounded the concrete investment system of CAFTA. So, study on the FDI effect of CAFTA become the concrete prerequisite about the clause of investment Any can cause the change of the foreign direct investment, always have an effect to the influence of different factors which determines the direct investment through it at first. So to analysis free trade area's connection with FDI, should review world theory about FDI at first. Dunning's theory on FDI thinks, the direct investment behavior of the trans-corporation is not a kind of isolated activity, and will not receive the intact explanation unless combine with other ways that world produces. Trans-corporation's foreign direct investment should depend on the factor that three groups influence each other, namely the ownership advantages of enterprises, position advantage and internalization advantage. The free trade area mainly influence ownership advantage and position advantage, then have an influence on the direction and scale in FDI. This kind of influence embodies in two respects of static effect and dynamic effect: Static effect mainly refers to investment creation effect and investment diversion effect, the dynamic effect is linked with the effect of long-term investment.From NAFTA and MERCOSUR instance analysis of free trade area, FDI effect of the free trade area depends on the change degree of the investment environment before its integration after setting up the free trade area mainly; degree of freedom of trade of Domestic member state; whether member states have such factors as a position advantage in the free trade area. As to free trade area that developing countries make up, the macroeconomic stability degree in the district is an important factor of determining its FDI effect too. According to actual conditions of CAFTA, before Asian financial crisis of the 20th century, FDI flowing into Association of South-east Asian Nations increases quickly, but glide to some extent since the financial crisis; On contrast, since 1990s, the foreign direct investments which China absorbed keep growing at top speed; Meanwhile the direct investment between our country and ASEAN demonstrates the good growth. The setting-up of CAFTA will inevitably produce obvious FDI effect, which can also be divided into static effect and dynamic effect. With the setting-up of CAFTA, the change because of the position advantage pattern of every member state, may also cause the overall rearrangement of investment in the area in a short time, but on long terms, with trade optimization, the total amount of FDI will increase continuously. With the opportunities brought by CAFTA, for taking more effective use of international and domestic capital, our government and enterprise should make the effectual tactics from all respects. Though some decisive factors (for example key element difference and cost, geographical position) of FDI can not change, however, member states can promote one's own position advantage through changing the other influence key element of FDI. This paper first give the introduction of some free trade areas in existence in the world and CAFTA, proceed from two different angles of attitude, the method to use combination of theory and practice, carry on relevant theories and real examples and analysis, summarize the real suggestions and plans for China.The research frame of this paper and main content are as follows: Chapter one is document survey of the direct investment effect...
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