Debt v. Foreign Direct Investment: The Impact of Sovereign Risk on the Structure of International Capital Flows
从金融视角比较债务与外国直接投资两种国际投资形式，发现债务的主权风险通常小于FDI，FDI仅在外国投资者效率更高、项目风险大且外部选择好时被选择，合资可缓解FDI的主权风险问题。
The paper compares the two standard forms of international investment in developing countries, debt and foreign direct investment (FDI), from a finance perspective. The sovereign risks associated with debt finance are shown to be generally less severe than the ones that come with FDI. FDI is chosen only if the foreign investor is more efficient in running the project, if the project is risky, and if the foreign investor has a good outside option which deters creeping expropriation. The sovereign risk problem of FDI can be alleviated if the host country and the foreign investor form a joint venture.