There has been an increase in outward foreign direct investment (FDI) and in the number of locallyowned or controlled multinationals in the Czech Republic and Hungary. However, data problems hinder to determine accurately the underlying trends and the main factors behind the changes. Data on outward FDI contain investment realised by all locally operational firms, regardless of their ownership. We rely on newly available balance of payments manual 6 (BPM) data and on company case studies. We show that outward investment by Czech firms must be much higher than what balance of payments data show. Hungary’s case is the opposite. The leading Czech and Hungarian foreign investor firms can be categorised as “virtual indirect” foreign investors: they are in majority foreign ownership, but under domestic control. The reason for this special type of firms dominating in outward foreign direct investments can be found in the privatisation technique applied in these countries during the transition process.

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只看数据背后！捷克和匈牙利对外直接投资与跨国公司

捷克共和国和匈牙利的对外直接投资（FDI）以及本地拥有或控制的跨国公司数量有所增加。但是，数据问题阻碍了准确确定潜在趋势和变化背后的主要因素。对外直接投资数据包含所有本地运营公司实现的投资，无论其所有权如何。我们依靠新近可用的国际收支手册6（BPM）数据和公司案例研究。我们证明捷克公司的对外投资必须比国际收支数据所显示的要高得多。匈牙利的情况恰恰相反。领先的捷克和匈牙利外国投资者公司可以归类为“虚拟间接”外国投资者：他们多数为外国所有，但受国内控制。