外人直接投資對出口成長的影響 : 金融部門的重要性

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Title:	外人直接投資對出口成長的影響 : 金融部門的重要性
Other Titles:	The impact of FDI on export growth : the role of financial sector
Authors:	李儀君;Li, Yi-Jyun
Contributors:	淡江大學產業經濟學系碩士班林佩蒨;Lin, Pei-Chien
Keywords:	出口成長;外人直接投資;金融部門;Export Growth;Foreign Direct Investment;Financial Sector
Date:	2014
Issue Date:	2015-05-04 09:44:17 (UTC+8)
Abstract:	隨著時代的變化，企業面對需求的不確定性以及生產成本上漲的壓力，逐漸將生產活動移至海外進行，將生產好的產品行銷至當地國家或是出口回母國或第三國家，使近年來全球的外人直接投資金額大幅成長。理論上，外人直接投資可以透過這樣的方式對接收國的出口有所貢獻，而外人直接投資所帶來的技術外溢效果也能使接收國的廠商增進自身的生產效率與產品品質，進而增加出口，然而在實證的文獻上，並非所有的接收國都能從外人直接投資獲得潛在的好處。因此，本文使用接收國的吸收外來技術能力會影響外人直接投資外溢效果的論點，解釋接收國技術吸收能力之因子─「金融部門的發展程度」，可能是影響外人直接投資對出口成長貢獻的重要因素。本文主要假設為一國之金融部門發展必須達到一定程度才能使該國能夠吸收及運用外人直接投資所帶來的技術外溢效果，否則，外人直接投資對接收國的出口成長沒有貢獻。本研究期間為1981年至1997年，56個國家及28個產業。實證結果如下：1. 在未考量金融部門發展下，外人直接投資對透過金融部門對外部融資需求高的產業出口成長有不利的影響。2.考量金融部門發展後，外人直接投資對透過金融部門對外部融資需求高的產業能刺激出口的成長。3.以不同國家別做為樣本時，開發中國家的外人直接投資透過金融部門對外部融資需求較高的產業出口成長有較好的刺激效果，特別是開發中的亞洲及拉丁美洲地區，外人直接投資透過金融部門對產業出口成長的影響較為明顯而且穩健。4.在穩定性檢測下，以全部國家為樣本的實證結果，不會因改變外人直接投資的衡量方式或是金融部門發展的衡量方式而有所不同，具有一定的穩健性，然而，若區分國家別的資料進行分析，則不同的股市發展指標可能會影響實證結果的顯著性。 In recent years, the amount of global foreign direct investment (FDI) has grown greatly. Theoreti-cally, inward FDI of multinational enterprises could positively affect the export of host country by ex-porting locally produced goods back to home countries or other countries. However, empirical evidence from previous studies shows that not all countries receiving inward FDI will gain such benefits. In this study, we adopt the viewpoint that the absorptive ability of host country could affect the spillover effect of FDI to show that the degree of financial department is critical for FDI to exert a positive impact on the export growth of the host country. The data used for this study contains 56 countries for the period of 1981 to 1997 and the main findings of this research are as follows:1.Without considering financial development, the impact of FDI on industrial export growth, through industrial external finance, is negative.2.After considering financial development, the impact of FDI on industrial export growth, through in-dustrial external finance, is positive.3.In the developing country group, the impact of FDI on industrial export growth via financial devel-opment is more robust. More specifically, the impact of FDI on industrial export growth is more clear and robust in the Asian and Latin American countries.4.The result for the full countries sample is robust even we change the measurements of FDI or finan-cial development. However, the results for different country groups are not that robust when we change the measurement of financial development.
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