本文實證探索1990年到2009年間,國際資本移入對臺灣進口替代產業競爭力的影響。利用實質匯率概念所計得的臺灣進口替代產業競爭力指標的迴歸方程式估計結果顯示,臺灣進口替代產業對於提升競爭力有顯著的正面影響。利用標準化變數所估計的結果顯示,影響程度最大者為外人來臺證券投資(股權),其次為外人來臺證券投資(債權)。 This thesis empirically explores the effects of the four types of international capital inflows on the competitiveness of the Taiwan Import Substitution industry in Taiwan during the period between 1990 and 2009. Adopting the concept of real exchange rate as proxy for the competitiveness index, regression analysis has shown that Taiwan Import Substitution industry has brought about significant positive effects. Regression analysis using standardized variables reveals that the magnitudes of the effects of the four types capital inflows vary whereas the Equity Securities(Liabilities) plays the most important role while the Debt Securities(Liabilities) the second.