國際資本移動對臺灣產業在美國競爭力的影響

淡江大學機構典藏 > 商管學院 > 國際企業學系暨研究所 > 學位論文 > Item 987654321/74054

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题名:	國際資本移動對臺灣產業在美國競爭力的影響
其它题名:	The impact of international capital flows on the competitiveness of Taiwan's industry in the United States
作者:	陳玲華;Chen, Ling-Hua
贡献者:	淡江大學國際企業學系碩士在職專班賈昭南;Chia, Chao-Nan
关键词:	實質匯率;競爭力;國際資本移動;直接投資;證券投資;Real Exchange Rate;Competitiveness;International Capital Flows;Foreign Direct Investments;Portfolio Investments
日期:	2011
上传时间:	2011-12-28 17:55:11 (UTC+8)
摘要:	台灣是一個小型開放的經濟體，整體經濟的發展，受國際貿易的影響相當大，其中美國又是台灣最主要的出口國，因此探討過去台灣產業在美國市場競爭力的變化，將有助於檢討台灣的經濟發展政策。本研究以實質匯率代表競爭力，依據經濟學家的定義，實質匯率其實就是國內外相對物價經名目匯率調整後的結果。依據經濟學原理，若總體需求不變，則物價取決於供給面。供給面愈強者，物價水準愈低；反之，供給面較弱國家的物價水準即愈高。因此，實質匯率是一種指標，可比較兩個國家競爭力的差異。當實質匯率上升時，表示本國的生產力相對外國的生產力提升，也就是說，本國的競爭力的提升相對優於外國的競爭力。本文以美國生產者物價指數代表國外物價，以台灣躉售物價指數代表國內物價，以政府消費性支出、貿易條件、開放程度及生產力代表控制變數，以國際收支帳中的外人來台直接投資、證券投資及其他投資代表國際資本移動變數，實證探索1990年至2009年間，國際資本流入對台灣產業競爭力的影響，利用實質匯率概念所計得的產業競爭力指標的迴歸方程式估計結果顯示，證券股權投資對提升產業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，影響程度最大者為證券股權投資，其次為直接投資。 Taiwan is a small open economy, and the international trade has a great impact on the overall economic development. The United States is Taiwan’s main exporter, so exploring changes of the competitiveness of Taiwan''s industry in the United States will help to review Taiwan’s economic development policies. In this study, real exchange rate represents competitiveness. According to economists’ definition, real exchange rate is the outcome adjusted by the relative prices between domestics and foreign through nominal exchange rate. Based on principles of economics, if the aggregate demand is fixed, the price level depends on the aggregate supply. Therefore, the more the aggregate supply, the lower the price level. On the other hand, the less the aggregate supply, the higher the price level. Hence, real exchange rate is an indicator which compares competitiveness between two countries. Increasing real exchange rate represents that domestic productivity is higher than foreign productivity. That is to say, domestics are more competitive than foreign. This thesis uses the producer price index in the U.S. to represent the foreign price level, and the wholesale price index in Taiwan to represent the domestic price level. The control variables includes government consumption expenditure, terms of trade, trade openness and productivity. The variables of international capital inflows includes foreign direct investments, portfolio investments and other investments appear in the financial account of the balance of payments. This thesis empirically explores the effects of the various types of international capital inflows on the competitiveness of Taiwan’s industry 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 portfolio investments 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 portfolio investments plays the most important role while the foreign direct investments the second.
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