學術產出-Periodical Articles
Article View/Open
Publication Export
-
題名 Capital Flight and Foreign Direct Investment 作者 李桐豪
Chiang, ChiangYi-Hui;Lee, Thomas貢獻者 金融系 關鍵詞 FDI inflow;capital flight;export 日期 2015-07 上傳時間 7-Jul-2016 15:41:46 (UTC+8) 摘要 To systematically study the relationship between foreign direct investment inflow (FDI inflow) and capital flight, this chapter uses yearly-data in 1984-2012 in China, sets up two propositions and applies our model to explore the micro-relation and macro-relation between FDI inflow and capital flight.At proposition (4-1), we can find that the estimated values of long-term foreign direct investment inflow (FDI inflow) and long-term capital flight are significant correlation. Then, under Augmented Dickey-Fuller test (ADF test) or Philips-Perron test (PP test), the residuals reject the null hypothesis with statistical significant at 5% level, which implies that the result is stable. Causal test also shows that the relation between FDI inflow and capital flight is Granger causal. Besides, results of error correction model (ECM) show that FDI inflow and capital flight, they are not only have the long-term positive relation, but also have short-term dynamic relationship. So we can find the proposition (4-1) is true.At proposition (4-2), at first, we can find that the estimated values of long-term FDI inflow and long-term export are obviously correlated with statistical significant at 1% level, the R square value reaches highly level at 0.9, and they imply the model is good to fit. Next, results of error correction model show that FDI inflow and export, they are not only have the long-term positive relation, but also have short-term dynamic relationship. So we can find the first part of proposition (4-2) is true, which means that if FDI inflow increases, export will grows, too.Finally, for the remainder of proposition (4-2), at first, we can find that the estimated values of long-term capital flight and long-term export are obviously correlated. Then, under ADF test or PP test, we can find the remainder of proposition (4-2) is true, which means that if export grows up, capital flight will increase, too. In short, FDI inflow increase, export will grows apparently, capital flight will increase obviously which will attract more FDI inflow. 關聯 International Journal of Financial Research, 6(3), 64-77 資料類型 article DOI http://dx.doi.org/10.5430/ijfr.v6n3p64 dc.contributor 金融系 dc.creator (作者) 李桐豪 zh_TW dc.creator (作者) Chiang, ChiangYi-Hui;Lee, Thomas dc.date (日期) 2015-07 dc.date.accessioned 7-Jul-2016 15:41:46 (UTC+8) - dc.date.available 7-Jul-2016 15:41:46 (UTC+8) - dc.date.issued (上傳時間) 7-Jul-2016 15:41:46 (UTC+8) - dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98755 - dc.description.abstract (摘要) To systematically study the relationship between foreign direct investment inflow (FDI inflow) and capital flight, this chapter uses yearly-data in 1984-2012 in China, sets up two propositions and applies our model to explore the micro-relation and macro-relation between FDI inflow and capital flight.At proposition (4-1), we can find that the estimated values of long-term foreign direct investment inflow (FDI inflow) and long-term capital flight are significant correlation. Then, under Augmented Dickey-Fuller test (ADF test) or Philips-Perron test (PP test), the residuals reject the null hypothesis with statistical significant at 5% level, which implies that the result is stable. Causal test also shows that the relation between FDI inflow and capital flight is Granger causal. Besides, results of error correction model (ECM) show that FDI inflow and capital flight, they are not only have the long-term positive relation, but also have short-term dynamic relationship. So we can find the proposition (4-1) is true.At proposition (4-2), at first, we can find that the estimated values of long-term FDI inflow and long-term export are obviously correlated with statistical significant at 1% level, the R square value reaches highly level at 0.9, and they imply the model is good to fit. Next, results of error correction model show that FDI inflow and export, they are not only have the long-term positive relation, but also have short-term dynamic relationship. So we can find the first part of proposition (4-2) is true, which means that if FDI inflow increases, export will grows, too.Finally, for the remainder of proposition (4-2), at first, we can find that the estimated values of long-term capital flight and long-term export are obviously correlated. Then, under ADF test or PP test, we can find the remainder of proposition (4-2) is true, which means that if export grows up, capital flight will increase, too. In short, FDI inflow increase, export will grows apparently, capital flight will increase obviously which will attract more FDI inflow. dc.format.extent 265533 bytes - dc.format.mimetype application/pdf - dc.relation (關聯) International Journal of Financial Research, 6(3), 64-77 dc.subject (關鍵詞) FDI inflow;capital flight;export dc.title (題名) Capital Flight and Foreign Direct Investment dc.type (資料類型) article dc.identifier.doi (DOI) 10.5430/ijfr.v6n3p64 dc.doi.uri (DOI) http://dx.doi.org/10.5430/ijfr.v6n3p64
