Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/33771


Title: 世界各國對中國大陸直接投資差異之決定因素
Authors: 歐陽宏
Contributors: 黃智聰
歐陽宏
Keywords: 中國
外來直接投資
固定效果模型
決定因素
China
Foreign Direct Investment
Fixed-Effect Model
Determinants
Date: 2004
Issue Date: 2009-09-17 18:05:44 (UTC+8)
Abstract: 中國在經濟發展的過程中,由於面臨著資金不足和技術落後的問題,以致於在1978年確立改革開放政策後,企圖透過外商直接投資來加速工業化及促進產業升級。然而一直到1992年鄧小平南巡,宣布將堅持中國的改革開放政策後,外商直接投資才開始大量流入中國。本文的研究目的即是鎖定外商直接投資開始大量進入中國後,影響世界各國對中國直接投資的因素。

本文利用24個國家(地區)在1993年至2003年期間的資料,採固定效果模型研究外商對中國直接投資的原因為何。結果顯示在1993到1996年間,顯著的決定因素為相對國內生產毛額、相對每人國內生產毛額,以及相對工資率。而在1997到2003年間,顯著的變項轉變為相對國內生產毛額、相對借貸成本、以及相對國家風險。此外,兩階段的外商直接投資都有增加的趨勢,但1997到2003年間增加的速度有趨緩的現象。另由固定效果的分析中得知,地理距離與對中國的自發性直接投資具有負相關的關係,此可由引力模型和地理距離影響文化的擴散和交流解釋之。最後,為了降低實證模型發生錯誤的機會,並使研究過程更為嚴謹,於是對本文模型和估計結果使用更多的方法加以檢定。
Since 1978, China has adopted the so-called “open door policy”, attracting foreign direct investment(FDI) has become one of the most important methods to facilitate its economic growth. However, foreign countries didn’t invest large amount toward China until Deng Xiaoping’s southern trip in 1992. The purpose of this study is thus to investigate the determinants of FDI from different foreign countries in China after foreign countries started to invest tremendous amount toward China.

This study adopts fixed-effect model to investigate the determinants of FDI in China with 24 countries’ (regions’) data during the period of 1993-2003. The result shows relative GDP, relative GDP per capita, and relative wage are the most important factor in attracting FDI in China during 1993-1996. However, during 1997- 2003, the important factors change into relative GDP, relative borrowing cost, and relative country risk. In addition, the FDI at two periods both have a increasing trend, but the increasing speed during 1997-2003 isn’t increase so quickly as 1993-1996. Furthermore, from the analysis of the fixed effect knows the geographical distance has a negative relationship to FDI in China, and it can be explained by gravity equation and geographical distance influences the diffusion and exchange of culture.
Finally, in order to reduce the mistakes occurred in positive models and enable the study more rigorous, then uses more methods to test the models and the result.
Reference: 一、中文文獻
中國國家統計局編,《中國統計年鑑》,(1993~2004),(北京),中
國統計出版社。
中國國家統計局編,《國際統計年鑑》,(1995~2003),(北京),中
國統計出版社。
中華民國中央銀行網站,http://www.cbc.gov.tw/。
中華民國行政院主計處網站,http://www.dgbas.gov.tw/。
阮翔、趙建華(2004),「從引力空間模型看對外直接投資區位選擇」,
《世界經濟研究》(杭州),2004年第2期,頁65~69。
林俊儒(2003),《中國大陸外商直接投資之決定性因素實證》。台北:
國立政治大學財政研究所碩士論文。
高長(1994),《大陸經改與兩岸經貿關係》。台北:五南圖書出版有限
公司。
徐東、孫寧(2003),「中國利用外資的地區失衡問題」,《黑龍江對外
經貿》(哈爾濱),2003(4),頁25∼27。
黃天中、潘錫堂(1993),《中國大陸研究》。台北:五南圖書出版有限公司。
黃智聰、高安邦、余姿瑩(2004),「外來投資在中國大陸各地區分佈不
均度之分析」,《中國大陸研究》(台北),47(2),頁33~56。
黃智聰、潘俊男(2002),「大陸地區製造業產業結構的決定因素」,
《中國大陸研究》(台北),45(2),頁97~123。
潘俊男(2001),《中國大陸外人直接投資與產業升級》。台北:國立政
治大學中山人文科學研究所碩士論文。
二、英文文獻
Ajami, Raid A. and Ran BarNiv (1984), “Utilising Economic
Indicators in Explaining Foreign Investment in the US.”
Management International Review, 24(4), 16-26.
Aliber, Robert Z. (1970), A Theory of Direct Foreign
Investment. in Kindleberger, C. P. (ed.) The International
Corporation. Cambridge Mass: MIT Press.
Anderson, James E. (1979), “The Theoretical Foundation for the
Gravity Equation.” American Economic Review, 69(1), 106-
116.
BALI & INDONESIA ON THE NET, http://www.indo.com/distance/
Barrell, Ray and Nigel Pain (1996), “An Econometric Analysis
of US Foreign Direct Investment.” Review of Economics and
Statistics, 78(2), 200-207.
Blais, J. P. (1975), A Theoretical and Empirical Investigation
of Canadian and British Direct Foreign Investment in
Manufacturing in the United States. Ph.D. Dissertation.
Pittsburgh : University of Pittsburgh.
Breusch, T. S. and A. R. Pagan (1980), The Lagrange Multiplier
Test and Its Applications to Model Specification in
Econometrics,
Buckley, Peter J. and Mark Casson (1976), The Future of
Multinational Enterprises. Lodon: Macmillan.
Buckley, Peter J. and Mark Casson (1981), “The Optimal Timing
of a Foreign Direct Investment.” Economic Journal, 91, 75
-87.
Cheng, Leonard K. and Yum K. Kwan (2000), “What are the
Determinants of Location of Foreign Direct Investment? The
China Experience.” Journal of International Economics, 51
(2), 379-400.
Coughlin, Cletus C. and Eran Segev (2000), “Foreign Direct
Investment in China: A Spatial Econometric Study.” World
Economy, 23(1), 1-23.
Culem, Claudy G. (1988), “The Locational Determinant of Direct
Foreign Investment Among Industrialised Countries.”
European Economic Review, 32(2), 885-904.
Cushman, D. (1985), “Real Exchange Rate Risk, Expectations,
and the Level of Direct Investment.” Review of Economics
and Statistics, 67(2), 197-308.
Cushman, David O. (1987), “The Effects of Real Wages and Labor
Productivity on Foreign Direct Investment.” Southern
Economics and Journal, 54(1), 174-185.
Davidson, William H. (1980), “The Location of Foreign Direct
Investment Activity: Country Characteristics and
Experience Effects.” Journal of International Business
Studies, 11(2), 9-22.
Dees, Stephane (1998), “Foreign Direct Investment in China:
Determinants and Effects.” Economics of Planning, 31(2-
3), 175-194.
Dunning, John H. (1993), Multinational Enterprises and the
Global Economy. Workingham, England and Reading, Mass:
Addison Wesley.
Fidrmuc, Jan and Fidrmuc Jarko (2000), “Disintegration and
Trade.” CEPR Discussion Papers: 2641.
Froot, Kenneth A. and Jeremy Stein (1991), “Exchange Rates and
Foreign Direct Investment: An Imperfect Capital Markets
Approach.” Quarterly Journal of Economics, 106(4), 1191-
1217.
Greene, William H. (2003), Econometric Analysis. Upper Saddle
River, New Jersey: Prentice Hall.
Grosse, Robert and Len J. Trevino (1996), “Foreign Direct
Investment in the United States: An Analysis by Country of
Origin.” Journal of International Business Studies, 27
(1), 139-155.
Hausman, Jerry A. (1978), “Specification Tests in
Econometrics.” Econometrica, 46(6), 1251-1271.
Hill, Carter R., William E. Griffiths, and George E. Judge
(2001), Undergraduate Econometrics, New York: John Wiley &
Sons, c2001.
Hong, Mao and Luo-Shou Chen (2001), “Quantitative and Dynamic
Analysis of the OLI Variables Determining FDI in China.”
Review of Urban and Regional Development Studies, 13(2),
163-172.
Hsiao, Cheng (1986), Analysis of panel data, Econometric
Society Monographs, no. 11 Cambridge; New York and Sydney:
Cambridge University Press, 1986.
Hsiao, Cheng and Victor Gastañaga (2001), “Factors Affecting
Foreign Direct Investment--With Analysis of the Disparity
between the Costal and Western Regions of China.” Review
of Pacific Basin Financial Markets and Policies, 4(4), 479-
493.
Huang, Fanzhang (1995), “China’s Utilization of Foreign
Capital and the Related Policies.” Journal of Asian
Economics, 6(2), 217-232.
Huang, Jr-Tsung (2004), “Spillover from Taiwan, Hong Kong, and
Macau Investment and from Other Foreign Investment in
Chinese Industries.” Contemporary Economic Policy, 22(1),
13-25.
Hymer, Stephen (1976), The International Operations of National
Firms, Cambridge, MIT press.Institutional Investor Press,
Institutional Investor, (Monthly, 1993-2004), New York:
Institutional Investor, inc.
International Labour Organization, http://laborsta.ilo.org/
International Labour Organization, Yearbook of labour
statistics, (1993-2004), Geneva: Internatilnal Labour
Office.
International Monetary Fund, International financial statistics
yearbook, (1993-2004), Washington: International Monetary
Fund.
Kobrin, Stephen J. (1979), “Political Risk: A Review of
Reconsideration.” Journal of International Business
Studies, 10(1), 67-80.
Krugman, Paul (1991), “Increasing Returns and Economic
Geography.” The Journal of Political Economiy, 99(3), 483-
499.
Kumar, Nagesh (1994), “Determinants of Export Orientation of
Foreign Production by US Multinational: an Inter-Country
Analysis.” Journal of International Business Studies,
25(1), 141-156.
Kuo, Chun-Chien and Jr-Tsung Huang, (2003), “A Regional
Analysis on the Determinants of Foreign Direct Investment
toward Mainland China.” Paper Presented at the Western
Economic Association International Pacific Rim Conference,
January 9-12. 2003.
Liu, Xiaming, Haiyan Song, Yingqi Wei, and Peter Romilly
(1997), “Country Characteristics and Foreign Direct
Investment in China: A Panel Data Analysis.”
Weltwirtschaftliches Archiv, 133(2), 313-329.
Lucus, Robert E. B. (1993), “On the Determinants of Foreign
Direct Investment: Evidence from East and Southeast
Asia.” World Development, 21(3), 391-406.
Moore, Michael O. (1993), “Determinants of German
Manufacturing Direct Investment: 1980-1988.”
Weltwirtschaftliches Archiv, 129(1), 120-138.
Pain, Nigel (1993), “An Econometric Analysis of Foreign Direct
Investment in the United Kingdom.” Scottish Journal of
Political Economy, 40(1), 1-23.
Pain, Nigel (1997), “Continental Drift: European Integration
and the Location of UK Foreign Direct Investment.”
Manchester School Supplement, 65, 94-117.
Pitelis, Christos (1996), “Effect Demand, Outward Investment
and the (Theory of) Transnational Corporation: An
Empirical Investigation.” Scottish Journal of Political
Economy, 43(2), 192-206.
Sun, Qian, Wilson Tong, and Qiao Yu (2002), “Determinants of
Foreign Direct Investment across China.” Journal of
International Money and Finance, 21(1), 79-113.
Tallman, Stephen B. (1988), “Home Country Political Risk and
Foreign Direct Investment in the United States.” Journal
of International Business Studies, 19(2), 219-234.
Vernon, Raymond (1966), “International Investment and
International Trade in the Product Trade.” Quarterly
journal of Economics, 80, 190-207.
Walia, T. S. (1976), An Empirical Evaluation of Selected
Theories of Foreign Direct Investment by U.S. Based
Multinational Corporations, Ph.D. Dissertation. New York:
New York University.
Wang, Zhen-Quan and Nigel J. Swain (1995), “The Determinants of Foreign Direct Investment in Transforming Economics:
Empirical Evidence from Hungary and China.”
Weltwirtschaftliches Archiv, 131(2), 359-382.
Wei, Yingqi and Xiaming Liu (2001), Foreign Direct Investment
in China: Determinants and Impact, Cheltenham, Glos, U.K.;
Northampton, Mass: Edward Elgar, c2001.
Wheeler, David and Ashoka Mody (1992), “International
Investment Location Decisions: the Case of U.S. Firms.”
Journal of International Economics, 33(1-2), 57-76.
Zhang, Kevin Honglin (2000), “Why Is US Direct Investment in
China So Small?” Contemporary Economic Policy, 18(1), 82-
94.
Description: 碩士
國立政治大學
東亞研究所
92260002
93
Source URI: http://thesis.lib.nccu.edu.tw/record/#G0922600021
Data Type: thesis
Appears in Collections:[東亞研究所 ] 學位論文

Files in This Item:

File Description SizeFormat
60002101.pdf46KbAdobe PDF1162View/Open
60002102.pdf88KbAdobe PDF1137View/Open
60002103.pdf80KbAdobe PDF1184View/Open
60002104.pdf69KbAdobe PDF1108View/Open
60002105.pdf191KbAdobe PDF1275View/Open
60002106.pdf199KbAdobe PDF2480View/Open
60002107.pdf396KbAdobe PDF6524View/Open
60002108.pdf379KbAdobe PDF2974View/Open
60002109.pdf375KbAdobe PDF2769View/Open
60002110.pdf101KbAdobe PDF1208View/Open
60002111.pdf92KbAdobe PDF1394View/Open


All items in 學術集成 are protected by copyright, with all rights reserved.


社群 sharing