摘要
近年來，因為經濟全球化的關係，國外直接投資(FDI，Foreign Direct Investment)成長的速度大幅的超越出口。許多總體因素都會影響廠商的採取FDI的決策，其中匯率扮演最關鍵的角色。本文試圖利用動態隨機一般均衡模型(dynamic stochastic general equilibrium)，去探討匯率和進入成本的衝擊，會如何影響存在FDI的經濟結構，薪資以及國外直接投資會如何變化。本文最後發現，當本國貨幣升值時，國內對外投資增加，但因為外國消費力不足而趨於平緩。當國內進入生產成本降低時，造成國內薪資下降，增加國外投資者來國內投資的意願，而資金的流入使貨幣升值，我國對外投資也將上升。當國外投資者來國內採取FDI的固定成本下降時，使的國外來本國投資的廠商數增加，此外本國新進廠商的增加會排擠國內總合消費，國內產出的降低使貨幣貶值，但國外薪資的下跌幅度較大，使國內廠商到國外投資的廠商個數依然上升。

Abstract
With economic globalization, the growth rate of foreign direct investment beyond export’s growth rate in recent years. Lots of macroeconomic factors affect the FDI decisions made by firms, in which exchange rate plays the most crucial role. This paper attempts to use dynamic stochastic general equilibrium (DSGE) model to explore the impact of the economic structure which exists FDI when exchange rate shock and the entry cost shock happened, contains the salary and FDI flows. Finally found that when currencies appreciate, domestic foreign investment increase, but the lack of foreign consumption make domestic FDI outflows flatten in the future. When domestic entry cost drops, declining the domestic wages, increasing foreign investor to make FDI to domestic country. In the meanwhile, capital inflows makes currency appreciation, domestic FDI outflows will also rise. When domestic FDI costs down, which increases foreign investment, in addition to increased domestic new entrants that will crowd total domestic consumption, and domestic output falling lead to depreciate, but salary declines larger, so that outflow of FDI firms still rise.

參考文獻
Aoki, K., G. Benigno and N. Kiyotaki. 2006. “Adjusting to Capital Account Liberalization.”, mimeo, LSE and Princeton University.
Aoki, Kosuke & Benigno, Gianluca & Kiyotaki, Nobuhiro. 2010. “ Adjusting to Capital Account Liberalization. ” C.E.P.R Discussion Papers 8087
Bacchetta, Philippe, and Eric van Wincoop. 2000. “Does Exchange-Rate Stability Increase Trade and Welfare?” American Economic Review (December). 1093-109.
Barrell, R. and Pain, N. 1996. “An Econometric Analysis of US FDI.” The Review of Economics and Statistics 78, 200–207.
Bergin, Paul R., Shin, Hyung-Cheol and Tchakarov, Ivan, 2007. “Does Exchange Rate Variability Matter for Welfare? A Quantitative Investigation of Stabilization Policies.” European Economic Review (May), vol. 51(4).1041-1058.
Blonigen, B. 1997. “Firm Specific Assets and the Link Between Exchange Rates and Foreign Direct Investment.” American Economic Review .87, 448–465.
Blonigen, B. 2005. “A Review of Empirical Literature on FDI Determinants.” Atlantic Economic Journal .33, 383–403.
Cushman, David O. 1985. “Real Exchange Rate Risk, Expectations, and the Level of Direct Investment.” The Review of Economics and Statistics (May), vol. 67(2). 297-308.
Cushman, David O. 1988. “Exchange Rate Uncertainty and Foreign Direct Investment.” Weltwirtschaftliches Archiv. 124: 322-335
Dewenter, Kathryn L. 1995. “Do Exchange Rate Changes Drive Foreign Direct Investment” Journal of Business (July). 405-433.
Elijah Udoh and Festus O. Egwaikhide. 2008. “Exchange Rate Volatility, Inflation Uncertainty and Foreign Direct Investment in Nigeria.” Botswana Journal of Economics
Fabio Ghironi & Marc J. Melitz. 2005. “International Trade and Macroeconomic Dynamics with fHeterogeneous Firms.” The Quarterly Journal of Economics 120 (August). 865-915.
Feliciano, Z. and Lipsey, R. 2002. “Foreign Entry into US Manufacturing By Takeovers and The Creation Of New Firms.” NBER Working Paper No. 9122. National Bureau of Economic Research. Cambridge, MA.
Froot, Kenneth A. and Jeremy C. Stein. 1991. “Exchange Rate and Foreign Direct Investment: an Imperfet Capital Markets Approach.” Quarterly Journal of Economics. 1191-1217.
Klein, M.W. and Rosengren, E.S. 1994. “The Real Exchange Rate and FDI in the United States: Relative Wealth Versus Relative Wage Effects.” Journal of International Economics 36, 373–389.
Michael W. Klein & Eric S. Rosengren. 1992. “The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth vs. Relative Wage Effects.” Working Papers 92-2, Federal Reserve Bank of Boston.
Nikolina Kosteletou and Panagiotis Liargovas. 2000. “Foreign Direct Investment and Real Exchange Rate Interlinkages.” Open Economies Review (April). 135-148.
Phillips, Shauna and Ahmadi-Esfahani, Fredoun Z. 2008. “Exchange Rates and Foreign Direct Investment: Theoretical Models and Empirical Evidence.” Australian Journal of Agricultural and Resource Economics. 505-525.
Philippe Bacchetta and Eric van Wincoop. 2000. “Trade Flows, Prices, and The Exchange Rate Regime.” Working Papers (November), 00.11.
Rajesh Chakrabarti and Barry Scholnick. 2002. “Exchange Rate Expectations and Foreign Direct Investment Flows.” Weltwirtschaftliches Archiv (March). 1-21.
Russ, Katheryn Niles. 2007. “The Endogeneity of the Exchange Rate as a Determinant of FDI: A Model of Entry and Multinational Firms.” Journal of International Economics (April), Elsevier, vol. 71(2). 344-372.
Russ, Katheryn Niles. 2009. “The New Theory of Foreign Direct Investment: Merging Trade and Capital Flows.” International Finance, Wiley Blackwell, vol. 12(1). 107-119, 05.
Russ, Katheryn Niles. 2012. “Exchange Rate Volatility and First-Time Entry by Multinational Firms.” Review of World Economics (June), vol. 148(2). 269-295.
Thomas A. Lubik and Katheryn N. Russ. 2012. “Exchange Rate Volatility in a Simple Model of Firm Entry and FDI.” Economic Quarterly, Federal Reserve Bank of Richmond, 51-76.