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研究生： 胡毓倫
Hu, Yu-Lun
論文名稱： 外國直接投資與外國證券投資對長期經濟成長的影響
The Impacts of Foreign Direct Investment and Foreign Portfolio Investment on Long-term Economic Growth
指導教授： 林靜儀
Lin, Ching-Yi
口試委員: 李宜
Lee, Yi
祈玉蘭
Chyi, Yih-Luan
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 經濟學系
Department of Economics
論文出版年： 2018
畢業學年度： 106
語文別： 中文
論文頁數： 49
中文關鍵詞： 外國直接投資 、外國證券投資 、經濟成長 、GMM
外文關鍵詞： Foreign Direct Investment, Foreign Portfolio Investment, Economic Growth, GMM
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    • 本研究使用1960年至2016年一共216個跨國年資料，探討外國直接投資(FDI)與外國證券投資(FPI)對於長期經濟成長的影響。使用GMM模型，改善經濟成長與投資之間的內生性問題，並且考量控制變數：每人平均GDP、實質利率、通貨膨脹率、失業率、廣義貨幣供給量 (M2) 成長率、匯率以及能源消耗。除外，把國家區分成四種類別，分別為高所得國家、中高所得國家、中低所得國家以及低所得國家，進一步探討不同所得國家的外國直接投資(FDI)與外國證券投資(FPI)對於長期經濟成長的影響。實證結果顯示，在高所得與中高所得國家當中，本國人對外國的直接投資(FDI流出)對經濟成長有顯著正向的影響，而高所得、中高所得與中低所得國家的外國人對本國直接投資(FDI流入)對於經濟有顯著正向的影響。FPI方面，高所得國家外國人對本國的證券投資(FPI流入)與本國人對外國的證券投資(FPI流出)對經濟皆有顯著正向的影響，而中高所得國家只有本國人對外國的證券投資(FPI流出)對於國內的經濟成長有顯著的影響。

    This study explores the impacts of foreign direct investment (FDI) and foreign portfolio investment (FPI) on long-term economic growth by using 216 cross-country data from 1960 to 2016. We use GMM model to improve the endogenous issues between economic growth and investment, and consider control variables, including GDP per capita, real interest rate, inflation rate, unemployment rate, broad money supply (M2) growth rate, exchange rate, and energy consumption. In addition, we divide these countries into four categories: high-income countries, upper middle-income countries, lower middle-income countries, and low-income countries to evaluate the different influence of foreign direct investment (FDI) and foreign portfolio investment (FPI) on long-term economic growth. The empirical results show that among high-income and upper middle-income countries, FDI outflows have significant positive effects on economic growth, while among high-income, upper middle-income and lower middle-income countries, FDI inwards have significant positive impacts on the economy. On the other hand, FPI inwards and FPI outflows have significant positive effects on the economy in high-income countries, and only FPI outflows have significant impacts on domestic economic growth in upper middle-income countries.

    目錄 中文摘要.....................................................i 英文摘要....................................................ii 第一章 緒論.................................................1 第一節 外國直接投資與外國證券投資的定義與現況.......2 第二節 研究動機.....................................5 第二章 文獻回顧.............................................6 第三章 研究方法及步驟.......................................9 第一節 資料來源.....................................9 第二節 實證模型....................................10 第四章 實證結果............................................11 第一節 敘述性統計..................................11 第二節 回歸分析結果................................14 第三節 模型分析結論................................26 第四節 穩健性檢驗..................................27 第五章 結論................................................29 參考文獻....................................................30 附錄........................................................33 圖目錄 圖一 外直接投資與外國證券投資...............................1 圖二 外國直接投資...........................................3 圖三 外國證券投資...........................................4 表目錄 表一 敘述性統計............................................12 表二 Pearson相關係數.......................................13 表三 FDI與FPI對經濟成長的影響..............................15 表四 資產與負債類FDI與FPI對經濟成長的影響..................17 表五 高所得國家FDI與FPI對經濟成長的影響....................19 表六 中高所得國家FDI與FPI對經濟成長的影響..................21 表七 中低所得國家FDI與FPI對經濟成長的影響..................23 表八 低所得國家FDI與FPI對經濟成長的影響....................25

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