「外人直接投資偏誤」之衡量與決定因素－行為財務觀點

以往對於外人直接投資之研究，多以少數國家或地區為樣本為研究對象，探討經濟因素的影響，但對於直接投資為何在某些投資與被投資國組合中較為集中的現象與成因，則尚未加以探討。本研究參考行為財務之熟悉度偏誤觀點，建構「外人直接投資偏誤指標」並納入資訊成本及文化距離等因素，以1993-2003年間占全球投資金額81%前16大投資國與占全球73%之31大被投資國數據，利用縱橫資料迴歸模式透過跨國比較加以實證。研究結果發現，就整體樣本而言，直接投資偏誤主要受到地理距離及語言等資訊成本因素之影響，文化距離因素則並不顯著。其次，由於被投資國被設定角色不同，經濟變數之影響在本研究之大樣本影響結果與以往研究以小樣本不同，甚至因此呈現不顯著情況，此外，由於被投資國角色不同，金融投資的考量也無法全盤應用，上述研究成果可對現有直接投資理論加以補充外，由於本研究之樣本範圍遠大於以往相關研究，也有效提高本項實證結果的可信度和參考價值。

關鍵字

多國籍企業；外人直接投資；行為財務；熟悉度偏誤；文化距離

並列摘要

Prior research that analyzed determinants of Foreign Direct Investment (FDI) mostly used economic factors as explanatory variables, but FDI which was centralized or dispersed couldn't be explained by these factors. Furthermore, samples were from few countries or regions. This research designed the ”Foreign Direct Investment Bias (FDIB)” index by the Behavioral Finance view ”Home Bias”, used the Panel Data Regression Model, employed geographical distances, language and culture distance as the explanatory variables, and expanded sample countries/regions with data from the top 16 investing countries responsible for 81% of global investing and the top 31 host countries receiving investing 73% of total global investments during the period 1993-2003. Adopting the perspective of international comparison, firstly, this research found that countries' FDIB mainly considered the information cost of geographical distances and language variable rather than culture distance in the full model. The results support the direct investment theory and can influence future studies. Secondly, the impacts of the small or large models are different cause the role of destination countries. By the same reason, the FDI impact factor considerations are not the same as Portfolio investment.

並列關鍵字

Multinational Business ； FDI ； Behavioral Finance ； Familiar Bias ； Culture Distance

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