全球化對產業產出水準的影響：台灣地區鋼鐵產業

The impact of globalization on industrial output： The case of Steel Product's in Taiwan

楊雅惠(Ya-Hui Yang)

指導教授 ： 賈昭南

淡江大學/商學院/國際企業學系碩士在職專班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.01282

摘要

論文提要內容：
本文實證探索1990~2010年全球環境下，當國內環境改變，影響及於外人來臺從四種不同類別投資活動時，臺灣地區鋼鐵產業產出水準所受到的影響。實證估計分二個方向進行：首先檢視國內外環境絕對變動的影響，其次檢視相對環境變動的影響。本文同時估計鋼鐵產業對各種融通管道的依賴性。
實證估計果如下：首先，當國內環境改變有利於吸引外人來臺從事直接投資、股權投資或引進國外短期融通性資金時，臺灣的鋼鐵產業可以直接或間接獲益。其次，利用外資淨流入變數下，當相對環境變動改變不利於臺灣時，若該變動影響及於債權投資，其對國內鋼鐵業的影響最大，其次為直接投資的影響。最後，無論國內環境如何改變，鋼鐵產業對能否取得流動負債的依賴性最高。

關鍵字

外資流入 ； 平減產出 ； panel資料

並列摘要

Abstract:
This thesis empirically examines the effects of domestic external environmental changes which in turn affect four types of foreign capitals inflow, on the output levels of the steel industrial in Taiwan. We examine the effects of absolute changes as well as the relative changes in domestic environments. The dependences of running the steel industry on various accommodations channels are also examined.
Our findings are as follow. First, when the domestic environment changes in such a way that is favorable to attract foreign direct investment, stock investment and other short rum accommodations, the effect spill over directly or indirectly to the domestic steel industry. Second, using the net inflows as the explanatory variables, the estimated results show that whenever there is an unfavorable change in domestic environment that affects the bond investment the adverse effect is the most for the steel industry, while the direct investment is the second. Finally, no matter what happened to the domestic environment, the ability to acquire liquid liability plays the most crucial role in running the steel industry.

並列關鍵字

Foreign Capitals Inflow ； Deflate Output ； Panel Data

參考文獻

Aizenman, Joshua, Yothin Jinjarak and Donghyun Park, (2011). “Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010,” NBER Working Paper 17502.

Aizenman, Joshua and Jaewoo Lee, (2005). “International Reserves: Precautionary versus Mecantilist View, Theory and Evidence,” NBER Working Papers No. 11366.

Arestis, Philip and Panica Demetriades, (1997). “Financial Development and Economic Growth: Assessing the Evidence,” Economic Journal, vol. 197, pp.783-99.

Bekaert, Geert, Campbell R. Harvey and Christian Lundblad, (2005). “Does Financial Liberalization Spur Growth?,” Journal of Financial Economics vol.77(1), pp. 3-55.

Edwards, Sebastian, (2007). “Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability,” NBER Working Papers No.12852.