國際資金流動與亞洲金融市場操作模式之研究

International Capital Flows and the Operation Mode of the Asia Financial Market

鄔敏莉(Min- Li Wu)

指導教授 ： 吳忠敏

國立臺北科技大學/管理學院/商業自動化與管理研究所/碩士(2010年)

https://doi.org/10.6841/NTUT.2010.00199

摘要

隨著世界各國經濟及金融政策逐漸自由化與國際化，國際資金的流動，無論在量方面與質方面均較以往有著明顯的轉變。近二十年來，亞洲主要國家（日、韓、新、泰、台灣）金融市場自由化與國際化發展快速，不容小覷。本研究將藉由實證分析方式探討國際資金近年於亞洲主要國家證券市場投資之交易態樣與相關問題，以及部份政策進行深入了解與研究，及分析台灣所處環境，並提出吸引外資投入我國資本市場之建議。
本研究蒐集外資投資行為變數，如買賣超金額、持股比重及週轉率等財務資料，使用敘述統計、投資相關係數、計量模型檢定等方法，進行實證分析。根據本研究之實證分析發現，外資投資於日本集中市場之比例為最高，其次為投資於韓國，台灣之交易金額較低。除此之外，台灣、日本、韓國的外資週轉率波動大，日本外資週轉率相對於台灣及韓國為高，表示外資在日本集中交易市場買賣相對頻繁。亞洲國家中日本、台灣、韓國三國外資的投資行為是領先於亞洲其他國家。
綜合實證研究結果，針對吸引外資投入我國資本市場有以下建議：(1)解除不必要管制、降低有競爭力的稅捐成本，放寬漲跌幅度並建置完善且適合金融業發展的軟硬體基礎設施；(2)促進市場的流動性；(3)提供完整的金融產品線；(4)接近市場/接近客戶，台灣必須持續擴大資本市場規模，並讓台灣成為為世界各國前往亞太地區投資的門戶（gateway）與渠道。善用台灣與中國大陸的連結，持續擴大金融市場規模，並成為世界各國前往亞太地區投資之門戶。

關鍵字

國際資金 ； 實證分析 ； 持股比重

並列摘要

With the world economic and financial policy of gradual liberalization and inter-nationalization, international capital flows, both in quantity and quality, there was a clear change than in the past. In this study, by way of empirical analysis of interna-tional capital in recent years, major countries in Asia, investment securities transac-tions and related issues like state, and some understanding of policy and research, and analysis of Taiwan's environment , and proposed to attract foreign investment into Taiwan's capital market recommendations.
Foreign investment behavior variables are collected in this study, such as the sale of over the amount of shares and the turnover rate, the proportion of financial informa-tion, using descriptive statistics, investment correlation coefficient, test methods such as econometric models, empirical analysis. According to empirical analysis of this study found that foreign investment in Japan, the highest concentration ratio of the market, followed by investment in South Korea, Taiwan, the lower the transaction amount. In addition, Taiwan, Japan, South Korea's foreign turnover rates and volatile foreign capital turnover rate in Japan compared to Taiwan and South Korea, implying that foreign exchange market in Japan, focused on a relatively frequent trading. Asian countries, Japan, Taiwan, Korea, the three foreign investment behavior is ahead of oth-er Asian countries.
The results of empirical research, attract foreign investment for Taiwan's capital market has the following recommendations: (1). reduce the cost of competitive taxes, and build the complete range of relaxing the ups and downs for the financial industry; (2). to promote market liquidity; (3). a complete line of financial products; (4) .close to the market / close to the customer, Taiwan must continue to expand the capital market and allow Taiwan to become the world's gateway to investment in the Asia-Pacific re-gion (gateway) with the channel.

並列關鍵字

International Funds ； Empirical Study ； Share Holdings

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