匯率以及國外直接投資

Exchange Rate and Foreign Directly Investment

馬國維(Kuo-Wei Ma)

指導教授 ： 林靜儀

國立清華大學/科技管理學院/經濟學系/碩士(2014年)

摘要

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。

關鍵字

匯率 ； 國外直接投資

並列摘要

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.

並列關鍵字

exchange rate ； FDI

參考文獻

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