摘要
自從1960年起開始出現外商直接投資FDI，在過去的二十年間可見到FDI在全球快速成長且有許多理論被發展出來，這些理論提出許多FDI流動的決定因素，包括個體因素（如公司觀點）與總體因素（如地區、國家與省份觀點）的分析層面。而本研究的目的，將專注於總體層面的分析，如國家與省份層次。 本研究從三個FDI的主要理論來調查FDI的決定因素，包括「綜合理論」（擁有者、位置與國際化）、「體制方法」與「新貿易理論」。本博士論文由四篇文章所組成，每篇文章運用不同模式並從母國與地主國觀點來分析FDI的決定因素。 本研究提供一個綜合性研究架構來調查FDI的決定因素，並涵括底下三個構面，分別是(1)FDI流動的方向（進入或對外）、(2)分析層次（國家或省份層次）、(3)FDI來源（母國與地主國的FDI關係）。本論文建立在前人的研究及本研究的架構，來進行FDI進入/對外的決定因素。透過此方式，本論文不僅提出一個檢驗FDI決定因素的綜合性架構，且運用它來進行四篇實證性研究。 論文第二章（文章1）使用16年的縱橫(panel)數據，進行中南半島包括柬埔寨、寮國和越南（CLV）在內的FDI進入的決定因素，實證發現，市場規模，法律規範，政治穩定性和政府效率對吸引其他國家進入中南半島FDI的重要因素。故本研究強烈建議CLV國家應該建立一個完善的財政與法律機構，來提供境外投資者以促進相關程序的完成。 論文第三章（文章2）研究越南63個省份的機構品質對FDI的吸引力，研究結果發現，越南的FDI進入與機構治理品質有高度相關。因為越南的法律與規章每年經常在變動，越南政府應該鼓勵各省份經常更新並通知境外投資者，且需促進跨省份間進行溝通與學習以交換經驗。 論文第四章（文章3）台灣對中國大陸的FDI決定因素，探討海峽兩岸間的TDI決定因素。本研究發現失業率、經濟成長、台灣對大陸出口總值和大陸對外的FDI總額，是鼓舞台灣進入大陸投資的重要因素，台灣得利於大陸快速的成長與潛在市場規模，使得大陸成為台灣最重要的貿易夥伴。 種因素決定大陸的對外投資。研究發現從中國大陸對地主國的總出口、地主國的自然資源、高科技出口、註冊專利數量對大陸的對外投資有重大影響。這表示中國大陸的投資者動機不僅只是尋找地主國豐富的自然資源，而且大陸與高科技發展間有很強的貿易關係。 總而言之，首先，本論文由四篇從國家與省份層次來探討FDI決定因素的論文所組合而成，並藉由提出一綜合性架構來探討FDI，以企圖從不同的觀點對FDI決定因素來進行更佳的瞭解。其次，本論文探討的國家大多是發展中國家，本實證研究發現府政策扮演一個促進FDI的重要角色，因此，本論文在對每一種型態FDI實證後，所發現的不同決定因素，提出對政府政策意涵的建議。最後，本論文提出對未來研究的一些建議，本論文主要是從國家與省份層次脈絡來探討FDI，未來研究可探討新的發展趨勢，如台商對東南亞與越南各省份的投資。
並列摘要
In the last two decades, we have witnessed the strong growth of Foreign Direct Investment (FDI) all over the world and various theories have been developed since the 1960s to explain FDI. These theories proclaim a number of determinants that could explain FDI flows, involving the micro (i.e., firm aspects) and macro (i.e., region, country and province aspects) level of analysis. For the purpose of this study, we focus on macro level of analysis. i.e., at country and province level. We draw our research on three major theories of FDI including “Eclective theory” (Ownership, Location and Internationalization (OLI) paradigm), “Institutional approach” and “New theory of trade” to investigate FDI determinants. Four essays are constructed with regard to the different models to analyze FDI determinants from home countries’ and host countries’ perspectives. This dissertation contribute to the followings. The research provides a comprehensive framework to study FDI by investigating FDI determinants at different dimensions: (1) direction of FDI flows (i.e., inward and outward FDI), (2) level of analysis (i.e., national and provincial level), (3) source of FDI (i.e., FDI relationship between home country and host country). Based on the prior research about FDI and this framework, we have conducted four empirical works about inward/outward FDI determinants. By doing that, we have not only proposed a framework to comprehensively examine FDI determinants, but also applied it on four empirical papers. The first paper, we have proven the importance of market size, rule of law, political stability and government effectiveness in attracting FDI into Indochina economies including Cambodia, Laos and Vietnam (CLV) by using panel data for 16 years. Based on this result, we highly recommend the government of CLV should build a sound financial and legal institutions to facilitate procedures for foreign investors. The second paper about the influence of institutional quality on attracting FDI across 63 provinces in Vietnam, we have learnt that inward FDI in Vietnam is highly correlated with governance quality. Since the laws and regulation in Vietnam keeps changing every year, the Vietnamese government should encourage provinces to constantly update and to inform with foreign investors as well as exchanging experience and facilitating cross-provincial communication and learning. The third paper studies the FDI determinants of Taiwanese direct investment (TDI) in China by employing various determinants on both sides of the Strait. Findings of the research proves that unemployment rate, economic growth, the total amount of Taiwan’s export to China and total FDI in China are determinants that encourage Taiwan outward investment into China. Taiwanese investors benefited from the fast growing and potential market of China while China is now Taiwan’s most important trading partner. The fourth paper examines what factors encouraging China’s FDI outflows by employing from top 23 China’s FDI recipients in the world. The total amount of export from China to host countries; host countries’ natural resources, high-tech exports, and number of registered patents have a significant impact on China’s outward investment. It means that Chinese investors now seek for the countries which are not only rich in natural resources, but also have a strong trading relationship with China and high development of technology. In summary, first, we have combined four empirical papers to study FDI determinants at national and provincial levels. By providing a comprehensive framework to study FDI, we attempt to give better understanding of FDI at different perspectives. Second, the studied countries and provinces in the dissertation are from developing countries where government policy plays an important role in promoting FDI. Therefore, we suggest some important policy implications after investigating different types of FDI and found out different important determinants for each type of FDI. And finally, we propose some suggestions for future study. In this dissertation, we have mainly explored FDI in the context of national and provincial level. The future study is suggested to follow this trend by investigating Taiwanese investment in Southeast Asia and Vietnam’s provinces.