台灣電子工業對外直接投資對廠商固定資本組成的影響：欲投資地區與產業特性的作用

本研究認為，國外投資和國內投資之間的關係不會與其他眾多的研究結果一致。藉由台灣對外直接投資(OFDI)的研究，本文將從現有的研究中分為以下三個面向來講述。第一，本研究主要探討對外直接投資與國內投資之間的關係，其隨著投資地點不同而變化的程度。第二，這項研究在使用赫克歇爾-奧林模型(Heckscher-Ohlin model, H-O)理論和熊彼得模型(Schumpeter model)理論會帶來不同的結果。最後，我們透過這樣的方式，可以發現許多隱藏在綜合性分析當中數據的子關係。我們的研究表示，以台灣的電子工業來說， H-O產業執行對中國直接投資時對廠商資本組成有正向的影響，而對中國以外國家投資時雖然也為正向關係但影響程度不大，相比之下，Schumpeter產業只有對中國以外直接投資時有積極的影響，形成一個強烈的對比。最後我們的結果表示，政府應當擬定相對應的政策，透過立法調整海外投資自由化的水平，以便廠商進行對外直接投資活動時，更能帶動相關產業的國內投資。

關鍵字

對外直接投資；對中國直接投資；固定資本組成；區位因素；產業特性；電子工業

並列摘要

This paper pursues the conclusion that the relationship between foreign and domestic investments may be not as uniform as many studies suggest. By examining the case of Taiwanese outward foreign direct investment (OFDI), this paper is marked out from existing studies in the following three respects. First, it examines the extent to which the relationship between OFDI and domestic investment varies with the location of investment. Second, this research allows the results to vary between Heckscher–Ohlin (H–O) industries and Schumpeter industries. Finally, its breakdown of data will reveal sub-relationships in the data that up to now have remained hidden within the aggregate relationships reported in most studies. This study suggests that OFDI in China has a positive impact on domestic investment in H–O industries. Although OFDI in other countries (OFDIO) also has a positive impact but not obvious on domestic investment in the same industries. These ﬁndings are in marked contrast to Schumpeter industries where a positive effect is observed only for OFDIO. Our ﬁndings also suggest that the Taiwanese government should design policies to adjust the level of liberalisation for overseas investment through legislation on an industry-by-industry basis in order that OFDI stimulates domestic investment in relevant industries more effectively.