本文以1984年至2009年為研究期間,107個國家為研究樣本,分析外人直接投資與經濟成長之間的關係,並針對過去文獻未同時考慮外人直接投資透過金融市場發展及人力資本對經濟成長的間接效果進行探討。由於變數之間可能發生內生性的問題,故本文以系統性一般動差法來進行實證分析,並依所得水準將樣本國家分成高、中及低所得子樣本,以比較不同所得水準下,外人直接投資對於經濟成長的影響。實證結果顯示,外人直接投資對於經濟成長只有在中所得國家才有顯著正向的直接效果,此外,外人直接投資仍可以藉由與金融市場發展與人力資本的交叉效果而對高及中所得國家的經濟成長產生正向的間接效果。但是低所得國家則因為金融市場發展與人力資本水準未達到特定門檻,故無法藉由外人直接投資流入而刺激經濟成長。
This thesis aims to explore the impact of FDI on economic growth for 107 countries over the period 1984-2009 and differs from previous studies in three distinct ways. First, we consider two indirect impacts of FDI on economic growth through the development of financial market and human capital simultaneously. Second, we use the System GMM approach to deal with the potential endogeneity problem. Third, we spilt the sample into high-, middle- and low-income country sub-sample in order to better illustrate the influence of FDI on economic growth in different income levels. The empirical results suggest that FDI has a significant and positive direct effect on economic growth only in the middle-income countries. On the other hand, for the high- and middle-income countries, FDI has a significant and positive cross-effect on economic growth through the development of financial market and human capital. However, since the development of financial market and human capital do not meet a certain threshold in the low-income countries, FDI does not stimulate economic growth.