區域經濟一體化與跨國企業直接投資之研究—以東協自由貿易區為例

20世紀90年代中期以來，隨著區域經濟一體化組織的迅速興起，研究區域經濟一體化對外商直接投資的影響成為國際經濟學領域的新課題。有鑒於該研究對國際經濟學的重要意義，本文在前人研究的基礎上，利用賽局理論建立區域經濟一體化與外商直接投資關係的基本分析架構，並以當今東協自由貿易區為例，實證檢驗區域經濟一體化對外商直接流入的影響。其研究結果顯示： (一)、東協自由貿易區建立使成員國市場規模擴大，生產要素流動性增強，產業分工與專業化生產擴大，從而促進區域內成員國之間相互投資；另一方面，貿易壁壘取消使得生產過程在東協間的重新配置更加便利，促使垂直一體化生產的跨國企業對東協直接投資增加。 (二)、由於東協國家尤其是新成員國經濟大多比較落後，使得東協自由貿易區的投資效益主要表現在來自區域外資本流量、存量增加上，而區域內成員國之間相互投資規模總體偏小。由於受到東南亞金融危機以及成員國自身特徵等因素，東協經濟一體化的外商直接投資效應不如歐盟、北美自由貿易區明顯。

關鍵字

外商直接投資；區域經濟一體化；跨國企業

並列摘要

With the rapid rise of regional economic integration organizations since the mid-1990s, the study of the impact of regional economic integration on foreign direct investment has become a new subject in the field of international economics. In view of the important meaning of the subject on international economics, this paper, on the basis of predecessors' research, uses the game theory to establish the basic analysis structure of the relationship between regional economic integration and foreign direct investment, and takes the ASEAN Free Trade Area today as an example to empirically observe the impact of regional economic integration on the inflow of foreign direct investment. The research results show that: (1) The establishment of the ASEAN Free Trade Area has expanded the sizes of the member countries’ markets, increased the liquidity of production factors as well as expanded the industries’ division of labor and specialized production, and therefore promotes mutual investment among the member countries in the region. Moreover, the cancellation of trade barriers makes the allocation of the production process more convenient among ASEAN countries, prompting transnational enterprises with vertical production integration to increase their direct investment in ASEAN. (2) Because most of the ASEAN countries, especially the new member countries, have less developed economies, the investment effect in the ASEAN Free Trade Area is mainly shown on the increase in the capital inflow from outside the region and the total capital retained in the region, and the scale of mutual investment among the member countries in the region is relatively small. Due to factors such as the financial crisis in Southeast Asia and the characteristics of the member countries, the effect of foreign direct investment in ASEAN's economic integration is not as high as that on the EU and the North American Free Trade Area.