外人直接投資對經濟成長的影響: 金融部門的重要性

The Impact of FDI on Economic Growth: The Role of Financial Sector

王世榕(Shih-Jung Wang)

指導教授 ： 林佩蒨

淡江大學/商學院/產業經濟學系碩士班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.00251

摘要

在全球化的趨勢下，經濟成長開始強調國與國之間的交流合作，而國與國之間的交流合作最常看見的是外人直接投資。外人直接投資被認為能夠增加就業機會，帶動勞動成長，外來的資金能夠帶動資本累積，開發中國家也能學習到先進國家的技術，提升技術進步，因此外人直接投資往往被認為能夠帶動經濟成長。然而在以往文獻上的探討，外人直接投資與經濟成長並沒有直接關係，外人直接投資必須透過某些傳遞機制才會對經濟成長有所貢獻，而本文所注重探討的傳遞機制為金融部門，主要假設，若缺乏完善的金融部門，經濟成長受惠於外人直接投資將相當有限。不同於以往文獻，本文採用跨國家並且跨產業的實證研究方法，再次探討外人直接投資對經濟成長的影響: 金融部門的重要性，此項議題。實證樣本共有35個國家以及28種產業，1980至1999年間的資料。實證結論如下：
一、外人直接投資透過產業對外融資比例連結金融部門對於經濟成長的貢獻，在迴歸的估計結果中是穩健而且一致的。透過此連結明確的說明是由外人直接投資影響到經濟成長。
二、不論採用銀行體系或是資本市場體系的金融部門衡量方式，外人直接投資透過產業對外融資比例連結金融部門對於經濟成長是有所貢獻的。
三、樣本採用非OECD國家時，外人直接投資透過產業對外融資比例連結金融部門對於經濟成長影響較大，代表金融部門的發展對於開發中國家是相對重要的。
四、將應變數替換為勞動生產力成長率，估計結果是穩健而且一致的。代表開發中國家透過外人直接投資獲得資本累積以及學習到先進國家的技術，進一步提升勞動生產力，這也是提升經濟成長的主因。

關鍵字

經濟成長 ； 外人直接投資 ； 金融部門

並列摘要

Under the wave of globalization, foreign direct investment (FDI) has become one of the important and welcomed channels of international economic activities. Specifically, FDI could enhance host country’s employment opportunities, promote capital accumulation, and upgrade technological level. Thus, FDI is often considered as an important way to stimulate economic growth. However, not all of the host countries can fully enjoy the possible benefits from FDI, indicating that certain individual characteristics may be important to determine a country’s absorptive capacity of FDI. In this paper, we apply cross-country cross-industry data to empirically investigate how FDI affect economic growth in the host country, with the consideration of the depth of financial development as an important factor of determining positive effect of FDI .The data used in this study contains 35 countries and 28 industries for the period of 1980 to 1999 and the main findings of this thesis are as follows:
1. The impact of FDI on industrial growths, through industrial external finance, depends on the depth of financial development in the host countries.
2. The positive impact of FDI on industrial growth via financial development is robust, no matter using the financial measurement basing on banking system or capital market system.
3. The impact of FDI on industrial growth via financial development is larger for the sample of non-OECD countries, thus indicating that financial development is a more important concern in developing countries.
4. The estimation results are also robust as the dependent variable replaced with the growth rate of labor productivity, and hence indicate that FDI contributes to capital accumulation and technological diffusion which enhance the labor productivity of host country.

並列關鍵字

Economic Growth ； Foreign Direct Investment ； Financial Sector

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