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。

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.

目  錄

第一章  緒論--------------------------------------------------------1
        第一節  研究動機與目的--------------------------------------1
        第二節  研究架構--------------------------------------------2

第二章  文獻回顧----------------------------------------------------5
         第一節  有關外人直接投資對經濟成長影響的文獻---------------------5
         第二節  有關外人直接投資透過金融部門對於經濟成長影響的文獻-------7

第三章  研究方法與實證模型-----------------------------------------12
        第一節  理論模型-------------------------------------------12
        第二節  實證模型-------------------------------------------14

第四章  資料來源與變數建立-----------------------------------------17
        第一節  樣本說明-------------------------------------------17
        第二節  變數定義以及資料來源-------------------------------18
        第三節  變數的敘述統計量與描述-----------------------------23

第五章  實證分析結果及其意涵---------------------------------------30
        第一節  主要結果-------------------------------------------30
        第二節  不同金融指標---------------------------------------37
        第三節  不同國家別的效果-----------------------------------40
        第四節  對於勞動生產力的貢獻-------------------------------47

第六章  結論與建議-------------------------------------------------56

參考文獻-----------------------------------------------------------59



圖  表  目  錄
表1-1  研究架構----------------------------------------------------4
表4-1  實證圖表變數定義-------------------------------------------22
表4-2  各變數的敘述統計-------------------------------------------25
表4-3  重要的國家別資料--------------------------------------------26
表4-4  重要的產業別資料-------------------------------------------28
表5-1  OLS外人直接投資1980年期初值-------------------------------34
表5-2  OLS外人直接投資1980年至1999年平均值----------------------35
表5-3  GMM使用1979年外人直接投資為工具變數  ---------------------36
表5-4  GMM使用其它金融部門衡量方式---------------------------------39
表5-5  OLS非經濟合作暨發展組織國家--------------------------------42
表5-6  OLS經濟合作暨發展組織國家----------------------------------43
表5-7  區域性比較外人直接投資資料---------------------------------44
表5-8  OLS亞洲與拉丁美洲國家--------------------------------------45
表5-9  OLS非亞洲與非拉丁美洲國家----------------------------------46
表5-10  OLS全部國家(勞動生產力成長率)------------------------------51
表5-11  OLS非經濟合作暨發展組織國家(勞動生產力成長率)--------------52
表5-12  OLS經濟合作暨發展組織國家(勞動生產力成長率)----------------53
表5-13  OLS亞洲與拉丁美洲國家(勞動生產力成長率)-------------------54
表5-14  OLS非亞洲與非拉丁美洲國家(勞動生產力成長率)---------------55

1.Aitken, B. J. and Harrison, A. E.(1999) “Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela.”American Economic Review  89,605-618.
2.Alfaro, L., Chanda, A., Kalemli-Ozcan, S., Sayek, S.(2004) “FDI and Economic Growth: The Role of Local Financial Markets”Journal of International Economics  64,89-112.
3.Baharumshah, A. Z.and Almasaied, S. W.(2009) “Foreign Direct Investment and Economic Growth in Malaysia: Interactions with Human Capital and Financial Deepening.”Emerging Markets Finance and Trade  45,90-102.
4.Barro, R.J.and Lee,J.(2001) “International Data on Educational Attainment: Updates and Implications.”Oxford Economic Papers  53,541-563.
5.Barro, R.J. and X. Sala-I-Martin(1995) “Economic Growth.” Cambridge.
6.Bartelsman,E.J., and Gray,W (1996) “The NBER Manufacturing Productivity Database.” NBER Working Paper Seriest0205.
7.Beck,T., Demirgüç-Kunt,A.,and Levine,R.(2009) “A New Database on Financial Development and Structure.” World Bank Economic Review 14, 597-605.
8.Blomstrom, M. and Persson, H. (1983)“Foreign Investment and Spillover Efficiency in an Underdeveloped Economy: Evidence from the Mexican Manufacturing Industry.”World Development  11,493-501.
9.Blomstrom, M. and Wolff, E.N. (1994)“Multinational Corporations and Productivity Convergence in Mexico.” Oxford and New York: Oxford University Press.
10.Borensztein, E., Gregorio, D. J., and Lee,J.(1998), “How Does Foreign Direct Investment Affect Economic Growth?” Journal of International Economics  45,115-135.
11.Ciccone,A. and Papaioannou,E.(2009)“Human Capital, the Structure of Production, and Growth.” Review of Economics and Statistics  91,66-82. 
12.Haddad, M., Harrison, A.(1993) “Are There Positive Spillovers from Direct Foreign Investment? Evidence From Panel Data for Morocco.” Journal of Development Economics  42,51-74.
13.Hermes, N. and Lensink, R.(2004) “Foreign Bank Presence, Domestic Bank Performance and Financial Development.” Journal of Emerging Market Finance  3,207-229.
14.Kakko, A.(1994),“Technology, Market Characteristics, and Spillovers.”, Journal of Development Economics 43, 279-293.
15.King, G. and Levine, R. (1993)“Finance and Growth: Schumpeter Might Be Right.”Quarterly Journal of Economics  108,717-737.
16.Klenow, P. J.,and Rodriguez-Clare,A.(1997)“Economic Growth: A Review Essay.”Journal of Monetary Economics  40,597-617.
17.Knack, S. and Keefer,P.(1995)“Institutions and Economic Performance: Cross-Country Tests Using Alternative Institutional Measures.”Economics and Politics  7,207-227.
18.Kokko, A., Tansini, R.,and Zejan, M.C.(1996)“Local Technological Capability and Productivity Spillovers from FDI in the Uruguayan Manufacturing Sector.” Journal of Development Studies  32,602-611.
19.Kroszner, R.S., Laeven, L.,and Klingebiel, D.(2007)“Banking Crises, Financial Dependence, and Growth.”Journal of Financial Economics 84,187-228.
20.Nunn(2007) Ind. Contract Intensity.
21.Omran, M. and Bolbol, A. (2003)“Foreign Direct Investment, Financial Development, and Economic Growth: Evidence from the Arab Countries.”Review of Middle East Economics and Finance  1,231-249.
22.Rajan,R.G. and Zingales,L.(1998),“Financial Dependence and Growth.” American Economic Review  88,559-586.
23.Sjoholm, F.(1999),“Technology Gap, Competition and Spillovers from DirectForeign Investment: Evidence from Establishment Data.” The Journal of Development Studies  36, 53-73.
24.Wang, M.and Wong, M.C.S.(2009) “Foreign Direct Investment and Economic Growth:The Growth Accounting Perspective.”Economic Inquiry 47,701-710.
25.Wurgler, J.(2000)“Financial Markets and the Allocation of Capital.” Journal of Financial Economics  58,187-214.