經濟成長向來是國家最關心的總體指標，在全球科技化的狀況下，國與國之間的經濟活動更顯得無遠弗屆。Solow（1956）認為經濟成長之主因來自於資本之累積， Romer(1986)與Lucas(1988)也提出以強調技術、人力資本對經濟發展為主要原因的內生成長模型。因此，外人直接投資對經濟成長的影響扮演著相當重要的角色。文獻上探討外人直接投資對經濟成長影響的結果相當分歧。因此有人提出了吸收外來技術的能力，也就是說，接收國必須有足夠的吸收能力吸收外來的技術。本文利用Borensztein et al.（1998）所設定的成長模型進行探討，加入了跨產業別的資料，解決內生性及因果關係的問題，驗證人力資本吸收技術外溢效果的重要性。研究樣本採用1980年到1999年，共43個國家，28個產業。本文研究的結果如下：
一、	本文再次驗證了外人直接投資對經濟成長透過人力資本產生了外溢效果，說明了外人直接投資是一個相當重要的管道。
二、	在勞動生產力的研究結果也顯示，透過人力資本的累積，可以提升人類的知識與能力，進而提高勞動生產力，而勞動生產力愈高，相同投入所能帶來的產業產值也愈大。
三、	相對較落後國家接收外人直接投資透過人力資本累積的管道對勞動生產力在本研究結果下是有正向顯著的影響。
四、	亞洲及拉丁美洲國家，這些接收較多外人直接投資的國家透過人力資本累積的管道對勞動生產力有正向的影響。

Economic growth is always the major concern of a country. Solow(1956) believes that the main cause of economic growth comes from capital accumulation. In addition, Romer(1986) and Lucas(1988) also propose endogenous growth models to highlight the importance of technological progress and human capital in economic development. As such, foreign direct investment (FDI), which cannot only help to accumulate domestic capital but also to pass technological diffusion, could play an important role in economic development. However, not all of the host countries can fully absorb this spillover effect, indicating that certain individual characteristics may be important to determine a country’s absorptive capacity of FDI. In this paper, we use endogenous growth model developed by Borensztein et al.(1998) as a theoretical model and apply cross country and cross industry data to empirically investigate how FDI affect economic growth in the host country, with consideration of the degree of human capital as an important factor of determining positive effect of FDI. The data used in this study contain 43 countries and 28 industries for the period 1980 to 1999 and the main findings of this research are as follows:
1.	The impact of FDI on industrial growth, through industrial human capital intensity, depends on the degree of human capital in the host countries.
2.	In the analysis of labor productivity, the result shows that human capital enhances labor’s knowledge and ability, and hence improves labor productivity. 
3.	In the less developed countries, FDI, through human capital, exerts more significant positive impact on economic growth.
4.	Asian and Latin American countries relatively receive more FDI than other countries and also have more positive impact from FDI on industrial growth through the degree of human capital level in the 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	3

第二章	文獻回顧	5
第一節	有關外人直接投資與經濟成長的文獻	5
第二節	有關外人直接投資、人力資本與經濟成長的文獻	7

第三章	研究方法與實證模型	10
第一節	理論模型	10
第二節	實證模型	12

第四章	資料來源與變數建立	15
第一節	樣本說明	15
第二節	變數定義以及資料來源	16
第三節	變數的敘述統計量與描述	21

第五章	實證分析結果及其意涵	28
第一節	主要結果	28
第二節	不同人力資本的衡量	38
第三節	勞動生產力與外人直接投資透過人力資本的影響	44

第六章	結論與建議	52
第一節	結論	52
第二節	政策建議	54

參考文獻	55






 
圖　表　目　錄
圖 1-1論文研究架構	4

表 4-1變數說明	20
表 4-2各變數的敘述統計	23
表 4-3重要的國家別資料	24
表 4-4重要的產業別資料	26
表 5-1外人直接投資對產業成長的影響(外人直接投資以淨流入值除以GDP衡量)	31
表 5-2外人直接投資對產業成長的影響(外人直接投資以淨流入值除以固定資本形成衡量)	32
表 5-3外人直接投資對產業成長的影響：一階動差法模型(外人直接投資以淨流入值除以GDP衡量)	36
表 5-4外人直接投資對產業成長的影響：一階動差法模型(外人直接投資以淨流入值除以固定資本形成衡量)	37
表 5-5外人直接投資對產業成長的影響：最小平方法與一階動差法模型(外人直接投資以淨流入值除以GDP衡量、人力資本國家別：1980年超過25歲人口完成中等教育占總人口的比例；產業別以完成12年教育的人口數占總雇用勞動的比例衡量)	40
表 5-6外人直接投資對產業成長的影響：最小平方法與一階動差法模型(外人直接投資以淨流入值除以固定資本形成衡量、人力資本國家別：1980年技術勞工占非技術勞工比例；產業別以完成12年教育的人口數占總雇用勞動比例衡量)	41
表 5-7外人直接投資對產業成長的影響：最小平方法與一階動差法模型(外人直接投資以淨流入值除以GDP衡量、人力資本國家別：1980年超過25歲人口完成中等教育占總人口的比例；產業別以完成12年教育的人口數占總雇用勞動的比例衡量)	42
表 5-8外人直接投資對產業成長的影響：最小平方法與一階動差法模型(外人直接投資以淨流入值除以固定資本形成衡量、人力資本國家別：1980年技術勞工占非技術勞工比例；產業別以完成12年教育的人口數占總雇用勞動的比例衡量)	43
表 5-9外人直接投資對勞動生產力的影響(外人直接投資以淨流入值除以固定資本形成衡量)	46
表 5-10外人直接投資對勞動生產力的影響：一階動差法模型(外人直接投資以淨流入值除以固定資本形成衡量)	47
表 5-11外人直接投資對勞動生產力的影響：非OECD國家(外人直接投資以淨流入值除以固定資本形成衡量)	50
表 5-12外人直接投資對勞動生產力的影響：亞洲國家與拉丁美洲國家(外人直接投資以淨流入值除以固定資本形成衡量)	51

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