經濟成長向來是國家很關心的總體經濟指標，探討影響經濟成長的因素已經從過去對資本累積與勞動投入的研究，轉往討論因技術進步的內生成長因子。目前全球化的經濟型態，獲得技術進步的外溢效果最常見的管道就是引進外人直接投資，可是似乎不是每個接受國都能夠充分吸收外溢效果，表示接受國可能存在某種特質進而造成不同的效果。本文利用Borensztein et al. (1998)所設定的內生成長模型，探討外人直接投資對接受國經濟成長的影響，並且加入貪腐因子是否為影響接受國獲得正向外溢效果的重要因子，其後利用估計結果計算的貪腐門檻值，以分析各洲或地區，因貪腐程度不同，吸收運用外溢效果對經濟成長的貢獻情況。研究期間自1980年到2004年，樣本國包含已開發及開發中國家共49國。實證結果顯示：
1.外人直接投資對經濟成長的效果存在不確定的情形，必須依賴接受國的貪腐程度而定，貪腐印象指數愈高，接受國更能吸收運用外溢效果，反之亦然。
2.利用貪腐門檻值來觀察亞洲四小龍與各地區的經濟表現，發現在門檻值之上的國家較能吸收外溢效果，進而表現在經濟成長上，相對的由於無法有效處理貪腐問題，將使得外人直接投資無法充分發揮正面效溢。

Economic growth is always the major concern of a country. In the relevant literature, the sources of economic growth have been emphasized more on technology progress rather than factor accumulation. Under the wave of globalization, international spillover effect through foreign direct investment (FDI) has been viewed as an important source of technological progress. 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. This paper uses endogenous growth model developed by Borensztein et al, (1998) as a theoretical model to empirically investigate how FDI affect economic growth in the host country, with consideration of the degree of corruption as an important factor of determining positive growth effect of FDI. The data used in this study contains 49 countries for the period of 1980 to 2004 and the main findings of this research are as follows:
1.The impact of FDI on economic growth depends on the degree of corruption in the host countries.
2.In the case of four Asian Tigers, we find Hong Kong and Singapore which have a degree of transparency higher than the threshold value calculated from the regression can absorb the positive spillovers effect of FDI, while Korea and Taiwan do not take advantage of this spillover effect through FDI due to their failure of dealing with the issue of corruption.

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.........................................4
第二章	文獻回顧.........................................6
第一節	有關貪腐與經濟成長的文獻.........................6
第二節	有關外人直接投資與接受國吸收能力對經濟成長的文獻.8
     一、	有關外人直接投資對經濟成長的文獻.................8
     二、	有關接受國的吸收運用能力會影響外溢效果的文獻.....9
     三、	貪腐程度重要性的原因............................11
第三章	研究方法與實證模型..............................13
第一節	理論模型........................................13
第二節	實證模型........................................16
第三節	估計方法........................................17
     一、	固定效果模型....................................17
     二、	兩階段最小平方法之固定效果模型..................19
     三、	相關檢定........................................20
第四章	資料來源與變數建立..............................22
第一節	樣本選擇說明....................................22
第二節	變數定義以及資料來源............................24
第三節	變數的敘述統計量與描述..........................31
第五章	實證分析結果及其意涵............................34
第一節　 縱橫資料（panel data）的估計結果................34
     一、	固定效果模型下考量單一個別效果的估計結果分析....34
     二、	固定效果模型下同時考慮個別效果與時間效果的估計結果
         分析............................................37
     三、	比較個別效果與同時考慮個別和時間效果的結果相異處40
第二節　 處理內生性(endogneity)的問題....................40
     一、	處理內生性的估計結果分析與經濟意義..............42
     二、	比較處理內生性的結果與未處理時的差異............47
     三、	檢定選取的工具變數是否為有效的..................48
第三節　 總結分析結果及其意涵............................49
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.................................................56


圖　表　目　錄

圖1-1　論文研究架構.......................................5
表4-1　總樣本國家........................................24
表4-2　貪腐印象指數的統計歸納............................28
表4-3　原始資料名稱與來源................................30
表4-4　敍述統計量........................................31
表5-1　外人直接投資與每人實質國內生產毛額成長率:.........35
       固定效果模型（個別效果）實證結果
表5-2　外人直接投資與每人實質國內生產毛額成長率:.........38
       固定效果模型（個別效果與時間效果）實證結果
表5-3　外人直接投資與每人實質國內生產毛額成長率:.........43
       工具變數估計之固定效果模型（個別效果）實證結果
表5-4　外人直接投資與每人實質國內生產毛額成長率:.........45
       工具變數估計之固定效果模型（個別效果與時間效果）實證
       結果

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