臺灣博碩士論文加值系統

本研究主要探討外人直接投資 (Foreign Direct Investment ,FDI) 增加，是否也會影響經濟成長，本研究同時也加入金融發展指標，以觀察FDI與金融發展對經濟成長的影響。本文所採用的金融指標為國際貨幣基金組織 (IMF) 在 2016 年創建的新金融發展指標，這是IMF為了克服單一指標作為金融發展指標的缺陷，創建一個指標總結了金融機構和金融市場在深度，服務和效率方面的表現，所形成的金融發展最終指標，目前的學術研究鮮少使用這個新指標。本文研究期間為 1980 至 2015 年，並以 2012 至 2016 年連續五年在《世界投資報告》中 FDI 流入金額排名前 20 名的國家，共有九個國家，依序為：美國、英國、中國、香港、新加坡、巴西、澳洲、印度、加拿大。本文的研究方法是Pesaran et al. (1999) 所提出的追蹤資料自我迴歸分配落後模型(Panel ARDL Model )。
實證研究結果顯示，從總樣本長期關係得知，FDI的增加 對經濟成長有正向影響但其影響在統計檢定上並不顯著，金融發展對經濟成長有顯著且正向的影響；而人均GDP對經濟成長則有顯著的負向影響。除外，橫斷面實證結果分別得知九個研究樣本國家各自的FDI 、金融發展以及人均GDP 對於該國經濟成長的影響。首先，就英國、美國、加拿大、澳洲、香港及新加坡這六個國家，其FDI對經濟成長有正向影響，由於這六個國家金融發展分數皆較高，因此也代表金融發展先進的國家，會影響該國FDI 正向影響經濟成長；其次，巴西、中國與澳洲等三個國家的 FDI，對於個自的經濟成長則是有負向影響。其中，巴西、中國與澳洲的金融發展指標平均值排名為倒數三名，代表金融發展較落後國家，會影響該國FDI 對於經濟成長有負向影響。

The purpose of this study is to investigate whether countries with foreign direct investment (FDI) growth will also affect economic growth and then join financial development indicators. At the same time, we will observe the impact of FDI and financial development on economic growth. The financial indicators used in this paper are: In the new financial development indicators created by the International Monetary Fund (IMF) in 2016, the current academic research rarely uses this new indicator. In order to overcome the deficiencies of a single indicator as a financial development indicator, creating an indicator sums up financial institutions and financial markets. Depth, performance in service and efficiency form the ultimate indicator of financial development. This article covers the period from 1980 to 2015 and has ranked the top 20 FDI inflows in the “World Investment Report” for five consecutive years from 2012 to 2016. There are a total of nine countries, ranked according to the 2016 FDI rankings as follows: United States, United Kingdom In China, Hong Kong, Singapore, Brazil, Australia, India, and Canada, the research method uses the tracking ARDL Model, which was proposed by Pesaran et al. (1999).
The empirical research results can be divided into total sample and cross-sectional estimates. The long-term relationship between the total sample shows that FDI has a positive but not significant effect on economic growth; FD has a significant positive effect on economic growth; and per capita GDP has a positive impact on economic growth. There is a significant negative effect. Cross-sectional empirical results can clearly see the impact of FDI, financial development, and per capita GDP on the economic growth of the country in the nine sample countries. First, the six countries in the United Kingdom, the United States, Canada, Australia, Hong Kong, and Singapore have positive FDI effects on their economic growth. The financial development scores of these six countries are all high, indicating that advanced countries in financial development will affect the country. The impact of FDI on economic growth. Second, FDI in Brazil, China, and Australia have a negative impact on economic growth. Among them, Brazil, China, and Australia are ranked by the bottom three as the average financial development indicators, indicating that financial development is more backward than the country, which will affect the country's FDI's impact on economic growth.

第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 5
第三節 研究架構 6
第二章 文獻探討 7
第一節 外人直接投資與經濟成長之文獻回顧 7
第二節 金融發展與經濟成長之文獻回顧 13
第三節 外人直接投資、金融發展與經濟成長之文獻回顧 19
第三章 變數資料說明 24
第四章 研究方法與實證模型 29
第一節 追蹤資料單根檢定 29
第二節 追蹤資料共整合檢定 32
第三節 實證模型 33
第五章 實證結果 35
第一節 單根檢定實證結果 35
第二節 共整合檢定實證結果 37
第三節 PANEL ARDL 實證結果 39
第六章 結論 44
第一節 總結 44
第二節 研究限制與未來研究方向 46
參考文獻 47

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