隨著經濟的全球化，外人直接投資(foreign direct investment)儼然成為國際間技術擴散的主要途徑，技術外溢也成為外人直接投資發生下的重要議題，尤其利用跨國公司的先進技術促進本國生產力的提升，為開發中國家致力於吸引外人直接投資前來投資的強大動機。其中來自港、澳、台地區的資金佔有相當程度的地位，主要原因為地理位置與中國大陸相近、文化相似度高有很大的關係，但隨著中國大陸實施改革開放政策以來，這種狀況開始有所改變，愈來愈多的大型跨國公司前進中國大陸，觀察這十年流入中國大陸的外人直接投資加總，來自香港、日本、美國和韓國的投資金額分別位居一、二、三和四名，故其造成的後續效應不容小覷。 　　本研究以中華人民共和國國家統計局進行年度工業企業數據庫的1998-2006年間的製造業廠商資料，利用STATA統計軟體進行橫斷面資料分析，再依照中華人民共和國國家統計局工業分類和黃志聰、高安邦和陳子芸(2003)的分類方法，將中國大陸製造業分成輕工業、重工業、化學工業和高科技產業，研究針對外人直接投資進度中國大陸後，衍生出產業技術外溢效果和生產效率的改變進行討論。 / With economic globalization, foreign direct investment has become a major international technology diffusion channels. The spillover effect has become an important topic under foreign direct investment, especially using their advanced technology for productivity upgrade. It is committed to developing countries to attract foreign direct investment a strong incentive to invest. The capital from Hong Kong, Macao and Taiwan plays an important role in China, mainly because of the highly correlative location, culture and language. The situation has changed accompanied by the implementation of the reform and open policy in China. More and more large multinational enterprises enter China. According to the sum of foreign direct investment of China within a decade, the investment amount from Hong Kong, Japan, America and Korea come in the first, second, third and forth places. Therefore, the upcoming effects cannot be underestimated. In this study, The manufacturers database of the annual industrial enterprises from National Bureau of Statistics of China in the period of 1998 to 2006 is used for cross-sectional data analysis of STATA statistical software. And then according to the classification of National Bureau of Statistics industry and Huang, Kao and Chen (2003), the manufacturing sector in China is divided into light industry, heavy industry, chemical industry and high-tech industries. This study discusses the change of spillover effects and production efficiency after the entering of foreign direct investment in China.

由於外人直接投資都被認為是促成一國經濟成長及財富累積的重要決定因素之一，而聯合國貿易與發展會議2010年全球投資報告書中也指出，未來開發中國家對於吸引FDI是比已開發國家更具有優勢，而其中中國將是未來一個全球投資者注目的焦點；故本研究目的有三個:(一)探討影響台灣產業吸引外人來台投資的主要因素，(二)檢定中國FDI增長對於台灣產業吸引外人來台投資是否會有排擠效果，(三)探討兩岸具ECFA協議下，對於台灣產業吸引外人投資的正面幫助效果強度。 本研究採用1982年至2009年之年資料，以Tobit Censoring做為分析方法；並將產業分成出口導向相關產業及國內市場導向相關產業兩不同型態做為分析依據。 實證研究結果發現，政府若想要吸引更多外人直接投資，除了簽訂ECFA協議外，還必須避免台灣國內通貨膨脹率過高及台幣兌美元匯率波動過大；此外，高素質人才的培育也是極其重要，而持續提升國內市場深度及未來發展潛力也是不可或缺的環節；除了這些台灣自身投資環境的營造外，尚必須時時刻刻緊盯國際情勢的變化及中國發展下對台灣吸引FDI上可能帶來的衝擊，如此才有可能打造台灣成為亞洲地區的投資新天地。 / The foreign direct investment is an important factor which be considered to promote a country’s economic growth and wealth accumulation. The United Nations Conference on Trade and Development World’s 2010 Investment Report also noted that in attracting FDI developing countries have more advantages than developed countries in the future. Especially China, it focus of attention of global investors. Therefore, this paper has three purposes. First, Explore the Determinants of Taiwan's industries to attract FDI. Second, testing whether China's FDI growth has crowding out effect on Taiwan’s industries. Third, Does ECFA agreement has positive effects on Taiwan’s industries to attract FDI. This paper using 1982 to 2009 year data, and Tobit Censoring econometric method to be the analysis framework. In addition, assort Taiwan’s industries to export-oriented and domestic market-oriented two different types industries. Empirical study found that, If the Government wants to attract more Foreign Direct Investment besides signing an ECFA agreement there are something it must to do. First, government must avoid inflation rate too high and exchange rate volatility is too large. Second, government has to bring up high-quality personnel. Third, government has to enhance the potential of the domestic market. Finally, government has to focus their attention on the international situation and china’s FDI growth may affect the Taiwan’s industries FDI. By doing this, Taiwan will have a chance to attract more FDI.

本文探討外人直接投資對於俄羅斯貧窮問題之影響。透過質性研究說明俄羅斯外人直接投資趨勢與貧窮分布，並輔以量化研究解釋兩者間的關係；在變數選取部分，除主要之各地區外人直接投資流量、絕對貧窮率外，本文還納入人力資本、國內投資、公部門角色、貿易開放程度與總體經濟環境等變數進行研究。樣本資料根據俄羅斯國家統計局，選擇資料完整的71個聯邦主體作為研究對象，分析期間為2000至2008年，共639個觀察值。 　　實證結果發現，外人直接投資與貧窮率之間，並未存在顯著的負向關係；然而，若不考慮各聯邦主體間變異存在與否，甚至得出外人直接投資將惡化貧窮情形的結果；在其餘變數的部分，發現除了政府支出的結論與預期相反、人力資本不顯著外，其餘變數均符合預期，顯示貿易越為開放、總體經濟穩定且經濟成長的地區，貧窮問題較為和緩，在國內投資部分，雖未達統計顯著標準，但結果也傾向國內投資的提升有助於降低貧窮率。此外，若將外人直接投資視為依變數，再結合原先以貧窮為依變數之實證結果，可發現貿易開放程度為唯一同時對吸引外人直接投資與降低貧窮率皆達統計顯著水準的變數，即開放貿易助於提升外人直接投資與降低貧窮水準。

本文主要探討影響外資企業進入中國大陸外資企業獲利變動之因素，分析企業在大陸投資經營環境改變（1993年與1996年間），企業的獲利變動是否會受影響，進一步比較在不同外資來源與不同投資型態下，座落不同地區別與投資不同產業別其獲利變動及其決定因素有何不同 結果顯示，投資環境變遷對外商投資有影響，首先，大陸投資環境逐年改善，有利外商企業進行投資，但是仍須注意大陸內部的不穩定因素，如政治社會問題，不能只單純考慮經濟投資環境。且大陸外資政策逐漸進入調整階段，朝向與產業發展相結合的方向調整，廠商投資更應注意政策發展；其次，在影響外商企業獲利變動之決定因素方面，實證結果顯示，企業在設廠時的投資規模如果較大，顯然與賺取的利潤變動有正向相關之關係；另一方面，員工人數增加，獲利亦會增加。 就企業營運方面而言，根據實證結果顯示資金當地取得比例與企業的獲利變動呈現負相關，外商企業自大陸貸款取得資金比重愈高，其獲利反而愈不利，另外對外資企業之機器進口比例提高，對獲利變動有正面影響，亦即企業進口更多機器設備，對獲利是有幫助。另外筆者發現，員工報酬等級的變動，對獲利變動呈現明顯正相關。就企業成立時間長短對獲利變動影響而言，筆者研究發現，在大陸的外資企業，愈後進者愈能充分表現在搭便車效果，對企業獲利明顯有利。 / The goals of the thesis are researching the following： (i) Impact of investment environment and foreign investment policy changes in mainland China in recent years on foreign firms in mainland China； (ii) Determinant of Profitability change to foreign enterprises in Mainland China； (iii) Analysis determinant of different country firms, different industry firms, different entry modes and different locations of foreign firms in mainland China。 The project concludes the following： 1. The effort of liberalization and internationalization of Mainland China in recent years attracts the inflow of multinationals into Mainland China; with the entry into WTO the inflow will be further encouraged. 2. Foreign investment profitability affected by policies and environment of Mainland China, firms should be more cautious in evaluating their investments in Mainland China. 3. The scales and workers become larger and more, profits of firm will increase 4. More local finance loan rate decrease profits of firms, because cost of loan increase after 1993 5. Obtainment and keeping ability workers show well profits of firms and more efficient equipments do it, too. 6. Early entry firm will not get more profit than latter entry firms; profitability depends on competence of firms.

直覺上，跨國資本的自由流動對投資國與被投資國的經濟均有益處，亦可促使資源在國際間以更有效率的方式分配，增進雙方的福利。然而實際上被投資國卻對外來投資加以限制，並且須透過雙邊協商的方式移除此限制。因此，前述自由投資增進兩國福利的直覺似乎與既存的眾多雙邊投資協定相互矛盾。本文建立一基本的理論模型，考慮直接投資以及兩國的策略性投資政策，藉以說明 Nash Equilibrium 為兩國相互課稅，且無單邊降稅的動機。因此，只有透過雙邊簽署投資協定的方式共同降稅，方能消除課稅所產生的無謂損失。 / Intuitively, the free mobility of transnational capital not only benefits home countries and host countries, but also allocates resources globally in a more efficient way, which makes their welfare increase. However, host countries actually implement many restrictions on cross-border capital and try to remove these through bilateral negotiations. Therefore, the intuition that free investment between two countries will increase their economic welfare seems to be contradictory to many existing bilateral investment treaties (BITs). This article provides a theoretical model with foreign driect investment (FDI) and strategic investment policies, first, as to explain the Nash Equilibrium is that two countries will tax investors' FDI behavior. Second, it explains both countries do not have any motivation to reduce taxes unilaterally. Therefore, only when these two countries decide to remove all restrictions on foreign capital mutually by signing bilateral investment treaties do they eliminate the deadweight loss which restraints bring about.

本研究利用亞洲九個國家，自1995至2005年共十一年的資料，以固定效果模型對外人直接投資進入模式的外溢效果進行估計，探討外人直接投資進入模式與國家的勞動生產力之間的關係？另外，本文也研究外人直接投資的進入模式在高低技術及高低收入國家間是否會產生不同的外溢效果？　　 實證結果發現，跨國併購的行為剛進入時，並不會帶來顯著的外溢效果，然而只要一國的人力資本達到一定的門檻時，跨國併購便會為地主國帶來正向的外溢效果。而外商新建投資，可為當地市場產生正向的外溢效果。而透過技術能力的增進後，外商新建投資會帶來正向且顯著的外溢效果。 其次，在中低收入(技術)國家，外商新建投資透過人力資本的加乘後，也會產生顯著的正向外溢效果。 / The research adopts eleven-year of information from nine different Asian countries to evaluate the impact of spillover effect from the entry mode of foreign direct investment (FDI) on the national labor productivity. That is to construct a fixed-effects model studying, utilizing the information from nine Asian countries on FDI flows from 1995 to 2005. Moreover, the research also test the different spillover effect of entry mode between high-tech/high-incomed and low-tech/low-incomed countries. The empirical result shows that when first initiates a cross-border mergers or acquisitions, it doesn’t obviously result in the spillover effect. Thus, a country will has higher productivity of cross-border mergers and acquisitions, only when it has a minimum threshold stock of human capital. The foreign greenfield investment may have the positive spillover effect over the local market. And the higher the technology ,the higher the positive spillover effect of the foreign greenfield investment Lastly, in a low-tech/low-incomeed country,it will has higher productivity of foreign greenfield investment, also when it has a minimum threshold stock of human capital.

本文利用一九九三∼一九九四年，與一九九七∼一九九九年中國大陸官方的地區別產業合併資料（panel data），運用固定效果計量模型（fixed effect model），以Chenery修正後的Hoffmann指數的倒數（C-H指數）為應變數，來檢測外人直接投資，對中國大陸製造業產業升級的影響。 從實證模型的迴歸結果發現。首先，在檢視外資對中國大陸製造業產業升級上，結果發現中國大陸外資的引進，對製造業的產業升級並沒有幫助，甚至出現反工業化（de-industrialization）的情形。這樣的結果雖人令人驚訝卻也合理。歸咎原因，在於（1）中國大陸的外資來源，大部分是來自台港澳外資，而台港澳外資所投資的產業，主要是在勞力密集型的產業，生產消費財產品居多。（2）從實證結果中可知，並非絕對表示中國大陸製造業沒有產業升級的情形，而是表示外資在其本身所投資的產業，相對於全國平均產業，其產業升級的幅度小於全國平均產業的水準。因此相對而言，外資對中國大陸製造業，並沒有促進產業升級的影響。 其次，針對不同來源外資，對中國大陸製造業產業升級的影響。實證結果顯示，台港澳外資對中國大陸製造業的產業升級，並無顯著影響；一般外資的引進，對中國大陸製造業的產業升級並沒有幫助，反而出現反工業化的情形。 另外，針對不同來源外資，對不同工業化程度地區製造業產業升級的影響。實證結果顯示，台港澳外資，對中國大陸高工業化程度地區的製造業工業化程度的影響，與在低工業化程度地區的製造業比較，有提升產業升級的影響；一般外資對中國大陸高工業化程度地區製造業的產業升級，與低工業化程度地區製造業比較，並無明顯不同。 雖然從研究結果可得知，似乎中國大陸引進外資越多，不但無助於產業升級，甚至出現反工業化的情形。然而，從中國大陸的產業發展策略來看，在一九七九年改革開放之前，由於中國大陸實行重工業優先發展的「趕超戰略」，雖然使得中國大陸的工業得以迅速發展，但卻造成產業結構的嚴重失衡，農、輕、重工業的比例關係失調。因此，在引進外資的政策與過程中，希望利用外資的力量，來彌補中國大陸消費財產業的缺口，尤其佔外資來源最大的台港澳外資，也多是以生產消費財產業為主。所以整體而言，中國大陸引進外資的策略，對整體產業結構的調整，仍是有利的。 / This thesis investigates the issue regarding whether or not foreign direct investment (FDI) has upgraded China’s industrial structure. Using China’s official regionally-based panel data in 1993~1994, and 1997~1999, and several specifications of the fixed-effect model with a reciprocal of the Chenery-revised-Hoffmann ratio (C-H ratio) as the dependent variable, the primary finding is that FDI has had a negative influence on industrial upgrading in China during this period. This conclusion is surprising, but reasonable, due to (1) FDI resources coming from Hong Kong and Taiwan are concentrated on consumption goods industries in China. (2) FDI didn’t have absolutely a negative influence on industrial upgrading in China. Relative to the level of industrialization, industries of FDI is less then total industries. Therefore, FDI was no use on industrial upgrading in China. Secondly, this thesis separated the source of FDI into Taiwan, Hong Kong and Macao (THM hereafter), and other FDI (FOR hereafter), the conclusion indicated that both THM and FOR have had a negative influence on industrial upgrading in China during this period. Besides, relative to the different level of industrialization, the conclusion indicated that THM has had positive influence in the regions of low level of industrialization, than in the regions of high level of industrialization. FOR has had no influence in all regions. Although the conclusion showed that FDI has had a negative influence on industrial upgrading in China during this period. However, due to the development of heavy industry was priority in China’s industrial policy before 1979, the industrial structure in China was not balance. Therefore, to attract FDI has became the most important policy to make up for the gap of consumer goods industry. In conclusion, the policy to attract FDI could adjust the industrial structure in China.

現今世界趨勢已朝向全球整合的方向邁進，隨著科技日新，世界各國跨越地域隔閡，不論是在政治、經濟、科技、文化等各方面往來接觸愈來愈頻繁，中國大陸近年來與世界經貿關係連結更為緊密，同時亦對外開放直接投資，使跨國企業逐漸擴大進軍中國大陸之版圖，享受中國大陸豐沛之廉價勞動力。 然而，開放外人直接投資(Foreign Direct Investment, FDI)勢必為中國大陸相關之產業或總體經濟帶來某種程度之影響，儘管外人直接投資可帶來充沛之資本及先進之技術，但亦有可能加劇國內市場競爭，不利於本土廠商。 本文運用1998-2006 年「中國工業企業統計數據庫」中之電子業廠商，建構追蹤資料模型(Panel Data)，並運用隨機邊界法（stochastic frontier approach）估計中國大陸本資、台港澳資及外資企業生產效率，藉以衡量FDI之外溢效果。根據實證結果我們發現：中國大陸電子業之外人直接投資存在正向外溢效果及正向之技術移轉，顯示FDI之進入將有助於提升中國大陸電子業本土廠商之生產力。此外，我們同時發現FDI集中投資的結果將可能造成外溢效果的減低，除此之外，經濟區位亦是影響外人直接投資所帶來之外溢效果及技術移轉效果之重要因子之一。 / Global integration is the world trend nowadays. With the breakthrough of technology, the geographical barriers no longer exist. It would be much closer with other countries in many fields, such as politics, economics, technology and culture. In recent years, China has a closer economics and trades linkage with the world. As the results of openness to foreign direct investments, more and more multinational enterprises enter to China, expanding their scale and being benefited from the low-cost labor of China. China is benefited from the plentiful capital and advanced technologies of foreign direct investments; however, the openness to FDI might cause the competition which can aggravate in domestic market and hurt the domestic firms. The research uses the data of electronic firms from Chinese Industrial Enterprises Database. We apply panel data model and stochastic frontier approach to estimate the production efficiency of Chinese, Taiwanese, Hong Kong, Macanese and Other foreign enterprises. According to the empirical results, we discover that there are positive spill-over effects and technology transformation from foreign direct investments in Chinese electronic industry. These results indicate the entry of FDI will promote the productivity of Chinese electronic firms. Beside the positive results, we also discover the negative deduction stem in concentrated investments; furthermore, the spill-over effects and the technology transformation effects are affected by the economic location.

外人直接投資（foreign direct investment, FDI）在經濟理論中是相當熱門的議題，它代表了讓地主國（host country）國資本累積、技術進步在短時間內快速增加的可能，因此許多國家往往會採取某些吸引外資的政策，再搭配國內制度或是貿易政策的改變，以追求經濟成長。然而，外來直接投資對地主國可能產生的所得重分配的影響，本文即是對此做一深入探討，並以台灣製造業資料來研究外來直接投資是否會擴大工資不均等的情形。 研究期間從1981～2004年共24年，依產業特性將製造業分為十大類，分別採取兩種不同的迴歸模型，包括自我迴歸落遲分配模型（auto regressive distributed lag model, ARDL model）與縱橫資料（panel data）迴歸模型等。實證模型上由生產理論出發，選擇作為解釋工資不均等的變數包括外人直接投資比例、出口比例、進口比例及產出成長率等四個變數。由實證結果得到以下結論： （1）就個別產業來看，FDI對台灣製造業工資不均等的影響並不一致，反應出產業特性不同，FDI所扮演的角色也不盡相同。其中FDI會惡化皮革與毛皮製造業的工資不均等情形，減輕橡膠及塑膠製品製造業與非金屬製品製造業的工資不均等情形，對其他製造業則是無明顯影響。 （2）就整體製造業的情形來看， FDI對工資的不均等的淨效果為正，但效果不大；出口、產出成長率有輕微使工資不均等擴大的情形，而進口則是可輕微縮減工資不均等的狀況。 （3）若是將十大製造業依產品特性區分為「民生」、「化學」、「機械」電子等三大工業，則可以發現FDI對民生工業有明顯擴大工資不均等的情形，在其他兩大工業則是無顯著影響。

過去許多學術文獻針對租稅優惠吸引投資之效果進行實證分析，但實證結論並不一致。我國自1950年即開始實施一連串的租稅獎勵政策，時至今日，租稅減免仍是我國政府推動重大經濟政策慣用的誘因手段。為探討了解臺灣實施租稅優惠措施對投資變化之影響，本研究針對我國自民國50年代後期以來涉及租稅減免之相關法令進行整理，另為了充分量化這些租稅優惠措施，則參考國外相關實證文獻作法，建構了兩項租稅誘因指標作為虛擬變數，來追蹤自民國61年以來我國不同階段之減免稅狀態，並作為虛擬變數納入後續實證模型分析。 本研究利用相關變數之時間序列資料來探討租稅優惠對我國外人直接投資與國內私人投資之互動變化關係。研究步驟有三，首先，針對個別變數進行單根檢定，藉以確認變數的屬性，了解時間序列資料是否為衡定後，再利用Johansen共整合檢定法來估計和檢定多個變數，確認各變數間是否存在共整合關係後，以誤差修正模型來說明各變數間關係與整個變數脫離均衡關係後之動態調整情形。 實證結果顯示，就長期趨勢而言，我國實施之租稅優惠措施對吸引外人直接投資呈現負向且顯著之不良影響，另長期而言，租稅優惠誘因對刺激我國國內投資之變化確有顯著且正面助益，但影響效果之幅度不大。因此，本研究建議政府與其提供效果不明確之租稅誘因，不如致力於針對國家自身不完善的基礎建設或不穩定的總體經濟環境進行改善。 / Tax incentives have been in existence in Taiwan since 1950, and they are still very much on the agenda of the government. There is no agreement about the efficacy of incentives. Indeed there have been doubts about whether incentives have any effect on the economy since the 1950s. This has made some economists wonder why incentives are so popular despite the fact that their effects are either slight or unknow. This study conducts an empirical investigation of the impact of tax incentives on investment in Taiwan. We constructed two indexs of tax incentives which track the different types of incentives embarked upon by the government, and these indexes are then included in both foreign direct investment and private investment equations. Our testing procedure involves three steps. The first step involves tasting for the properties of the variables by conducting unit root teste. The second step involves testing for the long-run relationship between the variables using Johansen cointegration tests. And the third step involves estimating the long-run parameters and associated loading factors. The empirical results shows a significant negative impact of tax incentives on FDI, and a significant positive impact of tax incentives on private investment but the impact is slight. We suggest that rather than focusing on tax incentives, the country should concentrate on removing the factors that discourage investors such as poor infrastructural and institutions or macroeconomic instability.