臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：外人直接投資決定因素之探討－「熟悉度偏誤」觀點
作者：孫明德 引用關係
作者(外文)：Ming-te Sun
校院名稱：國立臺北大學
系所名稱：企業管理學系
指導教授：林泉源
學位類別：博士
出版日期：2011
主題關鍵詞：多國籍企業；外人直接投資；行為財務；熟悉度偏誤；文化距離；Multinational Business；FDI；Behavioral Finance；Familiar Bias；Culture Distance
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:26
以往對於外人直接投資之研究，多以少數國家或地區為樣本為研究對象，探討經濟因素的影響，但對於直接投資為何在某些投資與被投資國組合中較為集中的現象與成因，則尚未加以探討。本研究參考行為財務之熟悉度偏誤觀點，建構「外人直接投資偏誤指標」並納入政治因素、資訊成本及文化距離等因素，以1993-2003年間占全球投資金額81%前16大投資國與占全球73%之31大被投資國數據，利用縱橫資料迴歸模式透過跨國比較加以實證。研究結果發現，直接投資偏誤除了傳統經濟因素如勞動成本及貿易等因素影響外，亦受到代表資訊成本之地理距離及語言，以及文化距離等因素之影響，而政治上之自由貿易協定因素則並不顯著。其次，受到不同變數納入的影響，也使各投資國之固定效果產生差異。本研究成果除可對現有直接投資研究成果加以補充外，由於本研究之樣本範圍遠大於以往相關研究，也有效提高本項實證結果的可信度和參考價值。
Prior research that analyzed determinants of Foreign Direct Investment (FDI) mostly used economic factors as explanatory variables, but FDI which was centralized or dispersed couldn’t be explained by these factors. Furthermore, samples were from few countries or regions. This research designed the “Foreign Direct Investment Bias (FDIB)” index by the Behavioral Finance view “Home Bias”, used the Panel Data Regression Model, employed FTA, geographical distances, language and culture distance as the explanatory variables, and expanded sample countries/regions with data from the top 16 investing countries responsible for 81% of global investing and the top 31 host countries receiving investing 73% of total global investments during the period 1993-2003. Adopting the perspective of international comparison, firstly, this research found that countries’ FDIB mainly considered the information cost of geographical distances, language, and culture distance variables rather than FTA in the full model. The fixed effect of FDIB was also mixed in different models. The results support the direct investment theory and can influence future studies. Secondly, the impacts of the small or large models are different cause the role of destination countries. By the same reason, the FDI impact factor considerations are not the same as portfolio investment.
一、中文部份
中國統計年鑒出版社（2010），中國統計年鑒2010。
行政院大陸委員會（2010），兩岸經濟統計月報，第212期。
林祖嘉、譚瑾瑜（2009），ECFA與兩岸投資，遠景基金會出版，第八章，131-155。
胡名雯（2001），臺灣中小企業對外直接投資傾向之研究，行政院國家科學委員會專題研究報告(NSC-89-2415-H-032-023)。
許松根（1985），「臺灣地區民營製造業投資意願之剖析」，企銀季刊，9(1)，37-57。
黃臺心（2005），計量經濟學，臺北：雙葉書廊。
經濟部統計處（2008），製造業對外投資實況調查報告。
劉孟俊等（2005），全球生產網路、對外投資與出口：臺灣個案研究，行政院國科會委託計畫(NSC-93-2415-H-170-001)。
經濟部投資審議委員會（2010），華僑及外國人投資、對外投資、對大陸投資統計月報，99年11月份。
外交部（2009），外交資訊，http://www.mofa.gov.tw/，搜尋日期：2009年6月10日。
經濟部（2009），雙語辭彙對照表，http://www.moea.gov.tw/，搜尋日期：2009年9月15日。


二、英文部份
Ali, S., & Guo, W. (2005). Determinants of FDI in China. Journal of Global Business and Technology, 1(2), 21‐33.
Aliber, R. Z. (1970), A Theory of Foreign Direct Investment, in Kindleberger, C.P. (Ed.), The International Corporation, MIT Press, Cambridge, MA.
Anderson, J. E. (1979). The Theoretical Foundation for the Gravity Equation. American Economics Review, 69(1), 106-116.
Axarloglou, K. (2005). What Attracts Foreign Direct Investment Inflows in The United States? International Trade Journal, 19(3), 285-308.
Baharumshah, A. Z. & Thanoon, M. A. (2006). Foreign Capital Flows and Economic Growth in East Asian Countries. China Economic Review, 17(1), 70-83.
Bali & Indonesia on the Net (2008). Distance, Retrieved September 16, 2009, from http://www.indo.com/distance.
Bertaut, C., & Kole L. (2004). What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities. International Finance Discussion Papers, 819, Washington: Board of Governors of the Federal Reserve System.
Bhagwati, J.N. (1978). Anatomy and Consequences of Exchange Control Regimes, 219-221. Cambridge, MA: Ballinger.
(1994). Free Trade: Old and New Challenges. Economic Journal, 104(423), 231–246.
Bhardwaj, A., Dietz J. & Beamish P. W. (2007). Host Country Cultural Influences on Foreign Direct Investment. Management International Review, 47(1), 29-50.
Blomstrom, M., R., Lipsey, E., & Zejan, M. (1994). What Explains the Growth of Developing Countries? In W. J. Baumol, R. R. Nelson, and E. N. (Eds.), Convergence of Productivity: Cross-national Studies and Historical Evidence. NY: Oxford University Press.
Borensztein, E., Gregorio, J. D., & Lee, J.W. (1998). How Does Foreign Direct Investment Affect Economy Growth? Journal of international Economics, 45(1), 115-135.
Brainard, S. L. (1997). An Empirical Assessment of the Proximity-Concentration Trade-off between Multinational Sales and Trade. American Economic Review, 87(4), 520-544.
Brennan, M. J., & Cao, H. H. (1997). International Portfolio Investment Flows. Journal of Finance, 52(5), 1851–1880.
Brzozowski, M. (2006). Exchange Rate Variability and Foreign Direct Investment. Eastern European Economics, 44(1), 5-24.
Buckley, P. J., & Casson M. C. (1976). The Future of Multinational Enterprise. Macmillan, London.
Buzan B. (2003). Security Architecture in Asia: the Interplay of Regional and Global Levels. The Pacific Review, l6(2), l43-l74.
Campos, N. F. & Kinoshita, Y. (2002). Foreign Direct Investment as Technology Transferred: Some Panel Evidence from Transition Economies. The Manchester school, 70(3), 398-419.
Cantwell, J. A. (1989). Technological Innovation and Multinational Corporations. Oxford: Basil Blackwell.
Caves, R. E. (1971). Industrial Corporation: The Industrial Economics of Foreign Investment. Economica, 38(1), 1-27.
Cheng, H. (2003). Analysis of Panel Data, 2nd ed., Cambridge University, Cambridge, England.
Choi, C. (2004). Foreign Direct Investment and Income Convergence. Applied Economics, 36(10), 1045 – 1049.
Chuang, Y. C., & Hsu, P. (2004). FDI, Trade, and Spillover Efficiency: Evidence from China’s Manufacturing Sector. Applied Economics, 36(10), 1103-1115.
Cooper, I., & Kaplanis, E. (1994). Home Bias in Equity Portfolios, Inflation Hedging and International Capital Market Equilibrium. Review Finance Study, 7(1), 45–60.
Coval, J. D., & Moskowitz, T. J. (1999). Home Bias at Home: Local Equity Preference in Domestic Portfolios. Journal of Finance, 54(6), 2045–2073.
Culem, C. G. (1988). The Locational Determinants of Direct Investments among Industrialized Countries. European Economic Review, 32(4), 885-904.
Cushman, D. O. (1985). Real Exchange Rate Risk, Expectations, and the Level of Direct Investment. The Review of Economics and Statistics, 67(2), 297-308.
Cushman, D. O. (1987). U.S. bilateral trade balances and the dollar. Economics Letters, 24(4), 363-367.
Cyert R., & March J. (1992). A Behavioral Theory of the Firm. 2nd ed., Englewood Cliffs, Prentice-Hall, NJ.
Davidson, W. H. (1980). The Location of Foreign Direct Investment Activity: Country Characteristics and Experience Effects. Journal of International Business Studies, 11(2), 9-22.
Degutis, M., & Tvaronaviĉienė, M. (2006). Factor analysis of Lithuanian and Estonian Inward Foreign Direct Investment. Business. Theory and Practice, 7(3) 150-157.
Deniel, J. D., & Radebaugh L. H. (1998). International Business: Environment and Operation, 8th ed., Addison-Wesley.
Dunning, J. (1979). Explaining Changing Patterns of International Production: In Defense of an Eclectic Theory. Oxford Bulletin of Economics and Statistics, vol. 41(4), 269-295.
(1980). Toward an Eclectic Theory of International Production: Some Empirical Tests. Journal of international Business Studies, 11(1), 9-31.
(1988). “The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of international Business Studies, 19(1), 1-32.
French, K., & Poterba, J. (1991). Investor Diversification and International Equity Markets. American Economic Review, 81(2), pp.222-226.
Froot, K. A., & Stein, J. C. (1991). Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach. The Quarterly Journal of Economics, 106(4), 1191-1217.
Globerman, S., & Shapiro, D. M. (1999). The Impact of Government Policies on Foreign Direct Investment: The Canadian Experience. Journal of International Business Studies, 30(3), 513-532.
Goldberg, M. A., Heinkel, R. L., & Levi, M. D. (2005). Foreign Direct Investment: The Human Dimension. Journal of International Money and Finance, 24(6), 913-934.
Greenaway, D., & Nam, C. H. (1988). Industrialization and Macroeconomic Performance in Developing Countries under Alternative Trade Strategies. Kyklos, 41(3), 419-435.
Grosse, R., & Trevino, L. J. (1996). Foreign Direct Investment in The United States: An Analysis by Country of Origin. Journal of International Business Studies, 27(1), 139-155.
Guerin, S. S. (2006). The Role of Geography in Financial and Economic Integration: A Comparative Analysis of Foreign Direct Investment, Trade and Portfolio Investment Flows. World Economy, 29(2), 189-209.
Habib, M., & Zurawicki, L. (2002). Corruption and Foreign Direct Investment. Journal of International Business Studies, 33(2), 291-307.
Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1272.
Hofstede, G. (1991). Culture and Organizations: Software of the Mind, 50, NY: McGraw Hill.
(2001). Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations across Nations, 2nd ed. Thousand Oaks, 502, CA: Sage Publications.
Hong, M., & Chen, L. S. (2001). Quantitative and Dynamic Analysis of the Oli Variables Determining FDI in China. Review of Urban and Regional Development Studies, 13(2), 163-172.
Hymer, S. (1960). The International Operation of National Firms: A Study of Direct Foreign Investment. Ph.D. Thesis, MIT Press, Cambridge, MA .
International Monetary Fund. (2008). The World Economic Outlook Database, Retrieved August 18, 2009 from http://www.imf.org/.
Isard, W. (1960). Location and Space Economy: A General Theory Relating to Industrial Location Market Areas, Land Use, Trade, and Urban Structure. Cambridge: Published jointly by MIT and Wiley, N.Y.
ITIM (2010). Geert Hofstede Cultural Dimensions, Retrieved June 15, 2010, from http://www.geert-hofstede.com/.
Janicki, H. P., & Wunnava, P. V. (2004). Determinants of Foreign Direct Investment: Empirical Evidence from EU Accession Candidates. Applied Economics, 36(5), 505-509.
Kang, J. K., & Stulz, R. M. (1997). Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan. Journal of Financial Economics, 46(1), 3-28.
Karolyi, G.A., & Stulz, R. (2002). Are Financial Assets Priced Locally or Globally? NBER Working Paper 8994, Cambridge, Massachusetts: National Bureau of Economic Research.
Kim, Y., & Gray, S. J. (2009). An assessment of alternative empirical measures of cultural distance: Evidence from the Republic of Korea. Asia Pacific Journal of Management, 26(1), 55-74.
Kindleberger, C. P. (1969). America Business Abroad: Six Lectures on Direct Investment, Yale University Press.
Kojima, K. (1973). A Macroeconomic Approach to Foreign Direct investment. Hitotsubashi Journal of Economics, 14(1), 1-21.
(1978). Direct Foreign Investment: A Japanese of Multinational Business Operation. Croom Helm, London.
Kough, B., & Singh, H. (1988). The Effect of National Culture on the Choice of Entry Mode. Journal of International Business Studies, 19(3), 411-432.
Kramer, C. (2006). Asia’s Investment Puzzle. Finance and Development, 43(2), 32-36,
Krauce, L., & Nye J. (1975), Reflection on the Economic and Politics of International Economic Organization. International Organizsation, 29(1), 323-342.
Lall, S. (1983). The Multinational Corporation: Nine Essays. London: Macmillan.
Lardy, N. R. (1995). The Role of Foreign Direct Investment in China’s Economic Transformation. China Quarterly, Special Issue: China's Transitional Economy, No.144, 1065-1082.
Levy-Yeyati, E., Stein, E. & Daude, C. (2002). The FTAA and Location of FDI. Paper presented at the Inter-American Development Bank–Harvard University Conference on the Free Trade Area of the Americas in Punta del Este.
Lewis, K. (1999). Trying to Explain Home Bias in Equities and Consumption. Journal of Economic Literature, 37(2), 571–608.
Li, S., & Park, S. H. (2006). Determinants of Locations of Foreign Direct Investment in China. Management and Organization Review, 2(1), 95-119.
Lipsey, R. E. (1998). Galloping, Creeping, or Receding Internationalization. International Trade Journal, 12(2), 181-191.
Lipsey, R. E., & Kulchycky K. (1981). Foreign Production and Exports in Manufacturing Industries. Review of Economics and Statistics, 63(4), 488-494.
Liu, X., Song H., Wei Y., & Romilly P., (1997). Country Characteristics and Foreign Direct Investment in China: A Panel Data Analysis. Welwirtschaftliches Archiv, 133(2) 311-329.
Liu, X., Wang C., & Wei Y. (2001). Links between Foreign Direct Investment and Trade in China. China Economic Review, 12(2), 190-202.
Manger, M. (2005). Competition and Bilateralism in Trade Policy: The Case of Japan’s Free Trade Agreements. Review of International Political Economy, 12(5), 804-828.
Mao, H., & Chen L. S. (2001). Quantitative and Dynamic Analysis of the OLI Variables Determining FDI China. Review of Urban and Regional Development Studies, 13(2), 163-172.
Mariotti, S., & Lucia, P. (1995). Information Costs and Location of FDIs within the Host Country: Empirical Evidence from Italy. Journal of International Business Studies, 26(4), 815-841.
Martin, S. (2001) Industrial Organization: A European Perspective. Oxford University.
Naudé, W. A., & Krugell, W. F. (2007). Investigating Geography and Institutions as Determinants of Foreign Direct Investment in Africa Using Panel Data. Applied Economics, 39(10), 1223-1233
Nofsinger, J. R. (2002). The Psychology of Investing. New Jersey: Prentice Hall.
Ok, S. T. (2004). What Drives Foreign Direct Investment into Emerging Markets? Emerging Markets Finance and Trade, 40(4), 101-114.
Petri, P. A. (1995). The Interdependence of Trade and Investment in The Pacific. In Edward K. Y. Chen and Peter Drystale (Eds.): Corporate Links and Foreign Direct Investment in Asia and the Pacific, Harper Educational Publishers, Australia.
Pfaffermayr, M. (1996). Foreign Outward Direct Investment and Exports in Austrian Manufacturing: Substitutes or Complements. Review of World Economics, 132(3), 501-552.
Pomfret, R. (1997). Growth and Transition: Why Has China’s Performance Been so Different? Journal of Comparative Economics, 25(3), pp.422-440.
Pradhan, J. P. (2004). The Determinants of Outward Foreign Direct Investment: A Firm-level Analysis of Indian Manufacturing. Oxford Development Studies, 32(4), 619-639.
Rugman, A. M. (1979). International Diversification and the Multinational Enterprise. Lexington: D.C. Heath.
Schwartz, S. H., Licht, A. N., & Siegel, J. I. (2008). Egalitarianism, Cultural Distance, and FDI: A New Approach. American Law and Economics Association Working Papers.
Seo, J. S., & Suh, C. S. (2006). An Analysis of Home Country Trade Effects of Outward Foreign Direct Investment. ASEAN Economic Bulletin, 23(2), 160-170.
Snelbecker, D. (1999). Prospects for Economic Security and Growth in Ukraine. Economic Developments and Reforms in Cooperation Partner Countries: The Link between Economics, Security and Stability, NATO Economics Colloquium, Brussels.
Suh, J. (2005). Home Bias among Institutional Investors: A Study of the Economist Quarterly Portfolio Poll. Journal of the Japanese and International Economies, 19(1), 72-95.
Swiston, A. (2005). A Global View of the U.S. Investment Position. IMF, Working Paper, No. 05/181.
Tadesse, B., & Ryan, M. (2004). Sour Market Characteristics, FDI, and the FDI-Trade Relationship. Journal of International Trade and Economic Development, 13(2), 199-229.
Teece, D. J. (1986). Transaction Cost Economics and the Multinational Enterprise. Journal of Economic Behavior and Organization, 7(1), 21-45.
Tesar, L., & Werner, M. (1995). Home Bias and High Turnover. Journal of International Money and Finance, 14(4), 467-492.
The Bank of Korea(2009). International Investment Position, Retrieved August 30, 2008, from： http://www.bok.or.kr/.
United Nations Conference on Trade and Development. (2009). FDI Statistics: Data Compilation and Policy Issues, Retrieved September 5, 2009, from: http://www.unctad.org/.
(2010). Source: FDI/TNC database, Retrieved December 15, 2010, from: http://www.unctad.org/fdistatistics.
(2006). World Investment Report 2006: FDI from Developing and Transition Economies: Implications for Development. UN: New York and Geneva.
Velde, D. W. T. & Bezemer, D. (2006). Regional Intergration and Foreign Direct Investment in Developing Countries. Transnational Corporations, 15(2), 41-70.
Weber, A. (1929). Social and Private Rates of Return from Industrial Innovations. Quarterly Journal of Economics, 21, 221-240.
Wooldridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data, Cambridge, MA: The MIT Press.
Yao, S. & Wei, K. (2007). Economic Growth in The Presence of FDI: The Perspective of Newly Industrializing Economies. Journal of Comparative Economics, 35(1), 211-234.
Zhang, K. H. (2000). Human Capital, Country Size, and North-Sound Manufacturing Multinational Enterprises. International Economics, 53, 237-260.
Zhang, K. H. (2001). How Does Foreign Direct Investment Affect Economic Growth in China? Economics of Transition, 9(3), 679-693.
Zhao, H.X. (2003). Country Factor Differentials as Determinants of FDI Flow to China. Thunderbird International Business Review, 45(2), 149-169.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關博士論文
 
無相關書籍
 
無相關著作
 
無相關點閱
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：712（臺灣：706，外國：6） ／ 本年度總使用人次：2344557 ／ 訪客人次（自102年09月）：68150648
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上