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題名：「外人直接投資偏誤」之衡量與決定因素行為財務觀點
書刊名：商管科技季刊
作者：古永嘉 引用關係／孫明德 引用關係
作者(外文)：Goo, Yeong-jia／Sun, Ming-te
出版日期：2011
卷期：12:2
頁次：頁113-144
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
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  • 被引用次數被引用次數:期刊(1) 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:1
  • 共同引用共同引用:0
  • 點閱點閱:41
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，就整體樣本而言，直接投資偏誤主要受到地理距離及語言等資訊成本因素之影響，文化距離因素則並不顯著。其次，由於被投資國被設定角色不同，經濟變數之影響在本研究之大樣本影響結果與以往研究以小樣本不同，甚至因此呈現不顯著情況，此外，由於被投資國角色不同，金融投資的考量也無法全盤應用，上述研究成果可對現有直接投資理論加以補充外，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 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 and language variable rather than culture distance in the full model. 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.
期刊論文
1.Tesar, L. L.、Werner, I. M.(1995)。Home Bias and High Turnover。Journal of International Money and Finance，14(4)，467-492。  new window
2.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。  new window
3.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。  new window
4.Coval, Joshua D.、Moskowitz, Tobias J.(1999)。Home Bias at Home: Local Equity Preference in Domestic Portfolios。The Journal of Finance，54(6)，2045-2073。  new window
5.Janicki, Hubert P.、Wunnava, Phanindra V.(2004)。Determinants Of Foreign Direct Investment: Empirical Evidence From EU Accession Candidates。Applied Economics，36(5)，505-509。  new window
6.Brennan, Michael J.、Cao, H. Henry(1997)。International Portfolio Investment Flows。Journal of Finance，52(5)，1851-1880。  new window
7.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。  new window
8.Davidson, William H.(1980)。The Location of Foreign Direct Investment Activity: Country Characteristics and Experience Effects。Journal of International Business Studies，11(2)，9-22。  new window
9.Cooper, I. A.、Kaplanis, E.(1994)。Home Bias in Equity Portfolios, Inflation Hedging and International Capital Market Equilibrium。Review Finance Study，7(1)，45-60。  new window
10.French, Kenneth R.、Poterba, James M.(1991)。Investor diversification and international equity markets。American Economic Review，81(2)，222-226。  new window
11.Habib, Mohsin、Zurawicki, Leon(2002)。Corruption and Foreign Direct Investment。Journal of International Business Studies，33(2)，291-307。  new window
12.Caves, Richard E.(1971)。International corporations: the industrial economics of foreign investment。Economica，38(149)，1-27。  new window
13.Dunning, J. H.(1988)。The eclectic paradigm of international production: A restatement and some possible extensions。Journal of International Business Studies，19(1)，1-31。  new window
14.Mariotti, Sergio、Piscitello, Lucia(1995)。Information Costs and Location of FDIs Within the Host Country: Empirical Evidence from Italy。Journal of International Business Studies，26(4)，815-841。  new window
15.Hausman, Jerry A.(1978)。Specification tests in econometrics。Econometrica: Journal of the Econometric Society，46(6)，1251-1271。  new window
16.Kang, Jun-Koo、Stulz, Rene 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。  new window
17.Dunning, John H.(1980)。Toward an Eclectic Theory of International Production: Some Empirical Tests。Journal of International Business Studies，11(1)，9-31。  new window
18.Kojima, Kiyoshi(1973)。A macroeconomic approach to foreign direct investment。Hitotsubashi Journal of Economics，14(1)，1-21。  new window
19.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。  new window
20.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。  new window
21.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。  new window
22.EcZhang, K. H.(2000)。Human capital, country size, and north-sound manufacturing multinational enterprises。International Economics，53，237-260。  new window
23.Axarloglou, K.(2005)。What attracts foreign direct investment inflows in the united states。International Trade Journal，19(3)，285-308。  new window
24.Lewis, K.(1999)。Trying to explain home bias in equities and consumption。Journal of Economic Literature，37(2)，571-608。  new window
25.Schwartz, S. H.、Licht, A. N.、Siegel, J. I.(2008)。Egalitarianism, cultural distance, and FDI: A new approach。American Law & Economics Association Papers，41-47。  new window
26.Bhargava, A.、Franzini, L.、Narendranathan, W.(1982)。Serial correlation and the fixed effects models。Review of Economic Studies，49(158)，533-549。  new window
27.Brzozowski, M.(2006)。Exchange rate variability and foreign direct investment。Eastern European Economics，44(1)，5-24。  new window
28.Degutis, M.、Tvaronavicien, M.(2006)。Factor analysis of lithuanian and estonian inward foreign direct investment. Business。Theory and Practice，7(3)，150-157。  new window
29.Bertaut, C.C.、L.S. Kole(2004)。What makes investors over or underweight? explaining international appetites for foreign equities。Board of Governors of the Federal Reserve International Finance Discussion Paper，819。  new window
研究報告
1.Karolyi, G. A.、Stulz, R.(2002)。Are Financial Assets Priced Locally or Globally?。Cambridge, Massachusetts。  new window
2.Swiston, A.(2005)。A global view of the U.S. investment position。  new window
圖書
1.Rugman, A. M.(1979)。International Diversification and the Multinational Enterprise。Lexington：D.C. Heath。  new window
2.黃臺心(2005)。計量經濟學。台北：雙葉書廊。  延伸查詢new window
3.Cantwell, John(1989)。Technological Innovation and Multinational Corporations。Basil Blackwell。  new window
4.Hofstede, Geert H.(2001)。Culture's Consequences: Comparing Values, Behaviors, Institutions and Organisations Across Nations。Thousand Oaks：Sage Publications。  new window
5.Wooldridge, J. M.(2002)。Eonometric Analysis of Cross Section and Panel Data。Cambridge, MA。  new window
6.Daniels, J. D.、Radebaugh L. H.(1998)。International Business: Environment and Operation。  new window
7.Lall, S.(1983)。The Multinational Corporation: Nine Essays。London。  new window
其他
1.中華民國外交部(2009)。外交資訊，http://www.mofa.gov.tw/， 20090820。  延伸查詢new window
2.中華民國經濟部(2009)。雙語辭彙對照表，http://www.moea.gov.tw/， 20090915。  延伸查詢new window
3.The Bank of Korea(2009)。International Investment Position，http://www.bok.or.kr/， 20080830。  new window
4.IMF(2008)。The World Economic Outlook Database，http://www.imf.org/， 20090818。  new window
5.INDO(2008)。Distance，http://www.indo.com/distance， 20090916。  new window
6.ITIM(2010)。Geert Hofstede Cultural Dimensions，http://www.geert-hofstede.com/， 20100615。  new window
7.United Nations Conference on Trade and Development(2009)。FDI Statistics: Data Compilation and Policy Issues，http://www.unctad.org/， 20090905。  new window
 
 
 
 
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