摘要 外人直接投資（Foreign Direct Investment, FDI）的技術外溢效果是有關 外資投資產生間接效應的一個重要課題，也是被視為一國推動國內經濟發展 有效的管道。中國大陸自改革開放以來，即積極的使用外資來推動經濟，經 過三十年來努力的產業升級和結構調整，經濟實力不容小覷。中國大陸 2007-2009 年的統計資料顯示，外人直接投資占全社會固定資產投資約 0.5%，所占比重雖然不大，但是對中國大陸的經濟發展與技術進步卻有非常 顯著的影響。 本文以中國大陸國家統計局進行年度「工業企業數據庫」調查1998- 2006 年製造業的廠商資料，運用STATA 統計軟體進行跨時橫斷面分析，並 將直接投資依照來源分為台港澳和外資兩個部分，研究其對中國大陸製造業 技術外溢的效果和比較。主要研究發現為在整體製造業與輕工業方面，台港 澳資企業具有負面的外溢效果，而外資企業會帶來正面的外溢效果；但是， 在高技術產業和重工業中，由於大陸企業和外資技術差距太大，而導致外資 有負的外溢效果，而港澳台資則會帶來正面的外溢效果；另外，在化學工業 方面，則是港澳台資和外資均會產正的外溢效果。

Abstract The spillover effect of foreign direct investment is not only an important issue for FDI but also seen as an efficient method to promote domestic economic development. Since Reform and Opening of China, FDI has been used as an active way to improve technology. According to statistical data from 2007 to 2009, FDI accounts for only 0.5% in total domestic investment in China. Though the proportion is relatively small, the using of FDI creates job opportunities, expands domestic demand and technology transfer. In this study, applying an annual industrial enterprise database in manufacturing firms from 1998 to 2006 conducted by National Bureau of Statistics of China, we employed an OLS model to estimate the spillover effect from foreign capital and capital from Taiwan, Hong Kong, and Macao. We found that in the overall manufacturing industry and in the light industry, Taiwan capital has a negative spillover effect while foreign capital has a positive spillover effect. On the other hand, in the high-tech industry and theheavy industry, foreign capital has a negative effect due to the high technology gap between foreign country and China, while capitals from Taiwan, Hong Kong, and Macao have a positive spillover effect. Finally, both foreign capital and the capitals from Taiwan, Hong Kong and Macao have a positive spillover effect in chemical industry.