海外直接投資對國家 GDP 與產業 GDP 影響之研究

Abstract

Foreign direct investment inflows and outflows occur for a variety of reasons, including market expansion, knowledge transfer, and resource acquisition. Each of these motives results in different outcomes for not only the individual firms involved, but also the industries and economies to which they belong. The goal of this study is to understand what these effects are at the country and industry levels. Using the growth of gross domestic product per capita as a proxy, historical data for both FDI inflows and outflows are used to determine what the relationship is between FDI activity and productivity in the United States, the United Kingdom, and Japan. The country-level results suggest that FDI inflows have a negative effect on GDP per capita growth, while FDI outflows exhibit a positive effect. Japan is also seen to react significantly stronger to changes in FDI flows than the other two countries. In the industry-level analysis, the results suggest opposite reactions. FDI inflows are correlated with an increase in GDP per capita output, whereas outflows have a negative effect. Upon closer inspection, it is discovered that the transportation industry is unique in that the effects are reversed, and are instead consistent with the country-level findings.