國家總體因素對國外直接投資之影響

過去攸關國外直接投資之研究，多以影響區位選擇之個體因素進行探討。本研究將影響國外直接投資之因素擴及國家總體因素，並區別不同開發程度的母國與地主國，在選擇及吸引海外直接投資國家時，是否有所差異。本研究以多元迴歸模型及追縱模型進行分析，發現影響已開發母國進行國外直接投資之因素，主要為工資、研發能力及政治風險，而當考量各國之異質性後，僅日本與美國兩國注重研發能力；而影響開發中母國進行國外直接投資之決定因素，則涵蓋供給面、需求與整體層面，其中尤以南韓與中國受這些因素影響較為顯著；而已開發地主國吸引FDI流入之因素，在不考慮各國異質性時，主要影響因素集中於供給面，然一旦考慮各國之差異性後，則這些因素則不再具有顯著的吸引力。對開發中地主國而言，供給面的條件仍具相當之吸引優勢，而考量各國特性後，政治風險則顯得更為重要。

Early studies about foreign direct investment (FDI), most focus on the micro-factors of Ownership, Location and Internalization Paradigm. This paper expands the determinant of FDI to Macro-factors, and to find out the difference between developing and developed home and host countries in FDI strategy. Using multi-regression and Panel model, these findings discover wage, R&D and political risk are the key factors of developed home country FDI outflow. But only Japan and U.S. pay more attention on R&D as consider heterogeneity between countries. For developed home countries, all supply-side, demand-side and global factors play a significant and important role on FDI outflow, especial for South Korea and China. Turn to developed host country; the attractive factors for FDI inflow are concentrated in supply-side. However consider the heterogeneity between countries, supply-side factors no more attractive. For developing host country, supply-side conditions have competitive advantage for FDI inflow. After pondering heterogeneity problem, political risk factor is significantly important instead.