國外直接投資對於一國經濟成長與發展而言是一項重要工具，可使發展中國家快速達到更大幅度的經濟成長。由於發展中國家沒有足夠的國內儲蓄，因此抑制了發展中國家的發展。國外直接投資能減輕發展中國家來自財務方面的限制，使發展中國家慢慢往已發展國家邁進，與全球接軌。本研究旨在探討在發展中國家國外直接投資的決定因素，以巴西為研究對象，並選取1970年至2010年為研究期間。本研究納入了許多會影響巴西的國外直接投資因素來進行迴歸分析，並得到相關實證結果。研究變數主要有市場規模、貿易開放程度、通貨膨脹率，並納入兩個當地特別因素：波利維亞－巴西聖保羅天然氣管線及聖保羅地鐵五號線來設立虛擬變數。國外直接投資決定因素的實證研究將會透過經濟模型，來顯現每個變數的影響程度。實證研究結果發現市場規模、通貨膨脹率及波利維亞－巴西聖保羅天然氣管線對於國外直接投資有顯著正相關；而貿易開放程度與聖保羅地鐵五號線對於國外直接投資並無顯著正相關。此項研究發現建議巴西為獲得更高的國外直接投資的流入，須鼓勵貿易開放及妥善管理聖保羅地鐵五號線。

Foreign direct investment is an important tool that enables developing countries to achieve greater and faster economic growth. Developing countries have insufficient domestic savings that inhibit them from growth. The creation of FDI may alleviate developing countries from financing constraint and enable them to climb up the global ladders to be beside developed countries. This study aims to investigate the determinants of FDI in developing country Brazil during the period 1970 to 2010. Regression analysis will be used in this study to test the several factors taken into account as the determinants that may impact the inflow of FDI to Brazil. These factors are variables based upon market size, trade openness, inflation rates and two dummy variables, viz., the Bolivia-Brazil Pipeline and Sao Paulo Metro Line 5. The statistical analysis for the determinants of FDI will be examined through an econometric model, which will indicate the significance of each variable. The empirical results from the study support the proposed hypotheses. In general, the findings indicate that market size, inflation rate and the Bolivia-Brazil Pipeline are significant and positive determinants of FDI in Brazil. The findings of the study recommend that trade openness and Sao Paulo Metro Line 5 needs to be encouraged and managed better in order to gain higher FDI inflows.

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