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研究生： 陳宜佩
Chen, I-Pei
論文名稱： 2005 年 7 月中國大陸實施管理浮動匯率對台商赴大陸投資之影響
The Impact of China’s Implementation of Managed Floating Exchange Rate System on July, 2005 on Taiwanese FDI in Mainland China
指導教授： 康信鴻
Kang, Hsin-Hong
學位類別： 碩士
Master
系所名稱： 管理學院 - 企業管理學系
Department of Business Administration
論文出版年： 2010
畢業學年度： 98
語文別： 英文
論文頁數： 75
中文關鍵詞： 海外直接投資 、大陸投資 、管理浮動匯率
外文關鍵詞： FDI, investment in China, managed floating exchange rate system
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    • 近年來大陸經濟快速成長，大陸市場成為世界最主要的海外投資區域，其經濟政策的發展牽動國際投資。本研究主要目的在探討台商對大陸各省投資時投資區位之決定性因素外，欲探討當2005年7月中國大陸實施管理浮動匯率制度，對於台商在不同地區，包含東部、西部和中部，是否會產生不同影響。期望此研究能提供台商未來在大陸時選擇投資地區作參考。
    本研究期間為2000年1月至2007年12月，利用單根檢定、自我相關檢定、共線性檢定及鳥巢檢定，分為四個模型探討之。其研究結果如下：
    1.台商對大陸各省投資時投資區位之決定性因素中，對於整體及東部台商而言，當地累積國際投資和運輸建設有正向影響。台商在大陸投資與工資呈現負向關係，顯示生產成本仍是投資區位選擇時的重要考量因素。西部地區則是運輸建設和工業化程度與台商在大陸投資呈現正向關係，顯示台商對於投資環境的要求。
    2.本研究欲探討之中國大陸實施管理浮動匯率制度，對於整體台商及東部地區台商而言有負向影響，但實施管理浮動匯率制度對於中部及西部台商則沒有顯著影響。

    In recent years, the rapid growth of the Chinese economy and the development of Chinese economic policies and strategies have had a major influence on international investment conditions and on recent exchange rate policy changes. China’s market has become the world's major foreign direct investment arena. This study attempts to investigate the impact of these changes on Taiwanese FDI (Foreign direct investment) in different regions, including China’s Eastern, Central and Western areas, as a result of mainland China’s initiation of exchange rate policy reform that implemented a floating exchange rate system on July 21, 2005.
    The sample data for this research from January 2000 to December 2007.For the purposes of this study, a unit root test, the Durbin-Watson d statistic, Multicollonearity, and the Nested Hypothesis are performed. The RMB policy regarding the floating exchange rate system is considered as a dummy variable to determine the effect.
    In order to examine the influence of exchange rate policy in different areas, this study designs four separate models to analyze.
    The empirical results are as follows:
    1.Taiwanese investment is positively related to cumulative FDI and transportation and wage is negatively related in the total and the eastern areas. It means that cost is still an important factor of location choice. Transportation and the degree of industrialization are positively related with Taiwanese investment in the western area. Taiwanese enterprises place great emphasis on investment environment.
    2.The managed floating exchange rate system has a negative influence on Taiwan investments in the total and the eastern areas. However, the managed floating exchange rate system doesn’t have any influence on Taiwanese investment behavior in the central and the western areas.

    Chapter 1 Introduction 1 1.1 Research Background and Motivation 1 1.2 Research Objectives 3 1.3 Research Structure 4 Chapter 2 Literature Review 6 2.1 Empirical Literature Review 6 2.2.1 Relevant literature regarding factors influencing FDI 6 2.2.2 Relevant literature about the relationship between FDI and foreign exchange rate 17 2.2 Literature Comparison 19 2.2.1 Factors about FDI 19 2.2.2 Methodology of literatures 21 2.3 Research Direction 23 Chapter 3 The Status of the Operating Environment in China 24 3.1 The evolution of FDI policy across the Taiwan Strait 25 3.2 The characteristic of Taiwan investment in China 27 3.2.1Amount of Taiwanese investment in China 27 3.2.2 Regional Distribution of Taiwanese Investment in China 30 3.3 China’s Exchange Rate Strategies of Renminbi 33 Chapter 4 Research Design 36 4.1 Definition of Variables and Data Resources 36 4.2 The Empirical Model 41 4.3 Methodology and Research Procedure 43 4.3.1 Unit Root Test 43 4.3.2Durbin-Watson d statistic 44 4.3.3 Multicollinearity Test 45 4.3.4Nested Hypothesis Test 46 4.3.5Dummy Variables 47 4.3.6Research Framework 48 Chapter 5 Empirical Results 49 5.1 Unit Root Test 49 5.2 Durbin-Watson d statistic 51 5.3 Multicollinearity Test 52 5.4 Nested Hypothesis 56 5.5 Regression Results of the Final Model 58 Chapter 6 Conclusions 67 6.1 Conclusions 67 6.2 Recommendations and Future Research Direction 71 References 73

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