隨著全球化與國際投資的盛行，東道國（host country）的金融深化（financial deepening）程度是否能使金融體系更為健全，以提升國內資產的流動性且增進配置效率，或具有吸引更多外國資產投入的潛能，是目前經濟學者們所關注的金融深化議題。目前國際間所盛行的外人直接投資（foreign direct investment）為國際資產流動的項目之一，這種外國資產的流入可促進東道國的經濟成長與發展程度，創造生產技術移轉與外溢效果等好處。因此，各國政府與產業界皆致力於改善整體投資環境，欲吸引更多的國際投資流入，許多文獻亦紛紛投入外人直接投資影響因素的探討，擬找出適當的投資模式以供參照。是故，本研究將根據Dunning所提出的ownership-location-internalization paradigm，探究金融深化程度對外人直接投資流入量的影響成效，並利用追蹤資料（panel data）模型進行實證研究分析。
本研究採用國際間133個國家於1996年至2006年的追蹤資料，探究東道國的市場規模潛力、總體經濟穩定度、基礎設施普及度、貿易開放程度，以及金融深化程度等變數，是否具有對外人直接投資的顯著影響力。以追蹤資料固定效果模型（fixed effects model）所探究的實證結果顯示，在世界各國不同的經濟發展情況下，市場規模潛力、基礎設施普及度、貿易開放程度、以及金融深化程度皆對外人直接投資的流入有正向顯著的影響成效，而叢聚經濟效果與經濟穩定度則呈現不顯著的影響效果。分組國家的迴歸分析則說明發展中國家與已發展國家的實證結果上具有相當程度的一致性，僅市場規模潛力在已發展國家不具統計上的顯著影響成效。最後，各國政府如何利用政策方針以提升國內經濟環境並加強金融發展程度，吸引更多外人直接投資流入，帶動國內生產與經濟活動，將是相關當局需多加關注的問題。

This thesis follows Dunning’s ownership-location-internalisation (OLI) paradigm to investigate the macroeconomic determinants of foreign direct investment (FDI) flows to the host countries, and focuses on the impacts of financial deepening on FDI. A data set of 133 countries for the period 1996-2006 and fixed effects model (FEM) are employed to perform an empirical analysis. The estimated results suggest that the market size, infrastructure, degree of openness, and financial deepening have a positive influence on FDI inflows to the host country. However, economic freedom, macroeconomic stability and agglomeration have no statistically significant influence on FDI inflows. When countries are grouped into less developed countries (LDCs) and developed countries (DCs), the findings from individual groups are consistent with the above mentioned findings, except the variable of market size which no longer generate a significant influence on FDI for the DCs. All findings indicate that the financial deepening has significant effects on FDI inflows for various groups of countries. The policy implication would be the governments could focus on financial deepening with sound financial system to attract more FDI for host counties, and in turn, to stimulate their economic growth and development.

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