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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/70774

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题名:	The impact of exchange rate movements on foreign direct investment : market-oriented versus cost-oriented
作者:	陳坤銘;林家慶;饒秀華 Chen, Kun-ming;Rau, Hsiu-hua;Lin, Chia-ching
贡献者:	國貿系
关键词:	Wechselkurs;Exchange rate;Volatilität;Volatility;Auslandsinvestition;Foreign investment;China;Makroökonomischer Einfluss;Macroeconomic effect;Taiwanesisch;Taiwanese;1991-2002
日期:	2006
上传时间:	2014-10-24 17:18:16 (UTC+8)
摘要:	This paper examines the impact of exchange rate movements on foreign direct investment (FDI). We first employ a real options model to show that while the depreciation of a host country`s currency tends to stimulate FDI activity of cost-oriented firms, the depreciation tends to deter FDI activity for market-oriented firms. With industry panel data on Taiwan`s outward FDI into China over the period 1991–2002, our empirical findings indicate that the exchange rate level and its volatility in addition to the relative wage rate have had a significant impact on Taiwanese firms’ outward FDI into China. In general, the empirical results are consistent with the prediction of the theory. Our results reveal that the relationship between exchange rates and FDI is crucially dependent on the motives of the investing firms. Without considering this fact in an empirical model, the testing results might suffer from aggregations bias.
關聯:	The Developing Economies,44(3),269-287
数据类型:	article
DOI 連結:	http://dx.doi.org/10.1111/j.1746-1049.2006.00017.x
DOI:	10.1111/j.1746-1049.2006.00017.x
显示于类别:	[國際經營與貿易學系 ] 期刊論文

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