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政大典藏 > College of Commerce > Department of International Business > Periodical Articles > Item 140.119/70774

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/70774

Title:	The impact of exchange rate movements on foreign direct investment : market-oriented versus cost-oriented
Authors:	陳坤銘;林家慶;饒秀華 Chen, Kun-ming;Rau, Hsiu-hua;Lin, Chia-ching
Contributors:	國貿系
Keywords:	Wechselkurs;Exchange rate;Volatilität;Volatility;Auslandsinvestition;Foreign investment;China;Makroökonomischer Einfluss;Macroeconomic effect;Taiwanesisch;Taiwanese;1991-2002
Date:	2006
Issue Date:	2014-10-24 17:18:16 (UTC+8)
Abstract:	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.
Relation:	The Developing Economies,44(3),269-287
Data Type:	article
DOI link:	http://dx.doi.org/10.1111/j.1746-1049.2006.00017.x
DOI:	10.1111/j.1746-1049.2006.00017.x
Appears in Collections:	[Department of International Business] Periodical Articles

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