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    政大機構典藏 > 商學院 > 金融學系 > 期刊論文 >  Item 140.119/98755


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    題名: Capital Flight and Foreign Direct Investment
    作者: 李桐豪
    Chiang, ChiangYi-Hui;Lee, Thomas
    貢獻者: 金融系
    關鍵詞: FDI inflow;capital flight;export
    日期: 2015-07
    上傳時間: 2016-07-07 15:41:46 (UTC+8)
    摘要: To systematically study the relationship between foreign direct investment inflow (FDI inflow) and capital flight, this chapter uses yearly-data in 1984-2012 in China, sets up two propositions and applies our model to explore the micro-relation and macro-relation between FDI inflow and capital flight.At proposition (4-1), we can find that the estimated values of long-term foreign direct investment inflow (FDI inflow) and long-term capital flight are significant correlation. Then, under Augmented Dickey-Fuller test (ADF test) or Philips-Perron test (PP test), the residuals reject the null hypothesis with statistical significant at 5% level, which implies that the result is stable. Causal test also shows that the relation between FDI inflow and capital flight is Granger causal. Besides, results of error correction model (ECM) show that FDI inflow and capital flight, they are not only have the long-term positive relation, but also have short-term dynamic relationship. So we can find the proposition (4-1) is true.At proposition (4-2), at first, we can find that the estimated values of long-term FDI inflow and long-term export are obviously correlated with statistical significant at 1% level, the R square value reaches highly level at 0.9, and they imply the model is good to fit. Next, results of error correction model show that FDI inflow and export, they are not only have the long-term positive relation, but also have short-term dynamic relationship. So we can find the first part of proposition (4-2) is true, which means that if FDI inflow increases, export will grows, too.Finally, for the remainder of proposition (4-2), at first, we can find that the estimated values of long-term capital flight and long-term export are obviously correlated. Then, under ADF test or PP test, we can find the remainder of proposition (4-2) is true, which means that if export grows up, capital flight will increase, too. In short, FDI inflow increase, export will grows apparently, capital flight will increase obviously which will attract more FDI inflow.
    關聯: International Journal of Financial Research, 6(3), 64-77
    資料類型: article
    DOI 連結: http://dx.doi.org/10.5430/ijfr.v6n3p64
    DOI: 10.5430/ijfr.v6n3p64
    顯示於類別:[金融學系] 期刊論文

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