本文主要的研究目的，在於探究當外商直接投資開始大量進入中 國大陸後，影響世界各國對中國大陸直接投資的因素。利用 24 個國家 （地區）在 1993-2003 年期間的資料，以及採用固定效果模型，本文 的結果顯示，在 1993-1996 年間，影響各國間投資中國大陸差異的決 定因素為相對國內生產毛額、相對每人國內生產毛額，以及相對工資 率。而在 1997-2003 年間，其決定因素轉變為相對國內生產毛額、相 對借貸成本及相對國家風險。另由固定效果的分析中得知，地理距離 與對中國大陸的自發性直接投資具有負向的影響。

The purpose of this study is to investigate the determinants of foreign direct investment from different foreign countries in China after they started to invest tremendous amount toward China. This study adopts fixed-effect model with 24 countries’(regions’) data during the period of 1993-2003. The primary finding of this study is that relative GDP, relative GDP per capita, and relative wage play significant roles in attracting foreign direct investment in China during 1993-1996. However, during 1997-2003, the important factors have changed to relative GDP, relative borrowing cost, and relative country risk. In addition, from the analysis of the national-specific effects, it is found that the geographical distance has a negative impact on the autonomous foreign direct investment from foreign countries toward China.

中國大陸;外商直接投資;決定因素;固定效果模型;地理 距離

China; Foreign Direct Investment; Determinants; FixedEffect Model; Geographical Distance