中國大陸自 1978 年實施改革開放以來，外國直接投資一直扮演其 邁向工業化進程之重要因素。本文根據「產業結構演變理論」，運用 1986-2010 年對中國大陸投資規模前四名之東亞國家／地區（香港與澳 門、臺灣、日本與韓國），於中國大陸東部沿海的環渤海、長江三角 洲及東南沿海區域等 10 個代表性城市之統計資料，分析各國就「區域 經濟」與「結構紅利」對東部沿海產業結構之影響。分析結果顯示， 不同區域之各級產業不僅具國別上差異，且各投資國有地理鄰近之偏 好。最後，「勞動」與「資本」對各區域經濟發展，亦發揮不同程度 之作用。

Since economic reforms were implemented in 1978, foreign direct investment (FDI) has been playing a major role in the progress of China’s industrialization. Based on “Industrial Structure Change Theory,” this paper discusses the impact of different sources of FDI on China’s regional industrial structural change. The panel data used in this paper are drawn from four East Asian countries/regions (Hong-Kong & Macau, Taiwan, Japan and South Korea) with the largest FDI inflows being in China’s ten cities in the Bohai Rim region, the Yangtze River Delta region, and the southeast coastal area over the period 1986-2010. The model’s analysis is focused on finding out what role “regional economic characteristics” and the “structural bonus hypothesis” play in China’s industrial structural change. The results show that the regional economy has a significant impact on each of the three industrial sectors. Besides, each investing country has a preference for geographical proximity. Finally, labor and capital have variable effects on the three industrial sectors in each regional economy.

改革開放;外國直接投資;區域經濟;三級產業;結構紅利 假說

Economic Reform; Foreign Direct Investment; Regional Economy; Three Industrial Sectors; the Structural Bonus Hypothesis