本研究之目的是經由文獻回顧，整合先前有關外人直接投資決定因素的研究，發 展成較全面性含有多個決定因素之外人來臺直接投資的解釋模式，並就模式中變數關係加以 檢驗。本研究是由投資國的角度，探討與巨觀經濟學相關的經濟、地理區位以及文化層面對 外人來臺直接投資的影響。共計探討六個可能決定因素，並且納入模式，進行統計檢定。收 集 11 年（ 1984-1994 ）以及 9 個投資國， 涵蓋 85% 以上外人來臺直接投資的資料從事 分析。研究結果顯示，與外人來臺直接投資具有顯著正相關的因素為投資國與我國間的雙邊 貿易額、投資國自我國的進口額以及出口至我國的金額。具有顯著負相關的因素為投資國與 我國的地理距離，相對資本報酬率與匯率（外國貨幣╱本國貨幣）。關係不顯著的因素為投 資國的國內市場規模以及相對融資成本。文化距離與外人來臺直接投資呈現顯著正相關，此 與假設預期不符，本研究對其可能原因有所探討。
The purpose of this study had been attained through integrating determinants of foreign direct investment of pregvious studies, developing them into a more comprehensively explanatory model of foreign direct investment in Taiwan. This study examined the macroeconomics determinants of foreign direct investment in Taiwan by country of origin. Six factors including economics, geographic and culture dimensions were explored in literature review and entered into a model for test. Data were gathered from the past 11 years (1984-1994) covering 9 countries of origin with more than 85% of foreign direct investment in Taiwan. The results showed that the relationship between foreign direct investment in Taiwan and bilateral trade, home country's imports, and exports to Taiwan were significantly positive. Significantly negative relationship between foreign direct investment in Taiwan and geographic distance of home country from Taiwan, the relative rate of return, and the exchange rate (fx/NT$) were found. The size of home country market and relative cost of funds were not significant determinants of foreign direct investment in Taiwan. Culture distance had significantly positive relationship with foreign direct investment in Taiwan, which was to the contrary of the hypothesis. The possible reasons were discussed in this study.
