本研究主要在於探討台灣地區對其他國家之對外直接投資的決定因素，以及投資地主國總體經濟不確定性對其投資行為的影響，並進行各國間的比較，而將以美國、法國、德國、中國、韓國、日本等六個國家為研究對象。本研究首先利用各國的資料，以似無關迴歸(Seemingly Unrelated Regressions , SUR)考慮國家間替代性的因素，來估計對外直接投資的決定因素以及不確定性的影響，再分別探討西方國家、東方國家在決定因素與不確定性對對外直接投資影響之異同。研究結果顯示：台灣國內生產毛額、兩國友好關係、市場規模、相對利率及失業率均為台灣在針對他國進行對外直接投資時，所多加考慮的因素，此外，相對利率的不確定性與領先指標的不確定性亦會影響到台灣對他國的對外直接投資。 The purpose of this paper is to explore the impact of macroeconomic uncertainty on the determinants of Taiwan’s FDI to other countries using the Seemingly Unrelated Regressions (SUR) and compare the similarities and differences between the western and eastern countries. The sample countries in our study include US, France, Germany, China, Korea and Japan. We find that GDP of Taiwan, friendly relations between host country and Taiwan, market scale, relative interest rates and unemployment ratio are important factors in determing the FDI of Taiwan to other countries. In addition , the uncertainty of relative interest rates and uncertainty of leading index are also influential in explaning the varations in FDI.
