The impact of exchange rate movements on foreign direct investment: market-oriented versus cost-oriented

南華大學機構典藏系統 > 管理學院 > 文化創意事業管理學系 > 期刊論文 > Item 987654321/26233

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题名:	The impact of exchange rate movements on foreign direct investment: market-oriented versus cost-oriented
作者:	林家慶;Lin, Chia-Ching;Chen, Kun-Ming;Rau, Hsiu-Hua
貢獻者:	文化創意事業管理學系
关键词:	FDI;Exchange rate movements;Real options approach
日期:	2006-09
上传时间:	2018-10-15 11:22:37 (UTC+8)
摘要:	This paper examines the impact of exchange rate movements on foreign direct investment (FDI). We first employ a real options model to show that while the depreciation of a host country's currency tends to stimulate FDI activity of cost-oriented firms, the depreciation tends to deter FDI activity for market-oriented firms. With industry panel data on Taiwan's outward FDI into China over the period 1991–2002, our empirical findings indicate that the exchange rate level and its volatility in addition to the relative wage rate have had a significant impact on Taiwanese firms’ outward FDI into China. In general, the empirical results are consistent with the prediction of the theory. Our results reveal that the relationship between exchange rates and FDI is crucially dependent on the motives of the investing firms. Without considering this fact in an empirical model, the testing results might suffer from aggregations bias.
關聯:	The Developing Economies Vol. 44, no. 3 pp.269-287
显示于类别:	[文化創意事業管理學系] 期刊論文

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