CAJ | 학술논문

本文以1995牟第一季度到2011年第二季度的面板数据为样本．研究了我国外商直接投资（FDI）的影响因素以及国际金融危机对我国FDI的影响。研究发现，我国和FDI输出地之间的相对实际工资、相对实际GDP、FDI输出地的利率水平和实际广义货币、实际进出口总额、实际固定资产投资等是影响FDI流入的显著因素．因此国际金融危机可以通过这些因素对我国的外商直接投资产生影响。此外．金融危机还对我国的FDI产生了纯粹且显著的不利影响。
본문이1995모제일계도도2011년제이계도적면판수거위양본．연구료아국외상직접투자（FDI）적영향인소이급국제금융위궤대아국FDI적영향。연구발현，아국화FDI수출지지간적상대실제공자、상대실제GDP、FDI수출지적리솔수평화실제엄의화폐、실제진출구총액、실제고정자산투자등시영향FDI류입적현저인소．인차국제금융위궤가이통과저사인소대아국적외상직접투자산생영향。차외．금융위궤환대아국적FDI산생료순수차현저적불리영향。
Employing the quarterly panel data from 1995Q1 to 2011Q2, the paper analyzes the determinants of inflows of FDI to Mainland China and examines the impacts of international financial crises on FDI. The results show that the real wage and real GDP in Mainland China in relative to FDI home economies, the interest rate level and broad money supply of FDI home economies and the real trade volume and real investment volume in Mainland are significant factors of FDI inflows to Mainland China. Furthermore, the international financial crises can indirectly affect the inflows of FDI to Mainland China. Our study also observes that the international financial crises can produce remarkable pure adverse effect on the inflows of FDI to Mainland China. In addition, there is no evidence indicating the exchange rate of RMB is a determinant of FDI inflows to Mainland China.