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標題: 貪污及國家特徵對海外投資之影響
The Impact of Corruption and National Characteristics on Foreign Direct Investment
作者: Ying Tiang
關鍵字: 貪污;美國投資人;國家特徵;跨境投資;Corruption;U.S. investors;national characteristics;cross-border investment
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貪婪是人的本性,貪污是各個國家中所會面臨的極大問題。貪污對於跨境投資和其他國際投資策略的決策都有重大的影響。本文章將利用1996年至2014年的縱橫資料來探討投資者在進行45個國家跨境投資時是否會受到貪污程度和各國特性的影響。各國的貪污程度是利用國際透明度組織所提供之1996年至2014年的貪污感知指數和貪污程度排名來表示。貪污程度排名的改變表示各國貪污程度的改善。本文做了兩個假設即買賣方為同一人,而另一個假設為買方和賣方為不同人。本文所需之主要基本跨國投資資料是來自美國財政部的國際資本流動統計數據。將貪污程度、經濟狀況、市場大小、地區差異、宗教差異、是否曾被殖民、市場開放年度和經濟自由度進行迴歸分析,找尋對美國投資者在進行跨國投資的影響因素。我們發現在資訊不對稱下, 低貪污排名的國家為買賣雙方的投資者提供了很好的投資機會。透過縱橫資料的迴歸,結果顯示美國投資者較喜歡投資於市場較大、貪污程度低、市場於1996年前開放、不同地區及宗教、曾被殖民的新興國家。與此同時,投資者較喜歡在市場大、高度融資資源、市場於1996年前開放的新興國家進行賣出或放空動作。這篇文章有利於作為投資者在未來進行跨國投資或政府制定政策上很好的參考。

The nature of greed, corruption has been always a big issue in every country. It is an important impact on cross-border market entry, investment and other decisions of strategy management at the international level. This study examines the decision of cross-border direct investment is affected by corruption level and different national characteristics in forty-five countries by using a panel dataset from 1996 to 2014. Corruption level uses the Corruption Perception Index (CPI) scores and corruption level ranking, which computed by Transparency International from 1996 to 2014. By using the change of corruption ranking to indicate the improvement in corruption of each country. Two assumptions are derived which buy and sell are made by one investor, the other is buyer and seller are two different investors. All works on this issue has been based on equity trading data which are derived from Treasury International Capital (TIC). By regressing level of corruption, economy, market capitalization, region, religion, colony, the date of market open and economic freedom which will influence the invest decision of U.S. investors. We find that as information asymmetries, the countries which have lower ranking of corruption bring a good opportunity for both buy and sell side investor to do trading. By panel data regression model, results indicated that U.S. investors like to invest in the countries that have a large market capitalization, lower level of corruption, different region and religion, market that opened before 1996, emerging countries, colonized countries and like to sell the stock of the country that is large market capitalization, higher financial freedom, emerging country and the country which market is opened before 1996. This paper provides the reference for investors and government officials in future investments and policy making in attracting foreign equity inflow.
其他識別: U0005-2406201520481600
Rights: 同意授權瀏覽/列印電子全文服務,2015-07-01起公開。
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