An Empirical Research on American Direct Investment in the Taiwan’s Financial Services

[[abstract]]1990年代政府開放外國直接投資（foreign direct investment， FDI）於服務業後，外國直接投資漸由製造業轉向金融保險業，而美國是我國最大的外資投資國。因此，本文以經濟發展層面因素來探討美國直接投資我國金融產業的關聯性。 本研究運用普通最小平方法進行複迴歸分析1994年至2003年，美國投資台灣金融保險業以及總體經濟相關季資料；資料來源：國內資料庫為AREMOS、TEJDB、投審會出版之「華僑及外國人投資統計月報」，國外資料來自NAIC及美國公開財經資料。 本文採用解釋變數包括國民所得（NI）、資金成本（RR）、薪資比例（WG）、保險交易額（TI）、匯率（ER）、保險產業保費（PR）、金融發展程度（FD），再以有無納入製造產業投資額（MF），建構兩組模式，進而獲得以下實證結果：1.美國直接投資金融產業額占所有金融產業直接投資額之比例（TI），對直接投資呈現正相關，即表示美國投資本身有加速投資效果。2.薪資（WG）因素是吸引直接投資的重大原因，投資額的決定與人力成本為負面關係；其原因為我國金融產業可提供跨國公司高素質低成本的優質人才，以影響其投資量。 就實證結果提出二方面建議，1.產業技術面：國內金融產業需將外資的經營技術轉換成國內產業本身的關鍵技術，才不至於在開放市場中排擠個別生存的空間，就如同印度在資訊產業引進外資的同時也提升該產業發展，使印度成為IT產業的第一代工大國。2人力資源：金融產業的產品為無形的商品或勞務，且大多提供者與消費者通常需面對面的溝通，人力資源對該產業的重要性由此可見，金融產業應是持續培養從業人員的專業知識及技能，使員工能在競爭環境中應變生存。[[abstract]]In 1990, Ministry of Finance, R.O.C. deregulates the foreign direct investment （FDI）in financial service industry, so the foreign direct investment gradually changed from manufacturing industry to the financial service industry. US are the biggest foreign capital investment country in Taiwan. Therefore, this research demonstrates the connection among the key factors for American direct investment in Taiwan finance industry. The methodologies of this thesis are the multiple regression analysis and least squares method which evaluate the operating performances of American direct investment in Taiwan from 1994 to 2003, US invests to the Taiwan finance insurance industry correlation data and the overall economy correlation data in Taiwan source of Material: AREMOS, TEJDB, "the overseas Chinese and the foreigner invests the statistical monthly report", NAIC and the American public finance and economics material. This research selects the explanation variable method, including national income ,RR,WG ,TI ER PR FD , whether joins the manufacture industry investment cost, constructs two groups of patterns below, The empirical results of this study indicate that The US direct investment in finance industry volume accounts higher proportion of the all financial industry direct investment, presents to the direct investment is being had positive relationship , namely expressed US invests itself has the acceleration investment effect. The salary factor is the significant attraction reason for direct investment, the investment amount decision and the human cost presents the negative relations; The reason is that Taiwan finance industry may provide the talented person with high quality but low salary to multinational corporation, affects its investment quantity. There are 2 suggestions on this real diagnosis result, First of all, from industrial technology viewpoint: The financial industry realizes the FDI management technology is essential technology. The domestic financial industry can survive in this competition market if they appropriate transform this FDI management technology. For instance, India promote the industrial development while information industry introduction FDI, causes India to become the first IT industry in the world. Secondly, from human resources viewpoint: The financial industry product is the invisible commodity and service, also mostly the financial consultant and the consumer usually must the face-to-face communication, the financial consultant must persist improving their knowledge and the skill. Causes an ability to survive in the competition environment