中國是屬於一個開發中的的國家，若需要創造更多收益需要吸引已開發的國家來進行投資且廣大的市場也造就與各國貿易及海外直接投資的程度相當高，這也造就成中國經濟成長不可或缺的動力。因此，本論文想藉由實證研究，來探討複合式距離(Compounded Distance)對於直接投資量的影響程度。本研究以CAGE模型為基礎，並以近七年(2011-2017)中國主要海外直接投資的20個國家，來探討他們與中國的海外直接投資是否與國家距離(Country Distance)之變化有直接之關係。本研究採用中國商務部所記載之資料，分為中國雙向海外直接投資做討論，並以CAGE模型分析中國與其海外直接投資國家間的行為。本研究結果顯示，複合式距離的確會對國與國之間的海外直接投資量有相當的影響。另外本研究也發現，過去對於地理距離以及對外直接投資之間的研究結果與本研究的結果相符，意即兩國地理距離越大，兩國間的海外直接投資量越小。文化距離中不確定規避因素呈現顯著亦符合本研究假說。

China belongs to a developing country. If it is necessary to create more profits, it needs to attract the developed countries to invest, and the vast market also creates high levels of trade with other countries and direct overseas investment. This also leads to China’s economic growth. Indispensable motivation. Therefore, this article attempts to explore the extent to which the Compounded Distance influences the amount of direct investment by empirical research. This study is based on the CAGE model, and in 20 countries of China's major overseas direct investment in the past seven years (2011-2017), to explore whether their direct overseas investment with China has a direct relationship with the change of the country from CountryDistance. This research uses the data recorded by the Ministry of Commerce of the People's Republic of China and is divided into two-way overseas direct investment in China for discussion purposes. It also uses the CAGE model to analyze the behavior between China and its overseas direct investment countries. The results of this study show that composite distance rafts do have a considerable impact on the amount of overseas direct investment between countries. In addition, this study also found that the past research results between geographical distance and foreign direct investment are consistent with the results of this study, which means that the larger the geographical distance between the two countries, the smaller the amount of overseas direct investment between the two countries.
Keywords: CAGE model, compound distance, international trade, national culture, overseas direct investment (FDI), direct investment in China

第一章 緒論...... 1
第一節 研究背景....1
第二節 研究動機....1
第三節 研究目的....2
第四節 研究流程.... 2
第二章 文獻探討...... 4
第一節 國際企業貿易文獻概述.......6
第二節 區域經濟整合............8
第三節 CAGE理論........14
第四節 FDI理論概述....... 17
第五節 中國FDI概述........ 20
第六節 研討假說之探討.......22
第三章 研究方法.........25
第一節 研究架構與假說...... 26
第二節 研究對象及研究期間 ......26
第三節 定義變數及說明....... 27
第四章 統計結果.......... 30
第一節 敘述統計分析.......30
第二節 相關分析......31
第三節 假說驗證......32
第四節 檢定結果討論.......38
第五章 結論與建議.......... 42
第一節 結論........ 42
第二節 研究貢獻......42
第三節 後續研究建議........ .43
參考文獻...................44

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