以政策競爭吸引外國直接投資之研究

A Study on Policy as a Means of Competing to Attract Foreign Direct Investment

過去二十多年，各國利用不同政策工具吸引FDI，競爭情形轉趨激烈。本文關注重點在於：過度使用政策競爭手段，是否會損害地主國經濟福祉，以及我國政府如何因應此趨勢。針對不同政策競爭工具研析發現：各國投資政策朝開放方向演進已蔚為全球潮流，無論是以「獎勵」或以「規則」為基礎之政策工具，均不會發生過度鬆綁環保或勞動法規，「競相向下墮落（race to the bottom）」情形，惟對於投資決策、政策制定及經濟效果，有不同影響。有關形塑良好投資政策方面，本文利用OECD投資政策架構第1章「投資政策」，進行我國投資政策自我檢核。對我國招商作法未來建議，本文認為應利用以「規則」為基礎的政策工具，建構我國優良投資環境與優勢，再輔以彈性的財政或財務獎勵措施，以吸引有助我國經濟發展的好品質之外國投資。

In the past two decades and more, countries have used varying policy tools to attract foreign direct investment (FDI), with competition for FDI steadily intensifying. This study focuses on the issue of whether the use of policy to compete for FDI will have an adverse effect on the host country’s economic welfare, and how Taiwan’s government has coped with this trend. The study of different policy tools employed around the world reveals that evolution toward openness of investment policy has already become a global trend. There is no indication that the policy tools employed, whether “incentive-based” or “rule-based,” lead to a “race to the bottom” in excessive loosening of environmental or labor regulation, but they do exhibit varying effects on investment decisions, policy making and economic benefit. With regard to the shaping of sound investment policy, this study uses the “Investment Policy” chapter of the OECD Investment Policy Framework for self-examination of Taiwan’s investment policy. The study concludes with the suggestion that Taiwan’s government in the future should use rule-based policy tools as means of attracting foreign investors, endeavoring to build a superior investment environment, complemented by flexible fiscal and financial incentive measures, with a view to attracting good-quality foreign investment that will aid national economic development.