本文以澳洲、日本、韓國及台灣等亞太國家為研究對象，探討各國之產出
成長是否受到彼此間的國際經濟活動往來─雙邊貿易與外人直接投資─所影
響。有鑒於過去文獻甚少考慮到不同的產業結構和吸收能力會同時左右各國汲取
技術的效率，本文將該兩項因素一併納入產業動態模型中之外溢指標，並利用
1990 年至2003 年的製造業資料進行實證分析。研究結論顯示大部分的產業可透
過國際貿易和外人直接投資的互動得到正向的技術外溢效果，其中尤以韓國製造
業受益最多，澳洲和日本次之、台灣最少。此外，於部分產業中所發現之負向外
溢效果，除可將之歸因於各國產業間彼此的結構相似度或吸收能力差距過大，以
致於該國無法有效習得技術外，亦可能由於存在市場竊取效果或是國與國間談判
力不對稱的情況所造成。

This study focuses on four Asia Pacific countries – Australia, Japan, Korea, and
Taiwan – and analyses how the other three influence one’s domestic manufacturing
sectors through international trade and FDI activities. To reveal the truth that different
industrial structures and absorption capacity may affect each country's efficiency to
assimilate spillovers, the index of capture parameter is built in the dynamic
adjustment model. By applying the unbalanced panel data from 1990-2003, it is found
that both trade and FDI serve as important channels of international technology
diffusion. With all sectors are considered, Korea is the country that benefits the most
from international trade and FDI activities. For Australia and Japan, FDI spillovers
bring more sectors with positive effects than what trade spillovers do. Taiwan, on the
other hand, receives beneficial spillovers from both trade and FDI in two sectors.
While the positive spillovers effect occurs in every manufacturing sector, negative
relationship between domestic sectors’ productivity and international spillovers can be
found in some sectors as well. This phenomenon can be accounted for the lack of
technology capture ability and the occurrence of market-stealing effect or asymmetric
bargaining power.

CONTENTS
I. INTRODUCTION 1
A. MOTIVATION 1
B. PURPOSE 3
II. ECONOMIC INTERACTION IN THE ASIA PACIFIC COUNTRIES 4
III. LITERATURE REVIEW 9
A. INTERNATIONAL SPILLOVERS FROM THE TRADE CHANNEL 9
B. INTERNATIONAL SPILLOVERS FROM THE FDI CHANNEL 10
C. OTHER INTERNATIONAL SPILLOVER CHANNELS 13
D. INTERNATIONAL SPILLOVERS AMONG ASIA PACIFIC COUNTRIES 13
IV. METHODOLOGY 14
V. EMPIRACLE ANALYSIS 19
A. DATA DESCRIPTION 19
B. PARAMETER ESTIMATES 22
C. SOURCES OF OUTPUT GROWTH 26
VI. CONCLUSION 33
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