外商直接投資（FDI）在東盟國家實現經濟快速增長的過程中起著重要作用。本研究利用面板數據的方法，通過分析1995-2012期間流入東門的外商直接投資來探討FDI最合適決定因素。在該模型中，六項指標被確定為FDI流入東盟國家的決定因素。本文主要探討為什麼有些國家成功地吸引外國直接投資。本文認為，較高的GDP增長率、開放的國際貿易、豐富的人力資源、完善的基礎建設和低匯率在吸引外國直接投資中更為成功。

Foreign Direct Investment (FDI) plays an important role in achieving rapid economic growth in ASEAN countries. This study investigates the most suitable determinants of FDI flows to ASEAN countries by using panel data, over the period 1995-2012. Within the model, six indicators are identified as determinants of FDI inflow to ASEAN countries. Based on a comparative discussion focusing on why some countries are successful in attracting FDI, the article finds that countries with high GDP per capita, higher degree of openness, abundant human capital, better infrastructure development and low exchange rate are more successful in attracting FDI.

REFERENCES
Asiedu (2002). "On the determinants of Foreign Direct Investment to Developing Countries: Is Africa different?" World Development, Vol. 30, No. 1, pp. 107-119.
Bengoa and Sanchez-Robles (2003). "Foreign direct investment, economic freedom and growth: new evidence from Latin America." European Journal of Political Economy, Vol. 19, pp. 529-545.
Blonigen, B. A. (2005). "A Review of the Empirical Literature on FDI Determinants." Atlantic Economic Journal, Vol. 33, pp. 383–403.
Broadman and Sun (2002). "The distribution of Foreign Investment in China." The World Econmy, Vol. 20, No. 3, pp. 339-361.
Carstensen, K. and F. Toubal (2004). "Foreign direct investment in Central and Eastern European countries: a dynamic panel analysis." Journal of Comparative Economics, Vol. 32, No. 1, pp. 3-22.
Chakrabarti, A. (2001). "The Determinants of Foreign Direct Investments: Sensitivity Analyses of Cross-Country Regressions." Kyklos, Vol. 54, No. 1, pp. 89-114.
Chen, C. (1997). The Location Determinants of Foreign Direct Investment in Developing Countries, University of Adelaide, Chinese Economies Research Centre.
Cheng and Kwan (2000). "What are the determinants of the location of foreign direct investment? The Chinese experience." Journal of International Economics, Vol. 51, pp. 379-400.
Dunning (1973). "The Determinants of International Production." Oxford Economic Papers, Vol. 25, No. 3, pp. 289-336.
Frenkel, M., et al. (2004). "A panel analysis of bilateral FDI flows to emerging economies." Economic Systems, Vol. 28, No. 3, pp. 281-300.
Froot and Stein (1991). "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach." The Quarterly Journal of Economics, Vol. 106, No. 4, pp. 1191-1217.
Ismail and Yussof (2003). "Labour market competitiveness and foreign direct investment: The case of Malaysia, Thailand and the Philippines." Papers in Regional Science, Vol. 82, pp. 389–402.
Klein, M. W. and E. Rosengren (1994). "The real exchange rate and foreign direct investment in the United States: Relative wealth vs. relative wage effects." Journal of International Economics, Vol. 36, No. 3–4, pp. 373-389.
Kok and Ersoy (2009). "Analyses of FDI determinants in developing countries." International Journal of Social Economics, Vol. 36, No. 1/2, pp. 105-123.
Mina, W. (2007). "The location determinants of FDI in the GCC countries." Journal of Multinational Financial Management, Vol. 17, No. 4, pp. 336-348.
Mody and Srinivasan (1998). "Japanese and U.S. firms as foreign investors: Do they march to the same tune?" The Canadian Journal of Economics, Vol. 31, No. 4, pp. 778-799.
Moosa (2002). Foreign Direct Investment: Theory, Evidence and Practice, Basingstoke, UK : Palgrave,.
Moosa, I. A. and B. A. Cardak (2006). "The determinants of foreign direct investment: An extreme bounds analysis." Journal of Multinational Financial Management, Vol. 16, No. 2, pp. 199-211.
Noorbakhsh, F., et al. (2001). "Human Capital and FDI Inflows to Developing Countries: New Empirical Evidence." World Development, Vol. 29, No. 9, pp. 1593-1610.
Resmini (2000). "The Determinants of Foreign Direct Investment in the CEECs: New evidence from sectoral patterns." The Economics of Transition, Vol. 8, No. 3, pp. 665-689.
Root and Ahmed (1979). "Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries." The University of Chicago Press, Vol. 27, No. 4, pp. 751-767.
Stevens, G. V. G. (1998). "Exchange Rates and Foreign Direct Investment: A Note." Journal of Policy Modeling, Vol. 20, No. 3, pp. 393-401.
Sun, Q., et al. (2002). "Determinants of foreign direct investment across China." Journal of International Money and Finance, Vol. 21, No. 1, pp. 79-113.
Takagi, S. and Z. Shi (2011). "Exchange rate movements and foreign direct investment (FDI): Japanese investment in Asia, 1987–2008." Japan and the World Economy, Vol. 23, No. 4, pp. 265-272.
Wadhwa, Reddy S (2011). " Foreign Direct Investment into Developing Asian Countries: The Role of Market Seeking, Resource Seeking and Efficiency Seeking Factors." International Journal of Business and Management, Vol. 6, No. 11, pp. 219-226.