本研究旨在從實證角度來詮釋自1981至2010期間，新興市場國家外人直接投資（FDI）對各國金融發展（銀行、股市）之影響。本文採用追蹤平滑門檻迴歸模型並將FDI決定因素作為模型的門檻變數，以補捉FDI與金融發展非線性關係。追蹤平滑門檻迴歸模型能允許外人直接投資參數在不同國家的橫斷面（異質性）與時間序列（穩定性）之間平滑轉換。本文驗證外人直接投資對新興市場國家金融發展的貢獻並不一致，會隨著地主國投資條件不同而改變。

This study examines, from practical viewpoints, the effects of foreign direct investment (FDI) on financial development (bank、stock) using emerging markets panel data covering the period from 1981to 2010. The study applies a panel smooth threshold regression model o capture the nonlinear relationship between FDI and financial development, which allows parameters to change smoothly within countries using cross-sectional (heterogeneity) and time series (stability) data. The results largely suggest that FDI alone plays an ambiguous role in contributing to financial development, and that FDI does not have a direct, positive effect on financial development.