中文摘要：

本文利用29个新兴市场国家（地区）的数据分别对影响FDI和短期资本流动的因素进行实证分析，结果显示美国货币供给数量越大，流入新兴市场国家（地区）的FDI和短期资本越多；新兴市场国家（地区）利率越高，越能够吸引FDI和短期资本流入；新兴市场国家（地区）货币升值幅度越大，短期资本流入数量越大，但会抑制FDI流入；通货膨胀率上升导致FDI流入减少；投资风险水平越高，越不利于FDI和短期资本流入。这些结论带来的启示是：美国量化宽松货币政策给新兴市场国家（地区）资本流动带来巨大影响，短期资本流入、汇率升值、通货膨胀率上升等问题交织在一起，新兴市场国家（地区）在实施提高利率、减少货币供给量等政策时必须权衡利弊，综合考虑以上因素。

英文摘要：

Using data of 29 emerging markets, this paper empirically analyzes the factors influencing FDI and short-term capital flow. Results show that. （1） the more the money supply of the U. S. , the more short-term capitals flowing to emerging market countries/regions; （2） the higher the interest rate of the emerging countries/regions is, the more FDI and short-term capitals can be attracted; （3） the higher increase of currency appreciation of the emerging countries/regions, the larger amount of short-term capital and less FDI~ （4） the increase of inflation leads to the decrease of FDI; （5） increased investment risks prevent FDI and short-term capital from flowing in. The paper concludes that quantitative easing monetary policy of the U.S. has great impacts on capital flow of the emerging countries/regions. Due to the interweave of issues such as short-term capital flow, appreciation of exchange rate and inflation, the paper suggests that emerging countries/regions should take all those factors into consideration in carrying out policies of increasing interest rates and decreasing money supply.