The analyses of this dissertation show that the export-substituted effect of the FDI-out is not apparent, it lays positive effect upon the international balance of payments, it is favorable for inland investment under the present exchange rate principle. 本文的分析表明,我国对外直接投资的出口替代效应并不明显,它对国际收支具有正效应,在我国当前的汇率制度下,有利于国内投资的发展。