关键词: 国际资本流动 , 直接投资 , 非直接投资 , 影响因素 , 向量误差修正模型

Abstract: he paper empirically studied on the affecting factors on the three types of international capital flows of the direct investments, the indirect investments（including other investments）, and the error and omission and the profit from investment during 1982-2010 in China. VEC tests turned out that the three types of international capital flows were negative relations with the premium and discount annual rate of the RMB against USD real exchange rate, and positive relations with the spread of interest rate, inflation between China and USA, and Chinas real economic growth, and the expectation to the real exchange rate of RMB against USD in the long term. The relations between three types of international capital flows and the four affecting factors abovementioned were different in the short term. The variance decomposition turned out that real economic growth was the leading course of international capital flows of the direct investments, and the expectation to real exchange rate of RMB against USD was the leading course of international capital flows of the indirect investments（including other investments）, the error and omission and the profit from investment.

Key words: international capital flows, direct investments, non-direct investments, influencing factors, vector error correction model