Macau ’ s economy nowadays relies upon introduction of foreign direct investments to a certain extent. With its return, Macau’s foreign capital policies change a lot. Presently, it endeavors to promote upgrade and renovation of the local industries through foreign direct investments and facilitate the sustainable and healthy development of local economy by introducing advanced scientific technologies. However, foreign capital policies consider the attitude to and use of foreign investments from the view of macro-economic goals, and finally they will be documented in articles and specified through foreign direct investment laws, and enforced by virtue of coercive force of laws to enable foreign capital to accord with the trend of development of local economy. Therefore, this article aims to study the prevailing Macau legal system of foreign direct investments, analyze the legal environment of foreign direct investments in Macau, separately discuss the function and role of Macau legal system of foreign direct investments in attraction and use of foreign capitals, etc., find possible defects and improve Macau legal system of foreign direct investments by referring to successful experience of other countries in foreign capital laws and regulations to make it sufficiently reflect Macau's need of reasonable use of foreign direct investments. Part I differentiates Macau legal system of foreign direct investments as relatively perfect, deficient or critical from the view of Macau’s prevailing legal systems relating to foreign direct investments, analyzes the active roles of Macau ’ s prevailing legal systems of foreign direct investments in establishing favorable legal environment of investments and attracting foreign III investments and possible influence of Macau’s present deficient legal systems of foreign capitals on the persistent stability and guidance of legal environment of investments in Macau and use of foreign direct investments so as to determine the legal systems of foreign direct investments that Macau needs to further perfect. Theory of comparative jurisprudence is mainly applied in Part II to compare and refer to Macau legal system of foreign direct investments and Singapore foreign investment law, discuss Singapore legal system of foreign direct investments to which Macau can refer, make an objective analysis thereon, and discuss the significant functions of Singapore foreign investment law to maintain persistent and safe legal environment of investment and guide flow of foreign capitals, and introduce foreign investments to promote economic development and improvement. Part III proposes some views and thoughts about improvement of Macau legal system of foreign direct investments by referring to relevant legal systems of Singapore foreign investment law. Concretely speaking, it may include sectionalized industries for different tax preferential to foreign investments, determination of the proportion of Chinese and foreign capitals in public services and emerging high-tech industries, enhancement of legal systems of foreign investments as well as establishment of the approval standard for introducing technologies through foreign direct investments. Thanks to perfection of the foregoing specific legal systems of foreign direct investments, foreign direct investors in Macau can make a clearer investment decision, and Macau can manage and use foreign investments in accordance with specific laws and regulations to facilitate industry upgrade and technical innovation.

澳門本地經濟發展至今，在一定程度上有賴於外國直接投資的引進。隨著澳門的回 歸，其外資政策發生了比較大的變化。澳門目前的外資政策表現為力圖通過利用外國直 接投資促進本地區產業升級更新，引進先進的科學技術，從而推動本地經濟持續健康發 展。然而，外資政策主要是從宏觀經濟目標角度去考慮對外國投資的態度和利用，其最 終需要經過外國直接投資法將其條文化、具體化，並以法律的強制力保障其實施，使外 資符合本地區經濟發展的方向。所以，本文旨在對澳門現行的外國直接投資法律制度進 行研究，分析澳門本地區的外國直接投資法律環境，分別探討澳門外國直接投資法律制 度在吸引和利用外資等方面的功能和作用，尋找其可能存在的缺陷，以及如何通過借鑒 他國外資法律規範的成功經驗，完善澳門本地的外國直接投資法律制度，使其更加充分 地反映澳門合理利用外國直接投資的需要。 本文第一部分主要從澳門現行的各項與外國直接投資有關的法律制度出發，區分了 澳門已經相對完善和還有所欠缺的、比較關鍵的外國直接投資法律制度，分析澳門現行 外國直接投資法律制度在建立良好的投資法律環境和吸引外資進入本地投資上產生的 積極作用，以及澳門目前較為不足的外資法律制度會對澳門投資法律環境的持續穩定性 和引導、利用外國直接投資產生哪些可能的影響，從而確定澳門需要進一步完善的具體 的外國直接投資法律制度。 第二部分主要以比較法學理論為研究方法，將澳門外國直接投資法律制度與新加坡 的外資法進行比較和借鑒。探討了澳門可以借鑒的新加坡外國直接投資法律制度，並對 其進行客觀分析，討論了具體新加坡外資法對其國內保持持續穩定、安全的投資法律環 境和引導外資流向，利用外資促進經濟發展、技術進步的重要作用。 第三部分則主要是通過對新加坡外資法相關法律制度的借鑒，提出筆者對完善澳門 外國直接投資法律制度的一些見解和思考。具體而言，可進一步分行業細化給予外資不 同程度的稅收優惠制度，明確公共事業行業和新興科技行業中外資投資的比例，加強外 資投資範圍的法律制度，以及建立利用外國直接投資技術引進的審批標準。通過完善上 述具體外國直接投資法律制度，使在澳門投資的外國直接投資者能夠更加清晰的作出投 資決定，並使澳門本地區能夠依照明確的法律規範對外資進行管理和利用，推動本地區 的產業升級和技術革新。 關鍵字：澳門，外國直接投資法律制度 ，外國直接投資法律制度，完善