Abstract The aim of this paper is to diagnose the cause-and-effect relationships between reinvestment of earnings (RoE) and other components of FDI inflows and GDP in Poland in the years of 2004–2019, using the VECM model**. Changes in the structure of FDI inflows in Poland are in line with the stages of the FDI life cycle. The increase in the share of RoE in the structure of these investments is also accompanied by an increase in the impact and the degree of explanation of changes in GDP. Studies confirmed that changes in the structure of FDI in Poland was adequate to the theoretical cycle of FDI life. The increase in the share of RoE in the structure of FDI inflows is accompanied by a decrease in equities. The VECM model, impulse response function and decomposition analysis confirmed that among FDI components mainly equities, and next, RoE have large participation in the degree of explanation of GDP. In the short-term, mainly equity has the most important impact on GDP, and additionally, RoE. In the long-time, the importance of equity decreases, while increases the impact of RoE, and also, debt instruments. The increase in the share of RoE in the structure of FDI inflows accompanied by the increase in the impact of these investments on GDP changes.

中文翻译：

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将收益再投资于波兰 FDI 流入

摘要 本文的目的是使用 VECM 模型来诊断 2004-2019 年波兰的收益再投资 (RoE) 与 FDI 流入的其他组成部分和 GDP 之间的因果关系**。波兰 FDI 流入结构的变化与 FDI 生命周期的各个阶段相一致。RoE在这些投资结构中所占份额的增加也伴随着对GDP变化的影响和解释程度的增加。研究证实，波兰 FDI 结构的变化足以适应 FDI 生命周期的理论周期。资本回报率在 FDI 流入结构中所占份额的增加伴随着股票的减少。VECM 模型、脉冲响应函数和分解分析证实，FDI 成分中主要是股票，接下来，RoE对GDP的解释程度有较大的参与度。在短期内，主要是股票对 GDP 的影响最大，此外还有 RoE。长期来看，股权的重要性下降，而 RoE 以及债务工具的影响增加。RoE 在 FDI 流入结构中所占份额的增加，伴随着这些投资对 GDP 变化影响的增加。