台商大陸投資兩岸三地財務績效之實證研究

Abstract

本研究以客觀的次級資料探討台商透過第三地區控股公司間接對大陸的投資與兩岸三地之財務往來情形，分別由投資面及交易面，搭配實務上的運作流程、會計處理、財務報表的表達及相關法令的規定，依投資的定義、第三地區選擇、投資型態、間接貿易、移轉計價、兩岸交易型態做理論探討，並分析對大陸投資的財務績效是否有顯著的影響。本研究係以一九九六年至一九九八年上市上櫃公司轉投資大陸子公司為研究樣本，統計方法採用敘述性統計、單因子變異數分析及迴歸分析法。實證結果發現，台商會透過第三地區控股公司利用移轉計價操控赴大陸投資績效。

The paper uses objective and secondary data to discuss the indirect investment that Taiwan enterprises have made in mainland China through offshore companies. It explains the metheds of indirect investment used by Taiwan enterprises in practice and the transaction types between Taiwan companies and their associated company in Mainland China. The research design is built upon the factors affecting the financial performance of Taiwanese companies in mainland China, including investment type, location choice of offshore company, transfer pricing, and related-party transactions. Our results indicate that the choice of offshore company is the most important factor. Taiwan enterprises may use transfer pricing of related-party transactions to manipulate the financial performance of the chosen offshore company and the company in mainland China.