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題名 台灣上市櫃公司海外投資決定因素
The Determinants of Taiwan`s Listed Companies` Foreign Direct Investment
作者 張瑋庭
Chang, Wei-Ting
貢獻者 翁永和
Weng, Yung-Ho
張瑋庭
Chang, Wei-Ting
關鍵詞 台灣企業
海外投資
直接投資
投資區位
投資所在地
Taiwan enterprise
Foreign direct investment
Investment location
日期 2020
上傳時間 2-Sep-2020 12:53:17 (UTC+8)
摘要 本研究引用經濟部投資審議委員會於2019年發佈的《2019 年對海外投資事業營運狀況調查分析》以及台灣經濟新報（TEJ）所建立企業資料庫，就2009年至2019年之上巿櫃公司資料，深入探討其海外投資之決定因素，運用STATA統計軟體的迴歸分析模型，以Probit模型進行實證分析，探討公司資產總額、有息負債利率、現金流量比率、研究發展費用率、用人費用率、營收成長率、總資產成長率、匯率影響數、資產報酬率等因素是否影響企業赴海外投資之意願。
由實證結果得知，台灣上巿櫃公司進行海外投資時，有息負債利率、營收成長率、匯率影響數皆會對其赴海外投資意願產生顯著影響；若不考慮研究發展費用率的情況下，資產總額則呈現顯著負相關；若不考慮營收成長率的情況下，則總資產成長率會呈現顯著正相關，台灣上巿櫃公司赴海外投資前，可針對上述之變數加以評估，以發揮企業優勢，獲取最大利潤。
This study examines the relationship between companies’ certain financial indexes and their willingness for participation in foreign direct investments. Data used in this study is from Taiwan listed companies from the period 2009 to 2019 sourced from the Report of Investment Commission, Ministry of Economic Affairs in 2019 and the Taiwan Economics Journal (TEJ). The study empirically investigates the determinant factors of willingness for overseas investment employing the regression analysis model of STATA statistical software, and empirical analysis with the Probit model. Financial indexes investigated include total assets (TASSET), interest-bearing debt interest rate, cash flow ratio (CFR), research and development expense ratio (RND), wage rate (WAGER), revenue growth rate(RGR), total assets growth rate (TAGR), exchange rate (ER), return on assets (ROA), and more.
The empirical results show that when listed companies in Taiwan make investments overseas, (a) interest-bearing debt interest rates, revenue growth rates, and exchange rate effects have a significant impact on foreign investment; (b) total assets show a significant negative correlation with foreign investment when the research and development expense ratio is not taken account; (c) the total asset growth rate will show a significant positive correlation without regard for revenue growth rates. For profit maximization, the results from this study could be a beneficial tool to be considered in the decision making for overseas investment for Taiwanese companies. The study provides a tool for companies to self-evaluate before investing overseas.
參考文獻 中文部份
何重慶（2007）。台灣製造業廠商對外投資區位決定因素之比較與變化（碩士論文）。淡江大學產業經濟研究所。
吳翠治 （2006）。績效評估整合架構之建立:平衡計分卡與經濟附加價值之結合。東吳經濟商學學報，52，59-92。
林文政（2007）。台灣資訊電子產業之企業人力資本、薪資與組織績效之關聯性研究－薪資中介效果之檢驗。東吳經濟商學學報，59，57-100。
林宛瑩、汪瑞芝與游順合（2012）。研發支出、內部董事與經營績效。會計審計論叢，2(1)，61-90。
林瑞山（2008）。台灣工業部門之平均薪資對勞動生產力之影響與預測。多國籍企業管理評論，2(1)，187-213。
徐怡與邱世熒（2010）。資本支出、企業規模與研發投資對企業績效之影響。 Journal of Data Analysis，5(3)，1-21。
張伯里（2017）。世界經濟趨勢與中國。北京：飛翔時代。
陳冠志與曹淑琳（2018）。研究發展與企業績效之關聯性分析－以中國電子業為例。台灣國際研究季刊，14(4)，P159-179。
陳建勳（1994）。經濟專論。台北：財團法人經濟研究院。
陳博亮、周劍虹、鄭一俊、林志蒼、戴玉珍（2010）。台灣地區上市上櫃營建公司經營效率分析。中華民國建築學會「建築學報」，73，P25-50。
黃仕斌，楊志龍（2018）。研發投入，研發績效對公司經營績效之影響：以台灣高科技產業為例。科技管理學刊。
劉碧珍、陳添枝、翁永和（2007）。國際貿易導論（第二版）。台北：雙葉書廊。
蔡玉時（2007）。我國對外直接投資與國內民間投資關係之研析。經濟研究，7，69-101。
蔡尚宇（2004）。台商赴大陸與東協海外投資額之決定因素與區位選擇因素探討（碩士論文）。國立成功大學企業管理研究所。


英文部份
Branstetter, L. (2006). Is Foreign Direct Investment a Channel of Knowledge Spillovers? Evidence from Japan’s FDI in the United States. Journal of International Economics, 68, 325-344.
Buckley, P. & M. Casson (1976). The Future of Multinational Enterprise. London: Macmillan.
Caves, R.E. (1971). International Corporations: Industrial Economics of Foreign Investment. Economica, 38, 1-27.
Chen, T.J., Chen, H. & Ku, Y.H. (2004). Foreign Direct Investment and Networking. Paper presented at 4th Biennial.
Coombs, J. E., & P. E. Bierly (2006). Measuring Technological Capability and Performance. R&D Management, 36, 421-438.
Cummings, Thomas G. & Edgar F. Huse (1989). Organization Development and Change. ST. Paul: Minniwest, 53.
Czinkota, M.R., I.A. Ronkainen, & M.H. Moffett (1999). International Business. Orlando: Harcourt Brace.
Dunning (1981). International Production and the Multinational Enterprise. London: Allen and Unwin.
Dunning, J. H (1988). The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of International Business Studies, 19, 1-31.
Dunning, J. H (2000). The Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity. International Business Review 9, 163-190.
Harrigan, J. (1995). Factor Endowments and the International Location of Production: Econometric Evidence for the OECD, 1970-1985. Journal of International Economics, 39(1), 123-141.
Hymer, S. (1960). The International Operations of National Firms: A Study of Direct Foreign Investment. PH. D. Dissertation, MIT. (MIT Press, Cambridge, MA, 1976.)
Kojima, K. (1973). A Macroeconomic Approach to Foreign Direct Investment. Hitotsubashi Journal of Economic, 14, 1-21.
Kojima, K. (1978). Direct Foreign Investment: A Japanese Model of Multinational Business Operations. London: Crom Helm, 84-121.
Li, Y, & J. Hu (2002). Technical Efficiency and Location Choice of Small and Medium-Sized Enterprises. Small Business Economics, 19, 1-12.
Ozawa, T. (1979). International Investment and Industrial Structure: New Theoretical Implications from the Japanese Experience. Oxford Economics Paper, 31, 72-92.
Pantzalis, C. (2001). Does Location Matter? An Empirical Analysis of Geographic Scope and MNC Market Valuation. Journal of International Business Studies, 32, Issue 1,133-155.
Porter, M. E. (1985).Competitive Advantage: Creating Sustaining Superior Performance, N. Y., The Free Press.
Rebitzer, J .B. & L.J. Taylor (1995).The Consequences of Minimum Wage Laws: Some New Theoretical Ideas. Journal of Public Economics, 56, 245-255.
Rugman, A. M. & A. Verbeke (2004).A Perspective on Regional and Global Strategies of Multinational Enterprises. Journal of International Business Studies, 35(1), 3-18.
Ruigrok, W. & H Warner (2003). Internationalization and Performance: An Organizational Learning Perspective. .Management International Review, 43(1), 63-83.
Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69, 44-69.
Tahir, R. & J. Larimo (2005). Understanding the Strategic Motivations of Finnish Manufacturing FDIs in Emerging Asian Economies. Asian Business & Management, 4, 293-313.
Tsai, K. H. & J. C. Wang (2004). The R&D performance in Taiwan’s Electronics Industry: A Longitudinal Examination. R&D Management, 34(2), 179-189.
Vermeulen, F. & H. Barkema (2002). Pace, Rhythm, and Scope: Process Dependence in Building a Profitable Multinational Corporation. Strategic Management. Journal, 23, 637-653.
Vernon, R. (1966). International Investment and International Trade in the Product Cycle. Quarterly Journal of Economics, 80, 190-207.
Wernerfelt, B. (1984). A Resource-based View of the Firm, Strategic Management. Journal, 5(2), 171-180.
Wheeler, D. & A. Mody (1992). International Investment Location Decision: The Case of U.S. Firms. Journal of International Economics, 33, 57-76.

網站資料
經濟部投資審議委員會，http://www.moeaic.gov.tw/
描述 碩士
國立政治大學
行政管理碩士學程
107921088
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107921088
資料類型 thesis
dc.contributor.advisor 翁永和zh_TW
dc.contributor.advisor Weng, Yung-Hoen_US
dc.contributor.author (Authors) 張瑋庭zh_TW
dc.contributor.author (Authors) Chang, Wei-Tingen_US
dc.creator (作者) 張瑋庭zh_TW
dc.creator (作者) Chang, Wei-Tingen_US
dc.date (日期) 2020en_US
dc.date.accessioned 2-Sep-2020 12:53:17 (UTC+8)-
dc.date.available 2-Sep-2020 12:53:17 (UTC+8)-
dc.date.issued (上傳時間) 2-Sep-2020 12:53:17 (UTC+8)-
dc.identifier (Other Identifiers) G0107921088en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131823-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 行政管理碩士學程zh_TW
dc.description (描述) 107921088zh_TW
dc.description.abstract (摘要) 本研究引用經濟部投資審議委員會於2019年發佈的《2019 年對海外投資事業營運狀況調查分析》以及台灣經濟新報（TEJ）所建立企業資料庫，就2009年至2019年之上巿櫃公司資料，深入探討其海外投資之決定因素，運用STATA統計軟體的迴歸分析模型，以Probit模型進行實證分析，探討公司資產總額、有息負債利率、現金流量比率、研究發展費用率、用人費用率、營收成長率、總資產成長率、匯率影響數、資產報酬率等因素是否影響企業赴海外投資之意願。
由實證結果得知，台灣上巿櫃公司進行海外投資時，有息負債利率、營收成長率、匯率影響數皆會對其赴海外投資意願產生顯著影響；若不考慮研究發展費用率的情況下，資產總額則呈現顯著負相關；若不考慮營收成長率的情況下，則總資產成長率會呈現顯著正相關，台灣上巿櫃公司赴海外投資前，可針對上述之變數加以評估，以發揮企業優勢，獲取最大利潤。		zh_TW
dc.description.abstract (摘要) This study examines the relationship between companies’ certain financial indexes and their willingness for participation in foreign direct investments. Data used in this study is from Taiwan listed companies from the period 2009 to 2019 sourced from the Report of Investment Commission, Ministry of Economic Affairs in 2019 and the Taiwan Economics Journal (TEJ). The study empirically investigates the determinant factors of willingness for overseas investment employing the regression analysis model of STATA statistical software, and empirical analysis with the Probit model. Financial indexes investigated include total assets (TASSET), interest-bearing debt interest rate, cash flow ratio (CFR), research and development expense ratio (RND), wage rate (WAGER), revenue growth rate(RGR), total assets growth rate (TAGR), exchange rate (ER), return on assets (ROA), and more.
The empirical results show that when listed companies in Taiwan make investments overseas, (a) interest-bearing debt interest rates, revenue growth rates, and exchange rate effects have a significant impact on foreign investment; (b) total assets show a significant negative correlation with foreign investment when the research and development expense ratio is not taken account; (c) the total asset growth rate will show a significant positive correlation without regard for revenue growth rates. For profit maximization, the results from this study could be a beneficial tool to be considered in the decision making for overseas investment for Taiwanese companies. The study provides a tool for companies to self-evaluate before investing overseas.		en_US
dc.description.tableofcontents 謝 辭.....................................I
摘要.....................................III
Abstract.................................IV
目錄......................................VI
圖表目錄................................VIII
第一章 緒論...............................1
第一節 研究動機...........................1
第二節 研究目的...........................3
第三節 研究方法與架構......................3
第二章 文獻回顧............................4
第一節 對外投資相關理論.....................4
第二節 相關實證文獻.........................8
第三章 我國上市櫃公司海外投資之現況分析......19
第一節 我國對外投資發展歷程.................19
第二節 海外投資事業營運概況.................23
第三節 海外投資事業的研發活動...............26
第四章 實證模型設定.........................29
第一節 變數說明及預期影響方向...............29
第二節 估計方法與實證模型...................33
第五章 實證結果分析.........................35
第一節 實證變數的基本統計量.................35
第二節 各解釋變數之相關性分析...............36
第三節 實證結果分析........................38
第六章 結論與建議..........................44
第一節 結論................................44
第二節 建議................................45
第三節 未來研究方向.........................46
參考文獻....................................48		zh_TW
dc.format.extent 2532237 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107921088en_US
dc.subject (關鍵詞) 台灣企業zh_TW
dc.subject (關鍵詞) 海外投資zh_TW
dc.subject (關鍵詞) 直接投資zh_TW
dc.subject (關鍵詞) 投資區位zh_TW
dc.subject (關鍵詞) 投資所在地zh_TW
dc.subject (關鍵詞) Taiwan enterpriseen_US
dc.subject (關鍵詞) Foreign direct investmenten_US
dc.subject (關鍵詞) Investment locationen_US
dc.title (題名) 台灣上市櫃公司海外投資決定因素zh_TW
dc.title (題名) The Determinants of Taiwan`s Listed Companies` Foreign Direct Investmenten_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部份
何重慶（2007）。台灣製造業廠商對外投資區位決定因素之比較與變化（碩士論文）。淡江大學產業經濟研究所。
吳翠治 （2006）。績效評估整合架構之建立:平衡計分卡與經濟附加價值之結合。東吳經濟商學學報，52，59-92。
林文政（2007）。台灣資訊電子產業之企業人力資本、薪資與組織績效之關聯性研究－薪資中介效果之檢驗。東吳經濟商學學報，59，57-100。
林宛瑩、汪瑞芝與游順合（2012）。研發支出、內部董事與經營績效。會計審計論叢，2(1)，61-90。
林瑞山（2008）。台灣工業部門之平均薪資對勞動生產力之影響與預測。多國籍企業管理評論，2(1)，187-213。
徐怡與邱世熒（2010）。資本支出、企業規模與研發投資對企業績效之影響。 Journal of Data Analysis，5(3)，1-21。
張伯里（2017）。世界經濟趨勢與中國。北京：飛翔時代。
陳冠志與曹淑琳（2018）。研究發展與企業績效之關聯性分析－以中國電子業為例。台灣國際研究季刊，14(4)，P159-179。
陳建勳（1994）。經濟專論。台北：財團法人經濟研究院。
陳博亮、周劍虹、鄭一俊、林志蒼、戴玉珍（2010）。台灣地區上市上櫃營建公司經營效率分析。中華民國建築學會「建築學報」，73，P25-50。
黃仕斌，楊志龍（2018）。研發投入，研發績效對公司經營績效之影響：以台灣高科技產業為例。科技管理學刊。
劉碧珍、陳添枝、翁永和（2007）。國際貿易導論（第二版）。台北：雙葉書廊。
蔡玉時（2007）。我國對外直接投資與國內民間投資關係之研析。經濟研究，7，69-101。
蔡尚宇（2004）。台商赴大陸與東協海外投資額之決定因素與區位選擇因素探討（碩士論文）。國立成功大學企業管理研究所。


英文部份
Branstetter, L. (2006). Is Foreign Direct Investment a Channel of Knowledge Spillovers? Evidence from Japan’s FDI in the United States. Journal of International Economics, 68, 325-344.
Buckley, P. & M. Casson (1976). The Future of Multinational Enterprise. London: Macmillan.
Caves, R.E. (1971). International Corporations: Industrial Economics of Foreign Investment. Economica, 38, 1-27.
Chen, T.J., Chen, H. & Ku, Y.H. (2004). Foreign Direct Investment and Networking. Paper presented at 4th Biennial.
Coombs, J. E., & P. E. Bierly (2006). Measuring Technological Capability and Performance. R&D Management, 36, 421-438.
Cummings, Thomas G. & Edgar F. Huse (1989). Organization Development and Change. ST. Paul: Minniwest, 53.
Czinkota, M.R., I.A. Ronkainen, & M.H. Moffett (1999). International Business. Orlando: Harcourt Brace.
Dunning (1981). International Production and the Multinational Enterprise. London: Allen and Unwin.
Dunning, J. H (1988). The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of International Business Studies, 19, 1-31.
Dunning, J. H (2000). The Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity. International Business Review 9, 163-190.
Harrigan, J. (1995). Factor Endowments and the International Location of Production: Econometric Evidence for the OECD, 1970-1985. Journal of International Economics, 39(1), 123-141.
Hymer, S. (1960). The International Operations of National Firms: A Study of Direct Foreign Investment. PH. D. Dissertation, MIT. (MIT Press, Cambridge, MA, 1976.)
Kojima, K. (1973). A Macroeconomic Approach to Foreign Direct Investment. Hitotsubashi Journal of Economic, 14, 1-21.
Kojima, K. (1978). Direct Foreign Investment: A Japanese Model of Multinational Business Operations. London: Crom Helm, 84-121.
Li, Y, & J. Hu (2002). Technical Efficiency and Location Choice of Small and Medium-Sized Enterprises. Small Business Economics, 19, 1-12.
Ozawa, T. (1979). International Investment and Industrial Structure: New Theoretical Implications from the Japanese Experience. Oxford Economics Paper, 31, 72-92.
Pantzalis, C. (2001). Does Location Matter? An Empirical Analysis of Geographic Scope and MNC Market Valuation. Journal of International Business Studies, 32, Issue 1,133-155.
Porter, M. E. (1985).Competitive Advantage: Creating Sustaining Superior Performance, N. Y., The Free Press.
Rebitzer, J .B. & L.J. Taylor (1995).The Consequences of Minimum Wage Laws: Some New Theoretical Ideas. Journal of Public Economics, 56, 245-255.
Rugman, A. M. & A. Verbeke (2004).A Perspective on Regional and Global Strategies of Multinational Enterprises. Journal of International Business Studies, 35(1), 3-18.
Ruigrok, W. & H Warner (2003). Internationalization and Performance: An Organizational Learning Perspective. .Management International Review, 43(1), 63-83.
Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69, 44-69.
Tahir, R. & J. Larimo (2005). Understanding the Strategic Motivations of Finnish Manufacturing FDIs in Emerging Asian Economies. Asian Business & Management, 4, 293-313.
Tsai, K. H. & J. C. Wang (2004). The R&D performance in Taiwan’s Electronics Industry: A Longitudinal Examination. R&D Management, 34(2), 179-189.
Vermeulen, F. & H. Barkema (2002). Pace, Rhythm, and Scope: Process Dependence in Building a Profitable Multinational Corporation. Strategic Management. Journal, 23, 637-653.
Vernon, R. (1966). International Investment and International Trade in the Product Cycle. Quarterly Journal of Economics, 80, 190-207.
Wernerfelt, B. (1984). A Resource-based View of the Firm, Strategic Management. Journal, 5(2), 171-180.
Wheeler, D. & A. Mody (1992). International Investment Location Decision: The Case of U.S. Firms. Journal of International Economics, 33, 57-76.

網站資料
經濟部投資審議委員會，http://www.moeaic.gov.tw/		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202001198en_US