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題名 台商對外直接投資的區位選擇分析－Conditional Logit Model的應用
作者 戴育祥
貢獻者 陳香梅
戴育祥
關鍵詞 對外投資
區位選擇
Conditional Logit Model
日期 2000
上傳時間 31-Mar-2016 15:32:21 (UTC+8)
摘要 我國廠商自1980年代中期以後，由於台幣升值、工資上漲、環保意識抬頭以及土地取得不易等因素導致競爭力下降，紛紛至國外投資設廠生產，此時台商對外投資的區域大都集中於東南亞和美國。1987年政府開放民眾赴大陸探親，使香港亦成為台商投資大陸的中繼站，1991年政府更直接開放廠商前往大陸直接投資；而日本的投資案件也伴隨市場開放逐漸增加。隨著歐洲聯盟的經濟暨貨幣聯盟Economic and Monetary Union（EMU）的醞釀與開始運作，以及中、東歐的共產封閉經濟體系逐漸向外開放，自1990年起台商也逐漸增加對歐洲的投資。因此，瞭解影響台商對外直接投資區位選擇的因素，是值得研究的課題。
     本研究以1988-1997年經濟部投審會所核准的對外投資廠商作為實證研究對象，投資區位則依地主國地緣位置及經濟發展程度劃分為北美洲、歐洲、亞洲已開發國家或新興工業化國家以及大陸與東南亞國家等四大區位。並以McFadden（1974）的Conditional Logit Model作為實證模型，探討勞動成本、資金成本、市場大小、基礎建設、及群聚效果在台商對外直接投資區位的選擇決策中所扮演的角色。
     本研究結果發現，在勞動成本方面，低廉的工資對赴大陸與東南亞國家以及歐洲投資的台商有吸引力。在資金成本方面，除了租稅競爭的亞洲國家之外，低稅率是吸引台商前往海外投資的一大因素。在市場要素方面，龐大消費市場的潛在商機不容許台商忽視其存在。基礎建設的良窳僅影響台商對北美洲投資的意願；對其他區域而言，中央政府經濟事務性支出愈高或許代表著當地基礎建設的不足而阻礙了台商的投資意願。至於群聚效果則是影響台商對外投資區位選擇的要素之一，但對於至亞洲已開發或新興工業化國家投資的台商而言，群聚負效果是他們望而卻步的。
參考文獻 壹、中文部分
     丁雯靜（1997），「台商對外投資的區位選擇」，台灣大學三民主義研究所碩士論文。
     「因應美國301條款的相關法條彙編」，嵐德『民間產業大學』研討會講義，嵐德出版社。
     陳建勳（1994），「中國大陸外商直接投資區位選擇之實證研究分析」，中華經濟研究院。
     連怡欣（1997），「外人對台直接投資影響因素之總體分析」，政治大學企業管理學系碩士論文。
     經濟部投資業務處（1998），「中華民國廠商海外投資叢書投資環境簡介」。
     經濟部投資審議委員會（1998），「中華民國歷年核准華僑及外國人投資、對外投資、對外技術合作、對大陸間接投資、大陸產業技術引進統計年報」。
     經濟部國際貿易局與中華民國對外貿易發展協會（1999），「海外市場經貿年報1999-2000」。
     貳、英文部分
     Austin, James.（1990）. Managing in Developing Countries. New York：Free Press.
     Bartik, Timothy J.（1985）. “Business Locations Decisions in the United States：Estimates of the Effects of Unionization, Taxes, and Other Characteristics of States.” Journal of Business and Economic Statistics 3(1)：14-22.
     Buckley, Peter J. and Mark Casson.（1976）. The Future of the Multinational Enterprise. New York：Holmes and Meier Publishers.
     Buckley, Peter J. (1990). “Problems and Development in the Core Theory of International Business.” Journal of International Business Studies 21（winter）：15-24.
     Carlton, Dennis W.（1983）. “The Location and Employment Choices of New Firms：An Econometric Model with Discrete and Continuous EndogenousVariables.” The Review of Economics and Statistics 65：440-49.
     Caves, Richard E.（1996）. Multinational Enterprise and Economic Analysis. New York , NY：Cambridge University Press.
     Coughlin, Cletus C. and Eran Segev.（2000）. “Foreign Direct Investment in China：A Spatial Econometric Study.” The World Economy 23：1-23.
     Coughlin, Cletus C., Joseph V. Terza, and Vachira Arromdee.（1991）. “State Character and the Location of Foreign Direct Investment within the United State.” The Review of Economics and Statistics 73：675-83.
     Culem, C. G.（1988）. “The Locational Determinants of Direct Investments among Industrialized Countries.” European Economic Review 32（April）885-904.
     Dunning, John H.（1979）. International Production and the Multinational Enterprise.London：George Allen and Unwin.
     Friedman, Joseph, Daniel A. Gerlowski, and Johnathan Silberman.（1992）. “What Attracts Foreign Multinational Corporations？Evidence from Branch Plant Location in the United States.” Journal of Regional Science 35(4)：403-18.
     Greene, William H.（1990）. Econometric Analysis. New York：Macmillan.
     Grubert, Harry and John Mutti.（1991）. “Taxes , Tariffs and Transfer Pricing in Multinational Corporate Decision Making.” Review of Economics and Statistics 73(2)：285-93.
     Head, Keith, John Ries, and Deborah Swenson.（1985）. “Agglomeration Benefits and Location Choice：Evidence from Japanese Manufacturing Investments in the United States.” Journal of International Economics 38：223-47.
     Hymer, Stephen H.（1976）. The International Operations of National Firms：A Study of Direct Investment . PH.D. Dissertation, MIT（1960）, Published by MIT Press, Cambridge M.A.
     International Labour Organization.（1998）.Yearbook of Labour Statistics 1998. International Labour Office Geneva. Printed in France.
     International Monetary Fund.（1999）. Government Finance Statistics Yearbook 1999.
     King, M .A. and D. Fullerton.（1984）. The Taxation of Income from Capital. Chicago：University of Chicago Press.
     Koechlin, T.（1992）. “The Determinants of the Location of USA Direct Investment.”International Review of Applied Economics 6(2)：203-16.
     Kojima, Kiyoshi.（1978）. Direct Foreign Investment：A Japanese Model of Multinational Business Operation. New York：Praeger Publishers.
     Kravis, I. B. and R. E. Lipsey.（1982）. “The Location of Overseas Production and Production for Export by US Multinational Firms.” Journal of International Economics 12：201-223.
     Maki, D.R. and L.N. Meredith.（1986）. “Production Cost Differentials and Foreign Direct Investment：A Test of Two Models.” Applied Economics 18：1127-1134.
     McFadden, Daniel L.（1974）. Conditional Logit Analysis of Qualitative Choice Behavior, in Paul Zarembka , Frontiers in Econometrics . New York：Academic Press 105-42.
     Nigh, D., K. R. Cho, and S. Krishnan.（1986）. “The Role of Location-related Factors in U.S. Banking Involvement Abroad：An Empirical Examination.” Journal of International Business Studies 17：59-72.
     Ondrich, Jan and Michael Wasylenko.（1993）. Foreign Direct Investment in the United States：Issues, Magnitudes, and Location Choice of New Manufacturing Plants. Kalamazoo, MI：Upjohn Institute.
     Rolfe, Robert and Richard White.（1992）. “The Influence of Tax Incentives in Determining the Location of Foreign Direct Investment in Developing Countries.” Journal of the American Taxation Association13(2)：39-57.
     Root, F.R. and A. A. Ahmed.（1978）. “The Influence of Political Instruments on Manufacturing Direct Foreign Investment in Developing Countries.”Journal of International Business Studies 9（Winter）：81-93.
     Satoko, Maekawa（1997）“Corporate Tax and Location Choice of Foreign Direct Investment：Evidence from Japanese Electronic Companies in Asia.” Annual Congress of International Institute of Public Finance.
     Vernon, Raynond.（1966）. “International Investment and International Trade in the Product Cycle.” Quarterly Journal of Economics 80：190-207.
     Wasylenko, Michael.（1981）. “The Location of Firms：the Role of Taxes and Fiscal Incentives.” in Roy Bahl, Urban Government Finance, Beverly Hills：Sage Publications 155-90.
     Wheeler, David and Ashoka Mody.（1992）. “International Investment Location Decisions：The Case of U.S. Firms.” Journal of International Economics 33：57-76.
     Woodward, Douglas P.（1992）. “Locational Determinants of Japanese Manufacturing Start-ups in the United States.” Southern Economic Journal 58(3)：690-708.
     Woodwrad, Douglas P. and Robert J.Rolfe.（1993）. “The Location of Export-oriented Foreign Direct Investment in the Caribbean Basin.” Journal of International Business Studies 24(1)：121-44.
     World Bank.（1999）. Entering the 21th Century World Development Report 1999 / 2000. Published for the World Bank, Oxford University Press.
     Yamori, Nobuyoshi.（1998）. “A Note on the Location Choice of Multinational Banks：The Case of Japanese Financial Institutions.” Journal of Banking andFinance 22：109-20.
描述 碩士
國立政治大學
財政學系
87255016
資料來源 http://thesis.lib.nccu.edu.tw/record/#A2002001844
資料類型 thesis
dc.contributor.advisor 陳香梅zh_TW
dc.contributor.author (Authors) 戴育祥zh_TW
dc.creator (作者) 戴育祥zh_TW
dc.date (日期) 2000en_US
dc.date.accessioned 31-Mar-2016 15:32:21 (UTC+8)-
dc.date.available 31-Mar-2016 15:32:21 (UTC+8)-
dc.date.issued (上傳時間) 31-Mar-2016 15:32:21 (UTC+8)-
dc.identifier (Other Identifiers) A2002001844en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/83275-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 87255016zh_TW
dc.description.abstract (摘要) 我國廠商自1980年代中期以後，由於台幣升值、工資上漲、環保意識抬頭以及土地取得不易等因素導致競爭力下降，紛紛至國外投資設廠生產，此時台商對外投資的區域大都集中於東南亞和美國。1987年政府開放民眾赴大陸探親，使香港亦成為台商投資大陸的中繼站，1991年政府更直接開放廠商前往大陸直接投資；而日本的投資案件也伴隨市場開放逐漸增加。隨著歐洲聯盟的經濟暨貨幣聯盟Economic and Monetary Union（EMU）的醞釀與開始運作，以及中、東歐的共產封閉經濟體系逐漸向外開放，自1990年起台商也逐漸增加對歐洲的投資。因此，瞭解影響台商對外直接投資區位選擇的因素，是值得研究的課題。
     本研究以1988-1997年經濟部投審會所核准的對外投資廠商作為實證研究對象，投資區位則依地主國地緣位置及經濟發展程度劃分為北美洲、歐洲、亞洲已開發國家或新興工業化國家以及大陸與東南亞國家等四大區位。並以McFadden（1974）的Conditional Logit Model作為實證模型，探討勞動成本、資金成本、市場大小、基礎建設、及群聚效果在台商對外直接投資區位的選擇決策中所扮演的角色。
     本研究結果發現，在勞動成本方面，低廉的工資對赴大陸與東南亞國家以及歐洲投資的台商有吸引力。在資金成本方面，除了租稅競爭的亞洲國家之外，低稅率是吸引台商前往海外投資的一大因素。在市場要素方面，龐大消費市場的潛在商機不容許台商忽視其存在。基礎建設的良窳僅影響台商對北美洲投資的意願；對其他區域而言，中央政府經濟事務性支出愈高或許代表著當地基礎建設的不足而阻礙了台商的投資意願。至於群聚效果則是影響台商對外投資區位選擇的要素之一，但對於至亞洲已開發或新興工業化國家投資的台商而言，群聚負效果是他們望而卻步的。		zh_TW
dc.description.tableofcontents 封面頁
     證明書
     致謝詞
     論文摘要
     目錄
     表目錄
     圖目錄
     第一章 緒論
     第一節 研究動機與目的
     第二節 研究方法
     第三節 研究範圍
     第四節 研究限制
     第五節 研究架構
     第二章 對外直接投資理論之演進與投資區位選擇相關文獻探討
     第一節 對外直接投資理論
     第二節 投資區位選擇相關文獻
     第三節 小結
     第三章 台商投資區位分佈之現況
     第一節 台商對美洲的投資現況分析
     第二節 台商對歐洲的投資現況分析
     第三節 台商對亞洲的投資現況分析
     第四章 實證模型—Conditional Logit Model
     第一節 Conditional Logit Model
     第二節 估計模型
     第三節 資料來源及變數的定義
     第五章 實證結果分析
     第一節 基本統計量
     第二節 實證結果
     第三節 實證結果分析
     第四節 小結
     第六章 結論與建議
     第一節 結論
     第二節 建議與後續研究
     參考文獻		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002001844en_US
dc.subject (關鍵詞) 對外投資zh_TW
dc.subject (關鍵詞) 區位選擇zh_TW
dc.subject (關鍵詞) Conditional Logit Modelen_US
dc.title (題名) 台商對外直接投資的區位選擇分析－Conditional Logit Model的應用zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 壹、中文部分
     丁雯靜（1997），「台商對外投資的區位選擇」，台灣大學三民主義研究所碩士論文。
     「因應美國301條款的相關法條彙編」，嵐德『民間產業大學』研討會講義，嵐德出版社。
     陳建勳（1994），「中國大陸外商直接投資區位選擇之實證研究分析」，中華經濟研究院。
     連怡欣（1997），「外人對台直接投資影響因素之總體分析」，政治大學企業管理學系碩士論文。
     經濟部投資業務處（1998），「中華民國廠商海外投資叢書投資環境簡介」。
     經濟部投資審議委員會（1998），「中華民國歷年核准華僑及外國人投資、對外投資、對外技術合作、對大陸間接投資、大陸產業技術引進統計年報」。
     經濟部國際貿易局與中華民國對外貿易發展協會（1999），「海外市場經貿年報1999-2000」。
     貳、英文部分
     Austin, James.（1990）. Managing in Developing Countries. New York：Free Press.
     Bartik, Timothy J.（1985）. “Business Locations Decisions in the United States：Estimates of the Effects of Unionization, Taxes, and Other Characteristics of States.” Journal of Business and Economic Statistics 3(1)：14-22.
     Buckley, Peter J. and Mark Casson.（1976）. The Future of the Multinational Enterprise. New York：Holmes and Meier Publishers.
     Buckley, Peter J. (1990). “Problems and Development in the Core Theory of International Business.” Journal of International Business Studies 21（winter）：15-24.
     Carlton, Dennis W.（1983）. “The Location and Employment Choices of New Firms：An Econometric Model with Discrete and Continuous EndogenousVariables.” The Review of Economics and Statistics 65：440-49.
     Caves, Richard E.（1996）. Multinational Enterprise and Economic Analysis. New York , NY：Cambridge University Press.
     Coughlin, Cletus C. and Eran Segev.（2000）. “Foreign Direct Investment in China：A Spatial Econometric Study.” The World Economy 23：1-23.
     Coughlin, Cletus C., Joseph V. Terza, and Vachira Arromdee.（1991）. “State Character and the Location of Foreign Direct Investment within the United State.” The Review of Economics and Statistics 73：675-83.
     Culem, C. G.（1988）. “The Locational Determinants of Direct Investments among Industrialized Countries.” European Economic Review 32（April）885-904.
     Dunning, John H.（1979）. International Production and the Multinational Enterprise.London：George Allen and Unwin.
     Friedman, Joseph, Daniel A. Gerlowski, and Johnathan Silberman.（1992）. “What Attracts Foreign Multinational Corporations？Evidence from Branch Plant Location in the United States.” Journal of Regional Science 35(4)：403-18.
     Greene, William H.（1990）. Econometric Analysis. New York：Macmillan.
     Grubert, Harry and John Mutti.（1991）. “Taxes , Tariffs and Transfer Pricing in Multinational Corporate Decision Making.” Review of Economics and Statistics 73(2)：285-93.
     Head, Keith, John Ries, and Deborah Swenson.（1985）. “Agglomeration Benefits and Location Choice：Evidence from Japanese Manufacturing Investments in the United States.” Journal of International Economics 38：223-47.
     Hymer, Stephen H.（1976）. The International Operations of National Firms：A Study of Direct Investment . PH.D. Dissertation, MIT（1960）, Published by MIT Press, Cambridge M.A.
     International Labour Organization.（1998）.Yearbook of Labour Statistics 1998. International Labour Office Geneva. Printed in France.
     International Monetary Fund.（1999）. Government Finance Statistics Yearbook 1999.
     King, M .A. and D. Fullerton.（1984）. The Taxation of Income from Capital. Chicago：University of Chicago Press.
     Koechlin, T.（1992）. “The Determinants of the Location of USA Direct Investment.”International Review of Applied Economics 6(2)：203-16.
     Kojima, Kiyoshi.（1978）. Direct Foreign Investment：A Japanese Model of Multinational Business Operation. New York：Praeger Publishers.
     Kravis, I. B. and R. E. Lipsey.（1982）. “The Location of Overseas Production and Production for Export by US Multinational Firms.” Journal of International Economics 12：201-223.
     Maki, D.R. and L.N. Meredith.（1986）. “Production Cost Differentials and Foreign Direct Investment：A Test of Two Models.” Applied Economics 18：1127-1134.
     McFadden, Daniel L.（1974）. Conditional Logit Analysis of Qualitative Choice Behavior, in Paul Zarembka , Frontiers in Econometrics . New York：Academic Press 105-42.
     Nigh, D., K. R. Cho, and S. Krishnan.（1986）. “The Role of Location-related Factors in U.S. Banking Involvement Abroad：An Empirical Examination.” Journal of International Business Studies 17：59-72.
     Ondrich, Jan and Michael Wasylenko.（1993）. Foreign Direct Investment in the United States：Issues, Magnitudes, and Location Choice of New Manufacturing Plants. Kalamazoo, MI：Upjohn Institute.
     Rolfe, Robert and Richard White.（1992）. “The Influence of Tax Incentives in Determining the Location of Foreign Direct Investment in Developing Countries.” Journal of the American Taxation Association13(2)：39-57.
     Root, F.R. and A. A. Ahmed.（1978）. “The Influence of Political Instruments on Manufacturing Direct Foreign Investment in Developing Countries.”Journal of International Business Studies 9（Winter）：81-93.
     Satoko, Maekawa（1997）“Corporate Tax and Location Choice of Foreign Direct Investment：Evidence from Japanese Electronic Companies in Asia.” Annual Congress of International Institute of Public Finance.
     Vernon, Raynond.（1966）. “International Investment and International Trade in the Product Cycle.” Quarterly Journal of Economics 80：190-207.
     Wasylenko, Michael.（1981）. “The Location of Firms：the Role of Taxes and Fiscal Incentives.” in Roy Bahl, Urban Government Finance, Beverly Hills：Sage Publications 155-90.
     Wheeler, David and Ashoka Mody.（1992）. “International Investment Location Decisions：The Case of U.S. Firms.” Journal of International Economics 33：57-76.
     Woodward, Douglas P.（1992）. “Locational Determinants of Japanese Manufacturing Start-ups in the United States.” Southern Economic Journal 58(3)：690-708.
     Woodwrad, Douglas P. and Robert J.Rolfe.（1993）. “The Location of Export-oriented Foreign Direct Investment in the Caribbean Basin.” Journal of International Business Studies 24(1)：121-44.
     World Bank.（1999）. Entering the 21th Century World Development Report 1999 / 2000. Published for the World Bank, Oxford University Press.
     Yamori, Nobuyoshi.（1998）. “A Note on the Location Choice of Multinational Banks：The Case of Japanese Financial Institutions.” Journal of Banking andFinance 22：109-20.		zh_TW