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研究生:鄭希辰
研究生(外文):Hsi-Chen Cheng
論文名稱:影響廠商選擇購併或籌建新廠因素之探討─以開發中國家對已開發國家之逆向投資(UpstreamInvestment)為例
論文名稱(外文):Green-field and Aquisition--An Examination of Upstream Investment
指導教授:譚丹琪譚丹琪引用關係
指導教授(外文):Dan-Chi Tan
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:100
中文關鍵詞:購併籌建新廠學習能力相對能力逆向投資對外直接投資
外文關鍵詞:Relative CapabilityAcquisitionGreenfieldAbsorptive CapacityFDIUpstream investment
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本研究以「相對能力」的觀念取代過去的「絕對能力」,探討過去影響進入模式選擇的因素,是否在逆向投資中會有相同的影響效果。
過去對於影響進入模式選擇因素的的實證研究多以已開發國家的對外投資作為樣本,但近年來開發中國家對已開發國家的逆向投資行為愈來愈活絡,卻少有研究著墨。
對於開發中國家而言,其本身並不具備可以克服海外市場陌生的文化、法律及經營管理制度所帶來的企業獨特優勢。在生產技術、管理機制及行銷策略皆不及已開發國家的情形之下,其到已開發國家進行直接投資最主要的原因為獲取當地先進的技術、通路及管理技能,而取得這些技能最有效率的方式為購併當地擁有技術或通路的廠商。唯值得注意的是,當開發中國家廠商本身具備學習能力(absorptive capacity)時,方能吸收(absorb)所獲得的技術。
因此本研究以過去的實證研究為基礎,加上逆向投資動機及學習能力的觀點,探討過去影響廠商直接投資模式選擇的因素在逆向投資中是否會造成相同的影響效果。
實證結果發現,當開發中國家廠商的技術能力低於目標產業時,其相對技術能力愈高,學習能力愈強,此時透過購併方能完全地吸收已開發國家廠商的技術能力,因此企業傾向購併。
但在行銷能力方面,實證結果並不顯著,因為本研究樣本多為電子業廠商,由於台灣地區的電子產業多為OEM,因此在廣告部分的費用較少。加上品牌知名度有地域及語言的限制,品牌商譽不易移轉至國外地區。
當目標產業集中度高時,表示少數大廠掌握整個市場,此時若以籌建新廠的方式進入該市場,無法與之抗衡,加上開發中國家廠商又不具備足以凌駕當地廠商的企業獨特優勢,因此企業傾向購併的進入模式。
至於於母公司多角化程度方面,由於逆向投資的重要動機為取得技術,因此即使母公司多角化程度很低,亦可能傾向購併已開發國家的廠商,以獲得該廠商的技術,因此此變數結果並不顯著。
其他的控制變數方面,亦發現一些與過去實證結果不符合的現象。由此可知,以傳統對外直接投資理論為基礎推導出來的變數影響效果,在逆向投資行為中並不完全適用。
We take “relative capability” instead of “absolute capability” to discuss whether factors identified in prior studies influencing the choice of entry mode (Greenfield and Acquisition) have the same effect in upstream investment.
Most empirical researches studying factors influencing the choice of entry mode have focused on the samples of MNCs from DCs. Very few have concentrated on upstream investment from companies in LDCs despite upstream investments are increasingly active.
In general, MNCs from LDCs do not have sufficient firm-specific advantages to overcome the liability of foreignness in developed countries. Under the inferiority of producing techniques, marketing strategies and managerial mechanisms, MNCs from LDCs investing in DCs are mainly searching for advanced techniques, distributions and managerial skills in DCs. The most effective way to access those skills is to acquire an existing firm. However, in order to absorb the acquired techniques successfully, these MNCs need to possess enough absorptive capability.
Based on such an idea, this study examines whether factors influencing choice of entry mode has the same effect on upstream investments by MNCs from LDCs.
The empirical results show that when MNCs from LDCs have inferior technical skill than target market, they will choose to acquire an existing firm under the situation that they have enough relative absorptive capacity in learning technical skill.
As for marketing skill, we do not find that Taiwanese firms with a smaller advertising intensity gap have a higher propensity of acquiring U.S. firms. The possible reason is that most of our sample firms are in electronic industries and are doing OEM. Thus, they may spend less on advertisement and seldom value advertising competencies. In addition, brand image is hard to transfer due to the restrictions of geography and language.
A high concentrated target market indicates that several large companies dominate the market. If MNCs from LDCs enter via greenfield investments, they are likely to face the revenge from incumbent firms. To avoid potential revenge, MNCs from LDCs are likely to enter via acquisitions.
The result also shows that the diversification of MNCs has no impact on the choice of entry mode. Even their extent of diversification is relatively low; MNCs form LDCs might still choose acquisition because they want to acquire techniques from target firms.
In general, the findings of this study suggest that factors that are useful in predicting the entry mode choice of traditional downstream investments may not apply to the entry mode choice of upstream investments.
目 錄

第一章緒論
第一節研究背景與動機1
第二節研究目的3
第三節論文結構4
第二章文獻探討
第一節對外直接投資之正向與逆向投資6
2.1.1 正向投資與逆向投資之定義6
2.1.2 對外直接投資與逆向投資之動機7
2.1.3 對外直接投資之相關理論15
2.1.4 學習能力24
第二節對外直接投資之購併與籌建新廠27
2.2.1 購併與籌建新廠之定義27
2.2.2 購併與籌建新廠之比較29
第三節相關實證研究33
2.3.1 相關實證研究33
2.3.1 重要變數推論44
第三章研究設計
第一節研究架構52
第二節假設推論53
第三節變數衡量與來源59
第四節研究對象與樣本收集67
第五節資料分析方法72
第四章實證結果
第一節樣本資料分析74
第二節各變數實證結果77
4.2.1自變數實證結果78
4.2.2控制變數實證結果83
第五章結論與建議
第一節研究結論89
第二節後續研究建議91
參考文獻93

表 目 錄
表1-1-1 全球對外直接投資流量及總額2
表1-1-2 亞洲地區部分開發中國家之逆向投資佔其對外直接投資的比例2
表2-1-1 對外直接投資動機10
表2-1-2 逆向投資動機14
表2-2-1 購併與籌建新廠之比較30
表2-3-1 相關研究整理40
表3-2-1 影響進入模式選擇因素之操作型定義63
表3-2-2 自變數的實證結果預測63
表3-4-1 各國製造部門FDI佔全國FDI的比例68
表4-1-1 樣本分配74
表4-1-2 各變數統計值75
表4-1-3 樣本母公司多角化程度分佈76
表4-1-4 樣本子公司生產產品分佈76
表4-1-5 樣本子公司股權持有比例分佈76
表4-1-6 台灣製造業對美投資次數統計(多於一次)76
表4-2-1 本研究實證結果82
表4-2-2 控制變數與過去實證研究結果之比較85
表4-2-3 各變數間的相關係數表(包含所有樣本)86
表4-2-4 各變數間的相關係數表(母公司技術能力小於目標產業)86
表4-2-5 各變數間的相關係數表(母公司行銷能力小於目標產業)87
表4-2-6 影響進入模式選擇因素迴歸模式實證結果88


圖 目 錄
圖2-1-1 Dunning之折衷典範理論架構21
圖3-1-1 本研究之架構圖52
圖3-4-1 台灣歷年來對美國投資金額67
圖3-4-2 台灣地區廠商核准對外投資中各國所佔比例69
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