台灣的紡織業是所有產業之中赴大陸投資較早，且數量也是較多的行業，由於國際市場之競爭日益激烈，台灣以往所具有之高素質、低工資的生產優勢逐漸地喪失。而大陸因勞動力充足且廉價，又加上當地獎勵措施和內需市場的吸引力，使得大批台灣紡織業受到吸引前往投資。因此本研究針對紡織業過去長時期對大陸不同的投資策略運用，探討其經營績效和各構面因素之間的關係，提供業者參考。
本研究以台灣紡織業的120個廠商對外投資案件做為實證分析之基礎，依文獻探討將影響台灣紡織業對大陸投資的因素，歸納為策略動機、廠商專屬優勢、產業特性和地主國特性等四個構面，再將投資策略分為進入模式(獨資、合資)、進入時間(先發者與追隨者)、進入地區(省份、特區)和投資工段(上、中、下游)，以進行各種統計分析。
實證結果發現，紡織業進入大陸以獨資比例最高，佔了102家(85%)，投資地區集中於廣東、江蘇、福建、浙江四個省份，佔117家(97.5%)。降低勞工成本和考量管理技術能力之程度愈高則獨資進入的比例愈高，而在大陸擁有良好關係網絡和認為大陸政治風險高者傾向合資進入。追隨者比先發者更重視大陸內銷市場，且對大陸的文化價值觀認同度高於先發者；不過對於為了突破貿易障礙和受廠商邀約而投資者，追隨者明顯較少。另外，從投資工段的分析中亦發現，下游廠商的議價能力和對大陸文化價值觀的認同度高於中上游業者。在經營績效的分析，進入時間、進入模式進入地點和公司規模對經營績效並無顯著影響，只有投資工段對績效有顯著差異，其中以下游廠商對其經營績效的滿意度最高，中上游業者的滿意度次之，且兩者無顯著差異。

Textile industry was the first industry moving out from Taiwan to invest in Mainland China, and the total number of investing firms is also the highest among all industries. Due to the severe competition in the global market, the advantage of low labor cost is no longer existing in Taiwan, on the other hand, Mainland China has sufficient low cost labors, and provides preferential encouragement to investors as well. In addition, the potential of Mainland China local market also is attracting investors to be there. This research aimed at the Taiwanese firms of textile industry investing in Mainland China during the late two decades; by analyzing different strategies they adopted, we can explore the relationship among performance and those important factors.
This research is based on 120 Taiwanese textile firms that invested in Mainland China as our samples. According to literature review, four important dimensions affected strategies for investing in Mainland China, including investment motivations, industrial characteristics, firm-specific advantages and host country characteristics. The investment strategies can be divided into entry mode, entry sequence, entry areas and different stages of textile manufacturing process (upstream, midstream, downstream). This research was using statistical methods to analyze those data, and we hoped the findings could be reference for textile industry.
From this research, it reveals 102 textile firms (85%) of total sampling adopted wholly owned business to be as their entry mode. The Taiwanese textile investors are clustering in four areas, including Guang-Dong province, Jiang-Su province, Fu-Jian province and Zhe-Jiang province. When investors’ main concerns are reducing the labor cost or possessing technology and management ability will tend to be wholly-owned business. With good relationship network or perceiving high political risk of host country, the firms will tend to adopt joint venture. The late entrants pay more attention to Mainland China local market than early entrants, and also have higher culture value identity than early entrants. Meanwhile, the down stream of textile firms have better bargain power and higher culture value identity than the up and mid streams.
Through regression analysis, entry sequence, entry areas and firm size have no significant effects on performance, and only different stages of textile manufacturing process will significantly affect performance. The down stream of process has better performance than mid and up streams, and there are no significant differences between mid and up streams.

目　　 錄
第一章 緒論…………………………1
第一節 研究背景與動機 ……………1
第二節 研究目的 ……………………3
第三節 研究範圍 ……………………4
第四節 研究流程 ……………………6
第二章 文獻探討……………………7
第一節 紡織業外移之探討…………7
第二節 對外投資理論探討…………12
第三節 先發者與追隨者之優勢探討…19
第四節 進入模式的探討……………23
第五節 影響海外投資策略之主要構面探討…29
第六節 經營績效之探討……………40
第三章 觀念架構與研究方法………43
第一節 觀念性研究架構……………43
第二節 研究假設……………………44
第三節 研究變數及操作性定義……47
第四節 研究方法……………………51
第四章 研究結果………………………53
第一節 樣本特性分析………………53
第二節 投資策略前置因素之比較分析…62
第三節 經營績效分析………………73
第四節 「進入模式」與「先發者與追隨者」迴歸分析…76
第五章 結論與建議……………………82
第一節 結論…………………………82
第二節 建議…………………………87
參考文獻………………………………90
附錄……………………………………97

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