臺灣博碩士論文加值系統

中國大陸擁有廣大的內需市場以及加入WTO所帶來的貿易自由化，大陸市場顯然已成為世界各國競相投資佈局的新經濟市場。面對激烈的競爭環境，企業為了追求更大的利潤，紛紛走向海外以尋求更佳的投資地點，而大陸不僅腹地廣闊、勞工成本低、語言溝通容易等有利的因素，更是台商主要考量的投資地點。
本文主要探討台商赴大陸投資策略與績效關係之研究並以台灣上市(櫃)製造業公司為例，而研究期間為2003~2005年，本研究的研究母體是來自於中華徵信所所公布的大陸台商1000大企業為主要研究對象，並從中篩選出432家大陸台商企業，其中此432家大陸台商企業分別對應225家已在台上市(櫃)之台灣母公司。最後於本研究所採用之變數部份，在應變數績效方面，本研究採取營收淨利率(ROS)與權益淨利率(ROE)作為衡量績效之變數，以及採取國際化與大陸化之程度、投資規模和區位選擇作為本研究之自變數，在此需要提及之處為國際化與大陸化程度之部分，本研究是採取三變數來衡量之，分別為海外總資產佔母公司總資產之比率、海外總銷售額佔母公司總銷售額之比率以及海外總子公司數來做為衡量之變數。本研究透過以下之統計方法，包括敘述統計、相關係數分析、迴歸分析與單因子變異數分析等將數據資料分析整理後，獲得以下研究之結論。
在國際化與大陸化程度與績效關係之實證分析方面，本研究發現在應變數為績效且分別為營收淨利率(ROS)和權益淨利率(ROE)之情況下，在此不論是母公司之績效或是子公司之績效，其結論均顯示若以海外總資產佔母公司總資產比率以及海外總銷售額佔母公司總銷售額比率為衡量變數與母子公司之績效有顯著之正向相關性，反之，若以海外總子公司數來做為衡量變數時，其結論均與母子公司之績效呈現無關。另外，在投資規模方面，本研究發現其與績效之間確實有互動之關係，亦即當對大陸子公司之投資規模越大，其在績效方面越有較佳之表現。此外，本研究也發現，投資地點與績效間具有顯著之關聯，亦即台商在不同區域間其績效有顯著性之差異。而本研究結果可供給台灣之製造業在制定大陸投資策略時做為參考。

China has the vast internal consumer market and the trade liberalization after joining WTO for investor, so China has become a new economic market which is competitively invested and overall arranged by countries in the world. Facing the vehement competition, more and more businesses move outwards in drove to search the better investment location for the greatest profits. China has a wide land, low labor cost and the same language in China for us, so Taiwan businesses take it into consideration as one of the greatest investment area.
The main purpose of this study is to discuss how Taiwanese businesses investing in China affect the performance. And focus on the three Variables which are included degree of internationalization and China, investment scale and location choice. This study examines the relationships of performance with Investment Strategy in China and their interaction on manufacturing industries in Taiwan during 2003 and 2005.The population is the top 1000 firms of Taiwan in China listed in the China Credit Information Service Incorporation. The study collected 3 years financial information from the 225 which sampled the data from population listed on TSE and ROSE companies in Taiwan. And the 432 subcompanys are including in 225 Taiwanese firms. The study regarded the Return on Sales (ROS) and Returns on Equity(ROE) as dependent variable ; Otherwise the degree of internationalization and China, investment scale and location choice are regarded as Independent Variable. There must to be mentioned is that the study used the three of variables, Foreign Assets as a percentage of Total Assets, Foreign Sales as a percentage of Total Sales and Number of Foreign Subsidiaries, to present the degree of internationalization and China. The methods used in the study include descriptive statistics, ANOVA analysis, correlation analysis and regressive analysis. The empirical results summarized as follows.
In the relationship of performance with the degree of internationalization and China. This study found no matter head office of Taiwan or subcompany of China both are related with the two of the variables which is Foreign Assets as a percentage of Total Assets and Foreign Sales as a percentage of Total Sales both are presented positive relationship; relatively the other variable number of foreign was presented have no absolute effects. In addition, in the part of investment scale this study found the investment scale have significant positively effects on the subcompany’s performance. The higher investment scale in China of Taiwanese business, the higher of operating performance and profitability of the subcompany. Besides, we find that at present, most Taiwanese business still invest in particular region, this study found Taiwanese business’ location choice have significant effects through ANOVA analysis. The above results of this study can provide valuable information for manufacturing industries as they make decision of investment in China.

目 錄

中文摘要..................................... I
英文摘要..................................... II
誌謝詞....................................... V
目錄......................................... VI
表目錄....................................... IX
圖目錄....................................... XI
第壹章 緒 論................................... 1
第一節 研究背景................................ 1
第二節 研究動機................................ 5
第三節 研究目的................................ 9
第四節 研究範圍與對象......................... 10
第五節 統計方法............................... 10
第六節 研究步驟............................... 11
第貳章 文獻探討............................... 13
第一節 投資策略之相關文獻..................... 13
第二節 國際化程度之相關文獻................... 17
第三節 投資規模之相關文獻..................... 24
第四節 區位選擇之相關文獻..................... 26
第五節 績效衡量之相關文獻..................... 29
第参章 研究架構與研究方法..................... 33
第一節 研究架構............................... 34
第二節 研究假設............................... 34
第三節 研究對象與資料選取..................... 38
第四節 各變數之定義與衡量方法................. 39
第五節 統計分析方法........................... 44
第肆章 實證分析............................... 47
第一節 觀察值與衡量變數資料分析............... 47
第二節 國際化程度與績效間相關性之實證分析..... 50
第三節 投資規模與績效間相關性之實證分析....... 61
第四節 區位選擇與績效間相關性之實證分析....... 63
第五節 實證總結............................... 67
第伍章 結論與建議............................. 70
第一節 研究結論............................... 70
第二節 研究限制及未來建議..................... 73
參 考 文 獻................................... 77
中文參考文獻.................................. 77
英文參考文獻.................................. 78
參考網站...................................... 83

表 目 錄

表1.1 台商對大陸累計投資案件與金額統計(1996~2006)................................... 3
表1.2 經濟部核准對海外各國投資之金額(單位:千美元)........................................... 4
表1.3 台商對大陸投資統計---地區別............................................ 7
表1.4 台商對大陸投資統計---產業別(1990~2006累計數) .......................................... 8
表2.1 國際化程度相關研究之文獻彙整表............................................ 21
表2.2 國內外學者對於企業經營績效採取的衡量標準............................................ 31
表4.1 廠商基本資料分析....................... 49
表4.2 敘述性統計分析表....................... 51
表4.3 自變數之相關係數表..................... 51
表4.4 Pearson相關係數表(CROS & CROE) ........................................ 55
表4.5 國際化、大陸化程度與大陸子公司績效之迴歸結果.............................................55
表4.6 Pearson相關係數表(TROS & TROE) ........................................ 58
表4.7 國際化、大陸化程度與台灣母公司績效之迴歸結果............................................ 59
表4.8 敘述性統計分析表(投資規模 & 大陸子公司之績效)........................................... 62
表4.9 Pearson相關係數表(投資規模 & 大陸子公司之績效)......................................... 62
表4.10 敘述性統計分析表(區位) ................ 64
表4.11 單因子ANOVA分析表.......................65
表4.12 多重比較分析表......................... 66
表5.1 本研究之實證結果彙總表................. 72

圖 目 錄

圖1.1 本研究之研究流程圖.......................12
圖2.1 企業成長模式............................ 14
圖3.1 本研究之研究架構圖.......................34
圖3.2 大陸區域圖...............................44

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