大陸政府實施改革開放以來，其廣大的內需市場、充沛且便宜的勞工加上政治的穩定及政策完善，讓各國企業都嚮往到大陸投資。近幾年，因為大陸經濟發展迅速，在企業紛紛進駐投資之情形下，成了全球海外投資的首選地，也對台灣企業造成波動及影響。
本研究主要欲進一步分析及探討影響台灣企業到大陸海外直接投資決策之因素。時間因素在投資決策中扮演相當重要的角色，因企業在不同的時間點上接收到不同的資訊會進而影響投資決策。本研究係以台灣全部產業的企業作為研究對象，並透過採用含「時間因素」的比例危險模型(Proportional Hazard Model, PHM)來進行實證分析。透過文獻的探討，本研究歸納出二個構面共包含10個變數：「企業構面」變數包含出口比例、企業規模、企業績效、研究發展密集度、資本密集度、企業亞洲投資經驗等六個變數；而「環境構面」則包括四個變數：群聚效應、擴大市場、大陸的開放政策、產業特性。
本研究觀察期間為1996年至2005年。資料收集主要包含台灣上市上櫃全部產業的所有企業相關財務資料，及非財務資料。本研究對於產業的分類則採用「台灣經濟新報」的分類方式，產業共分為27類。經由實證分析後，本研究研究結果發現：「出口比例」愈高、「企業規模」愈大及屬「勞力密集的產業」到大陸海外直接投資的機率愈高。而「群聚效應」、「擴大市場」與「大陸的開放政策」是企業至大陸投資之主要考量因素及動機。

After China starting an open policy to promote its economic, the large demand of the domestic market, cheap workforces, stable political situation, and open policies have intrigued almost all the countries to invest China. Lately, because of fast economic development and lots of foreign money flow in China, China becomes the hottest country which firms like to invest. Consequently, this situation also causes a huge influence and impact on Taiwanese’s industries.
This study focuses on analyzing the determinant factors of Taiwanese firms’ Foreign Direct Investment to China. We apply the proportional hazard model to perform an empirical analysis, taking into consideration the conditional probability of the element of time. Based on the review of the literature, this study recognizes that Taiwanese firms are influenced by “firm factors” and “environment factors” when making decisions concerning FDI. Firm factors refer to firm-level variables, which include export ratios, firm sizes, firm performance, R&D intensities, capital intensities, and experience of Asia’s FDI. Environment factors refer to factors motivating FDI, which include cluster effect, expanding markets, China’s open-door policy, and industry characteristics.
This study consists of an empirical investigation of the FDI of Taiwanese firms during the period from 1996 to 2005. We find that the variables of the higher the export ratios, the larger the firm sizes, and the labor intensity industry will increase the intention to FDI China. The motivated factors of Taiwanese firms FDI China are cluster effect, expanding markets, and China’s open-door policy.

第一章　緒論 1
第一節　研究動機 1
第二節　研究目的 4
第三節 研究流程 5
第二章 文獻探討 7
第一節　海外直接投資 7
第二節　海外直接投資之相關研究 8
第三節 企業赴海外投資的影響因素 9
第三章　研究方法 17
第一節　研究架構 17
第二節　研究假說 18
第三節　變數之定義與衡量方式 19
第四節　資料收集及樣本 23
第五節　相關實證研究 26
第六節　資料分析方法 27
第四章　實證結果與分析 31
第一節　觀測值之敘述性統計分析 31
第二節　實證結果 34
第五章 結論與建議 39
第一節　結論 39
第二節　後續研究建議 41
第六章 個案 42
參考文獻 45

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