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研究生:吳佳繐
研究生(外文):Chia-hui Wu
論文名稱:台灣跨國企業投資越南市場之因素探討:合資與獨資
論文名稱(外文):Determinants for Taiwanese Multinational Enterprises'' Investment in Vietnam: Joint Ventures versus Wholly-Owned Subsidiaries
指導教授:方至民方至民引用關係
指導教授(外文):Cher-Min Fong
學位類別:碩士
校院名稱:國立中山大學
系所名稱:國際經營管理碩士班
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:2008
畢業學年度:96
語文別:英文
論文頁數:83
中文關鍵詞:進入模式對外投資越南獨資合資
外文關鍵詞:Vietnamentry modeforeign direct investmentwholly owned subsidiariesjoint ventures
相關次數:
  • 被引用被引用:3
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:4
自1986年,越南政府實行改革計畫後,其經濟便持續不斷地成長。鑑於該新興市場的潛力,愈來愈多的台商前往投資。在越南外資中,台灣扮演相當重要的角色,其投資金額位於外資第三,僅次於南韓及新加坡。由此可見,繼大陸之後,越南已成為台商熱切投資的另一新興市場,具有相當的潛在能力。
此論文的主要研究目的是在探討影響台灣跨國企業投資越南市場之因素。根據資源基礎理論、折衷理論、交易成本理論及體制理論,發展出研究架構,根據兩大構面-母國企業優勢與越南當地環境,決定研究變數為技術密集度、公司規模、國際化經驗、負債比率、資產報酬率、越南政府限制及越南經濟環境。探討這些變數對於台商投資越南市場之決策-合資或獨資,是否有顯著的影響。以合資或獨資方式進入越南市場之台商為研究對象,透過次級資料的收集,取得樣本資料,以皮爾森相關係數分析變數關係,並進而以二元邏輯迴歸模型檢驗假說。
根據研究發現,母公司之負債比率與投資決策有顯著關係。當母公司的負債比率越低時,其愈會傾向以獨資的方式進入越南市場。而越南當地經濟環境與公司投資決策也有顯著關係。當越南經濟發展愈好,台商會傾向以獨資之投資方式進入該市場。然而,其他變數在此研究中並無發現其與投資決策有顯著關係。此實證結果,可以提供未來想進入越南投資之台商一個參考資訊,以幫助其做適當地投資決策。
Vietnam has been a popular place for Taiwanese businesses to invest in lately. Vietnam’s economy has been growing since implementing a reform policy called “Doi Moi” (renovation) in 1986. Vietnam is an emerging market and attracts more and more Taiwanese multinational enterprises (MNEs) to engage in foreign direct investment (FDI). Taiwan plays an important role in FDI in Vietnam and is the third biggest investing country there, only behind South Korea and Singapore.
The purpose for this research is to investigate what determinants would influence Taiwanese MNEs’ when deciding between joint ventures (JVs) and wholly owned subsidiaries (WOS) when they enter the Vietnamese market. According to the literature review of the resource based view, the eclectic theory, transaction cost theory and institution theory, the framework is developed by two dimensions, parent company’s advantages and environment in the host country. The independent variables under this framework are R&D intensity, firm size, international experiences, debt ratio, ROA, Vietnamese government’s restriction and Vietnamese economy. Through secondhand data, Taiwanese MNEs investing Vietnam were sampled for this research. By the Pearson’s correlation coefficient and the binary logistic regression, hypotheses were tested by which independent variables had significant correlation to the dependent variable, the investment decision (JVs or WOS).
The findings of this study reveal that when a Taiwanese parent firm has a lower debt ratio it would be more likely to invest in Vietnam by WOS. Also, Taiwanese MNEs would tend to invest there by WOS when the economy in Vietnam becomes better. But the rest of the variables do not have significant correlations with the investment decision in this research. The result of this study can offer a reference for companies wanting to enter the Vietnamese market in the future.
Abstract in Chinese.................................................I
Abstract......................................................................II
Table Contents........................................................IV
List of Tables...........................................................VI
List of Figures.........................................................VII
Chapter 1 Introduction ............................................1
1.1 Background.........................................................1
1.2 Motive...................................................................4
1.3 Objective..............................................................6
1.4 Research Process............................................7
Chapter 2 Literature Review..................................9
2.1 Entry Modes........................................................9
2.2 Resource Based View....................................14
2.3 Eclectic Theory.................................................17
2.4 Transaction Cost Theory...............................19
2.5 Institution Approach........................................21
Chapter 3 Research Methodology.....................24
3.1 Research Framework....................................24
3.2 Hypothesis Development..............................27
3.3 Measurement of Variables............................32
3.4 Samples...........................................................36
3.5 Data Collection Procedure............................36
3.6 Methods............................................................37
Chapter 4 Result...................................................40
4.1 Description of Sample Data.........................40
4.2 Analysis of Hypotheses Test........................53
4.3 Discussion.......................................................59
Chapter 5 Conclusion and Suggestion.............64
5.1 Conclusion.......................................................64
5.2 Suggestion.......................................................66
Reference................................................................68
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