臺灣博碩士論文加值系統

全球化走向的經濟發展趨勢，對跨國企業而言，海外直接投資的全球佈局已成為非常重要的成長策略，海外投資決策的區位選擇會綜合考量廠商之自擁優勢及各項與營運相關之因素，特別是地主國的投資風險與環境政策。本研究欲藉由各個國家的建設條件與投資環境差異來觀察台灣上市公司海外投資決策之區位選擇行為。我們利用廠商在東道國的投資頻率建構可數的國家層級追蹤資料欲檢定台灣上市公司從1997年至2007年海外投資的區位選擇是否受到東道國寬鬆的環境規範所吸引，本研究同時亦考慮環境嚴峻程度的內生性以及台灣上市公司的產業特性，實證結果顯示，將環境嚴峻程度內生化後，台灣上市公司比較偏好投資於環境品質較嚴格的國家，這樣的結果隱含台灣上市公司的對外投資行為無法支持「污染庇護所假說」，考量產業特性後發現即便具高污染密集的產業其對外投資決策亦不支持污染庇護所行為。再者，台灣上市公司傾向多投資於基礎公共建設完整的國家，以及防禦性的海外直接投資策略較受青睞。

The trend towards globalization of economic development, foreign direct investment, FDI plays an important role for multinational corporations’ growth strategy. Firms face a district choice decisions of FDI usually considers its own strengths and the operating-related factors, especially the host country's investment risk and environmental policy. This study of environmental norms in the countries concerned and the country risk for foreign investment decisions associated with multinational corporations to observe Taiwanese listed companies’ foreign investment location decision-making behavior. We build the national-level panel count data of FDI to test whether the lower standard of environmental norms in host countries are able to attract corporations’ direct investments during the period of 1997-2007. In addition, this study takes both the endogeneity issue of environmental stringency and industrial characteristics of Taiwanese listed companies into account. Empirical results show that Taiwanese listed companies prefer to invest countries with more rather than less stringent environmental regulations when regarding environmental regulations as an endogenous variable. This implies that the pollution haven hypothesis cannot be confirmed with in this paper. While the industrial characteristics of Taiwanese listed companies perhaps cannot influence the pollution haven effect. Furthermore, Taiwanese listed companies tend to invest the host countries with higher quality of infrastructure and adopt more defensive FDI strategy.

Catalog
Chapter 1 Introduction 3
1.1 Research background and research motive 3
1.2 Research objectives 3
1.3 Overview 3
Chapter 2 Literature Review 3
2.1 The relationship between FDI and environmental stringency 3
2.2 Four main issues of the PHH studies 3
2.3 Explanations for the lack of PHH evidence 3
Chapter 3 Methodology 3
3.1 Empirical methodology 3
3.2 Industrial analysis 3
3.3 The measurements of FDI and environmental stringency 3
3.4 Data sources 3
Chapter 4 Empirical Results 3
4.1 Estimated results for the overall sample 3
4.2 Estimated results for pollution-intensive industries 3
Chapter 5 Conclusions 3
5.1 Summary 3
5.2 Policy implications and research limitations 3
References 3

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