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研究生:吳承祐
研究生(外文):Wu, Cheng-You
論文名稱:創新、財務限制與海外直接投資 –生產力之差異效果
論文名稱(外文):Innovation, Financial Constraints and FDI–Treatment Effect on Productivity
指導教授:許菁君許菁君引用關係
指導教授(外文):Hsu, Ching-Chun
口試委員:呂文正王光賢
口試委員(外文):Lu, Wen-ChengWang, Kuang-Hsien
口試日期:2013-01-14
學位類別:碩士
校院名稱:國立宜蘭大學
系所名稱:應用經濟學系碩士班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:英文
論文頁數:74
中文關鍵詞:創新財務限制海外直接投資生產力
外文關鍵詞:InnovationFinancial ConstraintsFDIProductivity
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隨著全球化的趨勢,當國內廠商進行投資決策時,跨國籍活動變得愈來愈重要,眾多學者與各國政府皆關注於海外直接投資(Foreign Direct Investment, FDI)能提升國內廠商之技術能力與生產效率,並且眾多因素會影響廠商海外直接投資活動的決策。基於以上原因,本文欲探究海外直接投資與生產力之間的關聯性,究竟廠商進行FDI活動對廠商生產力之影響係為有利或不利?除此之外,本文欲進一步了解創新活動與財務限制是否影響廠商之生產力。本文以台灣電子業為例,採用臺灣經濟新報資料庫2000年至2008年於台灣證券交易所上市之公司為樣本,並以傾向分數配對方法處理樣本選擇偏誤的問題後,估計生產力之差異效果。本文實證結果顯示進行海外直接投資的廠商之生產力高於未進行海外直接投資的廠商,顯示出FDI活動將使廠商生產效率提升。另外,廠商透過創新活動更加促使廠商生產力之提升,而當廠商面對財務限制時,則FDI決策對廠商生產力產生負面效果。本文建議政策決策者應該鼓勵廠商進行海外直接投資、從事創新活動與改善籌資管道,以提升廠商生產力與效率,因為海外直接投資活動並不會造成台灣電子產業空洞化。
Following the trend of globalization, international activity turns into more and more important in the domestic corporations when they make some decision. Numerous factors may affect firms to make the decision of FDI activity. In this study, we want to investigate the relationship between FDI activity and performance in productivity. In addition to this issue, we also want to know that firm with innovation activity and financial constraints how to affect firm’s productivity. We employ the firm-level sample data which including FDI firm and non-FDI firm which listed in Taiwan Stock Exchange Corporation (TSEC) in Taiwan Economic Journal (TEJ), Investment Commission (MOEA) and Intellectual Property Office (IPO) database in the period of 2000 to 2008. This paper make use of propensity score matching method and the average treatment effect on the treated methodology to compare the productivity performance of firms that engage in FDI activity (treated) with those that stay at home (untreated). Finally, our empirical results show that the productivity on firms with FDI activity is average higher than non-FDI firms. Innovation activity will better firm’s productivity effects of FDI activity. As for financial constraints, it will bring negative effect on firm’s productivity effects of FDI activity. These empirical results imply that the FDI and innovation activity may bring some benefits to firms, make firms’ operation more efficiency and enhance firms’ competitive ability. Policy makers should focus on policies that encouraging firms to engage in foreign activity, innovation activity and improving financing channels due to foreign activity do not bring hollowing-out effect to Taiwan electronic industry.
Chapter 1 Introduction 1
1.1 Research background 1
1.2 Research question and research purpose 2
1.3 Overview 7
Chapter 2 Literature Review 9
2.1 The theory of FDI 9
2.2 The determinants of FDI 13
2.3 FDI and productivity 14
2.4 Innovation and productivity 24
2.5 Financial constraints and productivity 30
Chapter 3 Empirical Methodology 32
3.1 Data sources and subsamples 32
3.2 Theoretical framework 33
3.3 Measurements and definition of the variables 35
Chapter 4 Empirical Results 41
4.1 The descriptive statistics 41
4.2 The empirical results of FDI determinant 49
4.3 Does FDI affect productivity? 50
4.4 Innovation firms and non-innovation firms 53
4.5 Financial constraints firms and financial un-constraints firms 59
Chapter 5 Conclusions and Discussions 66
5.1 Conclusions 66
5.2 Limitation and recommendations 67
Reference 69

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