臺灣博碩士論文加值系統

近年來，由於國內投資環境的惡化，使得國內企業逐漸外移，加上全球經濟市場加速開放和企業國際化發展，企業進行對外直接投資已成為經濟邁向成熟的必要條件。本研究根據對外直接投資理論建立假說，利用經濟部統計處於民國八十七年所作的「製造業對外投資實況調查」調查問卷之原始資料，以實際進行對外直接投資的廠商為對象，採用ordered probit model 對全體製造業廠商作對外直接投資傾向影響因素之分析，其次將其分成中小企業與大企業，比較兩類廠商對外直接投資影響因素之異同。
實證結果發現，對外直接投資傾向高的企業，其所擁有的特質是中小型企業、子公司具有高成長性、獨資經營、垂直與水平整合、對子公司的控制力強、資本密集度高、重視網路連結和銷售市場以外銷為主。
比較中小企業與大企業，中小企業對外直接投資的型態是較偏向於防禦型，將生產據點移至國外；而大型企業較偏向於擴張型，建立海外生產據點來進行國際分工，因此資本外移的比例較低。此外，根據過去經驗，台灣中小企業是較屬於勞力密集型的生產方式，而實證結果卻顯示，資本密集型的生產方式較能引發中小企業的對外投資傾向，因此中小企業在對外直接投資的生產方式上已有逐漸改變的趨勢。
總之，本研究對相關理論假說都能有適度的驗證，藉由本研究，大致可對影響臺灣製造業對外直接投資傾向的影響因素有一概括性的瞭解。中小企業有較高的對外直接投資傾向，且資本密集的生產方式較能提高中小企業的對外直接投資傾向，但在進行對外直接投資的同時，亦應改善國內投資環境，以避免發生產業空洞化的危機。

In recently, foreign direct investment(FDI) is critical to economic development as the worse investment environment has forced local industries move aboard, the open of global economic market and business international development.The hypothesis of this research is based on FDI theory. The data of the survey is collected from Statistics of “ Taiwan Manufacturers FDI Survey” in 1998. The sample is present FDI firms. The first part of this report use the ordered probit model to analyze the factors why those manufacturers tend FDI. Then the research is conducted between small-medium enterprises(SMEs)and large enterprises(LEs) to compare the factors which influence their investment.
According to the empirical results, the enterprises with high FDI are mainly SMEs. The sales of their subsidiaries are with high growth. Those subsidiaries are wholly-venture. They have vertical and horizontal integration with their mother company over their products. The mother company has whole control over their subsidiaries. Those companies are also capital intensive, network orientation ,and their Business are focused on export.
The comparison between SMEs to LEs shows that SMEs has defensive FDI while the large ones are expansive FDI. LEs establish production points overseas to implement internationlization , so the percentage of their FDI is lower. According to the previous experience, SMEs in Taiwan are labor intensive. However, the research shows that capital intensive could stimulate FDI tendency of SMEs. Therefore, SMEs FDI production method is changing gradually.
As a result, this paper has proof over the hypothesis. Readers could have a view of FDI’s factors form this research. It is obvious the FDI tendency of SMEs is higher than LEs and capital intensive production method can revoke SMEs FDI tendency. Meanwhile, the domestic investment environment should be improved to avoid “Industrial Hallowing-out”.

目 　錄
第一章 緒 論……………………………………………………1
第一節 研究動機與目的……………………………………..1
第二節 本文架構……………………………………………..2
第二章 文獻回顧………………………………………………….4
第一節 產業組織理論下的FDI……………………………...6
第二節 國際貿易理論下的FDI……………………………...8
第三節 折衷理論下的FDI…………………………………..11
第四節 廠商規模對FDI傾向之影響………………………..12
第三章 實證資料與模型…………………………………………17
第一節 製造業對外投資實況……………………………….17
第二節 實證模型建立與變數衡量………………………….29
第三節 實證方法…………………………………………….44
第四章 實證結果……………………………………………….47
第一節 對外直接投資傾向影響因素之實證分析………….47
第二節 中小企業與大企業對外直接投資傾向之比較…….54
第三節 本章小結…………………………………………….62
第五章 結論與發展…………………………………………….65
第一節 結論…………………………………………………..65
第二節 檢討與未來發展……………………………………..67
參考文獻……………………………………………………………68
附表…………………………………………………………………72
表 次
表3-1: 本國企業與海外企業之規模………………………………19
表3-2: 對外直接投資企業之地區別………………………………20
表3-3: 對外直接投資企業之行業別………………………………22
表3-4: 對外直接投資之原因(複選)……………………………..24
表3-5: 海外事業所採取之型態(複選)……………………………25
表3-6: 最主要海外投資地區出資方式(複選)……………………26
表3-7: 海外事業原料、零組件與半成品之來源所占比率………27
表3-8: 目前因應國際產業間激烈競爭所採取之策略……………28
表4-1: 對外直接投資之影響因素(全體樣本)……………………53
表4-2: 對外直接投資之影響因素(中小企業)……………………60
表4-3: 對外直接投資之影響因素(大企業)………………………61

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