台商赴中國大陸投資策略與績效關係之研究

An Empirical Study of the Relationship between the Investment Strategy and Performance in Mainland China

王韋翔(wei-siang wang)

指導教授 ： 高孔廉

中原大學/商學院/企業管理學系/碩士(2007年)

https://doi.org/10.6840/cycu200700466

摘要

中國大陸擁有廣大的內需市場以及加入WTO所帶來的貿易自由化，大陸市場顯然已成為世界各國競相投資佈局的新經濟市場。面對激烈的競爭環境，企業為了追求更大的利潤，紛紛走向海外以尋求更佳的投資地點，而大陸不僅腹地廣闊、勞工成本低、語言溝通容易等有利的因素，更是台商主要考量的投資地點。
本文主要探討台商赴大陸投資策略與績效關係之研究並以台灣上市(櫃)製造業公司為例，而研究期間為2003~2005年，本研究的研究母體是來自於中華徵信所所公布的大陸台商1000大企業為主要研究對象，並從中篩選出432家大陸台商企業，其中此432家大陸台商企業分別對應225家已在台上市(櫃)之台灣母公司。最後於本研究所採用之變數部份，在應變數績效方面，本研究採取營收淨利率(ROS)與權益淨利率(ROE)作為衡量績效之變數，以及採取國際化與大陸化之程度、投資規模和區位選擇作為本研究之自變數，在此需要提及之處為國際化與大陸化程度之部分，本研究是採取三變數來衡量之，分別為海外總資產佔母公司總資產之比率、海外總銷售額佔母公司總銷售額之比率以及海外總子公司數來做為衡量之變數。本研究透過以下之統計方法，包括敘述統計、相關係數分析、迴歸分析與單因子變異數分析等將數據資料分析整理後，獲得以下研究之結論。
在國際化與大陸化程度與績效關係之實證分析方面，本研究發現在應變數為績效且分別為營收淨利率(ROS)和權益淨利率(ROE)之情況下，在此不論是母公司之績效或是子公司之績效，其結論均顯示若以海外總資產佔母公司總資產比率以及海外總銷售額佔母公司總銷售額比率為衡量變數與母子公司之績效有顯著之正向相關性，反之，若以海外總子公司數來做為衡量變數時，其結論均與母子公司之績效呈現無關。另外，在投資規模方面，本研究發現其與績效之間確實有互動之關係，亦即當對大陸子公司之投資規模越大，其在績效方面越有較佳之表現。此外，本研究也發現，投資地點與績效間具有顯著之關聯，亦即台商在不同區域間其績效有顯著性之差異。而本研究結果可供給台灣之製造業在制定大陸投資策略時做為參考。

關鍵字

投資規模 ； 區位選擇 ； 國際化與大陸化程度 ； 經營績效

並列摘要

China has the vast internal consumer market and the trade liberalization after joining WTO for investor, so China has become a new economic market which is competitively invested and overall arranged by countries in the world. Facing the vehement competition, more and more businesses move outwards in drove to search the better investment location for the greatest profits. China has a wide land, low labor cost and the same language in China for us, so Taiwan businesses take it into consideration as one of the greatest investment area.
The main purpose of this study is to discuss how Taiwanese businesses investing in China affect the performance. And focus on the three Variables which are included degree of internationalization and China, investment scale and location choice. This study examines the relationships of performance with Investment Strategy in China and their interaction on manufacturing industries in Taiwan during 2003 and 2005.The population is the top 1000 firms of Taiwan in China listed in the China Credit Information Service Incorporation. The study collected 3 years financial information from the 225 which sampled the data from population listed on TSE and ROSE companies in Taiwan. And the 432 subcompanys are including in 225 Taiwanese firms. The study regarded the Return on Sales (ROS) and Returns on Equity(ROE) as dependent variable ; Otherwise the degree of internationalization and China, investment scale and location choice are regarded as Independent Variable. There must to be mentioned is that the study used the three of variables, Foreign Assets as a percentage of Total Assets, Foreign Sales as a percentage of Total Sales and Number of Foreign Subsidiaries, to present the degree of internationalization and China. The methods used in the study include descriptive statistics, ANOVA analysis, correlation analysis and regressive analysis. The empirical results summarized as follows.
In the relationship of performance with the degree of internationalization and China. This study found no matter head office of Taiwan or subcompany of China both are related with the two of the variables which is Foreign Assets as a percentage of Total Assets and Foreign Sales as a percentage of Total Sales both are presented positive relationship; relatively the other variable number of foreign was presented have no absolute effects. In addition, in the part of investment scale this study found the investment scale have significant positively effects on the subcompany’s performance. The higher investment scale in China of Taiwanese business, the higher of operating performance and profitability of the subcompany. Besides, we find that at present, most Taiwanese business still invest in particular region, this study found Taiwanese business’ location choice have significant effects through ANOVA analysis. The above results of this study can provide valuable information for manufacturing industries as they make decision of investment in China.

並列關鍵字

Degree of Internationalization and China ； location choice ； Performance ； Investment scale

參考文獻

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