對新興市場投資區位選擇前因之探討-以台商投資大陸市場為例

新興市場是近年來的熱門投資名詞，在全球經濟中的重要性與日俱增。新興國家擁有便宜的勞工成本、珍貴的原物料資源、日益強勁的內需消費、逐步改善的財政狀況，以及當地政府鼓勵外資的措施等。新興國家成為多國籍企業至當地設廠或成立銷售據點的最佳投資對象。隨著跨國投資活動的增加與國際環境的變化，FDI的區位選擇更成為重要的研究與實務議題。過去的實證研究多半僅止於探討區位特性對於區位選擇或投資金額的同步關係與靜態影響，忽略區位特性的動態變化亦可能是MNEs選擇投資區位的重要因素，對於新興市場的FDI決策尤然。本研究以台商對外投資大陸之區位順序選擇行為為研究對象，探討MNEs選擇新興市場時所考慮的區位特性，其中以區位特性平均狀況與動態變化兩種方式進行分析，故擬以順序羅吉斯迴歸模型進行資料分析。研究資料利用經濟部投資審議委員會之1991年至2009年「台商赴大陸對外投資名錄」的對陸投資紀錄，以及1997至2007年之「中國統計年鑑」提供大陸各地之區位特性資料。藉由台商投資大陸地點之先後順序對地點受到區位因素的探討，其結論將有助於MNE明瞭區位特性的平均狀況對於投資新興市場地點的影響與優先考慮的區位特性，另一方面，區位特性的動態變化之干擾效果分析，其結論有助於廠商在思考對外投資新興市場地點選擇時，應該考慮區位特性的持續成長性，搭配廠商自擁優勢及策略目標。

關鍵字

新興市場；區位選擇；順序羅吉斯迴歸模型

並列摘要

Emerging Market is the hot investment recently, which is more and more important in the global economics. Emerging Market have lower labor cost, precious material resource ,the more stronger domestic demand changes government financial situation step by step ,government also encourages foreign capital measure locally. Emerging Market become the best investment target in the MNC. International investment activity enhancement and international environment change, FDI location choice become an important research and issue more and more. In the past, experiment just do the research or investment ignore which is an important factor. The main investigation concerns the order location of MNEs investing in China and how they are influenced by location factors, which have location factor average situation and the movement change to do the analyze in two ways. Therefore, an ordered logistic regression is used to analyze data. The data (3696 cases), named List of MNEs Investing in China, was collected by the Investment Commission from 1991 to 2009. And China Statistical Yearbook in 1997 to 2007 offer location factor in China. The results of this analysis of the order location in China influenced by location factors can help MNEs understand location advantage influence in terms of investing in different locations in China. In other words, in terms of the interference effect analysis of different industry attributes with regards to location factors, the results can help MNEs consider their owner advantages pertaining to location advantages, and clearly show MNEs’ owner advantages and strategy goals.