台灣對外直接投資與產業升級之探討-以台灣企業共同對外直接投資到中國及東協市場為例

直接投資對於美國母公司產業升級的影響，一直以来都是學術界討論的重要議題。但是，過去的研究都專注于先進國家對開發中國家的投資，討論對先進國家產業升級的影響，很少討論，對於一個新興經濟體外的投資如何對母公司產業升級產生衝擊的研究。中對外國大陸跟台灣之間的貿易往來與對外投資關係，一直是台灣政府及區域經濟重要的議題，台灣對大陸的投資是否對台灣的產業升級產生正面的影響或負面的影響，因為政治局勢的關係顯得特別重要。又因近幾年台灣政府鼓勵新南向政策對東南亞國協國家進行投資與貿易合作。這個政策對台灣產業升級的影響也存在很多爭議，因此在如今複雜的全球化環境上面，研究台灣對外直接投資在不同的區位是否會對台灣母公司的產業升級產生不同的衝擊跟影響。從近年來國外近期的研究動態來看，經濟學者研究與對外直接投資（FDI）相關的論著發展非常迅速，人們已經愈來愈多地把注意力集中到技術移轉問題上。因此，本研究將建立跨國企業對外直接投資技術選擇的模型，來說明技術移轉成本高低可能影響跨國企業對外直接投資的技術水平。最後，本文提出了提升跨國企業對外直接投資對地主國技術外溢效應的策略。此外母國公司的產業升級似乎也跟進入海外市場的海外進入模式有關對海外市場子公司的投資所佔的持股比例所有權模式也會影響到公司治理跟技術轉移等相關的問題海外市場的進入模式是否會影響到母國公司對外直接投資對於母國產業升級程度的影響和衝擊目前的研究不清楚，因此本研究將著重於探討一個新興工業化國家或地區的對外直接投資在條件不同的區域所做的對外投資跟不同的股權進入海外市場的模式對於母國母公司產業升級的影響和終極程度。根據實證結果，非電子工業對外直接投資不管是對中國及東協市場，對母國技術升級以及無形資產及商譽之投資皆會增加。另外，電子工業對外持股股權越低，對母國電子工業升級有正向的影響。

關鍵字

新興市場；對外直接投資；治理結構

並列摘要

The impact of foreign direct investment on the industrial upgrading of U.S. parent companies has always been an important issue discussed in academic circles. However, past research has focused on investment from advanced countries in developing countries and discussed the impact on the industrial upgrading of advanced countries. There has little discussion of industrial upgrading had been impacted in addition of emerging economy. The trade and foreign investment relationship between China and Taiwan has always been an important issue for the Taiwanese government and regional economy. Whether Taiwan’s investment in China has a positive or negative impact on Taiwan’s industrial upgrading depends on the political situation. It more important particularly. In addition, in recent years, the Taiwanese government has encouraged investment and trade cooperation with ASEAN countries through the New Southbound Policy. There is also a lot of controversy over the impact of this policy on industrial upgrading of Taiwan. Therefore, in today's complex global environment. It is necessary to explore Taiwan's foreign direct investment in different locations will have impacts on the industrial upgrading of Taiwan's parent companies. Searching from the recent research trends abroad in recent years, economists' research on foreign direct investment (FDI)-related works has developed very rapidly. People have increasingly focused their attention on the issue of technology transfer. Therefore, this study will establish a model of technology selection for overseas direct investment by multinational enterprises. To illustrate that the cost of technology transfer may be affected. Finally, this article proposes strategies to enhance the technological spillover effects of multinational enterprises' overseas direct investment on host countries. In addition, the industrial upgrading of parent companies seems to be related to the overseas entry mode into overseas markets. The investment shareholding of subsidiaries in overseas markets will bring some issue related to corporate governance and technology transfer. The ownership model also makes problem on entry mode of overseas markets. The current research is not clear that the foreign direct investment of the home country company will be impact the degree of industrial upgrading of the home country. Therefore, this study will focus on exploring the foreign direct investment of a newly industrialized country or region with different conditions. The impact and ultimate degree of foreign investment and different equity investment models into overseas markets on the industrial upgrading of parent companies in the home country. According to empirical results, the non-electronic components industry's foreign direct investment will increase whether it is in the China and ASEAN markets, by investing in technological upgrading of the home country, as well as intangible assets and goodwill. Besides, the lower the foreign shareholding equity of the electronic components industry, the more positive impact on the upgrading of the home country's electronic components industry.