- 期刊
華裔與非華裔企業大陸投資績效之比較研究
The Comparison of Investment Efficiency between Chinese and Non-Chinese Enterprises in China
摘要
本文以文化為切入點，將在大陸的外資集團分為華裔企業與非華裔企業二個群體。由於華裔企業（特別是港商）進入大陸的時間較早，對所遇到的各種投資經營的難題較能應付，也較能夠建立良好的「關係」，讓人以為華裔企業在大陸的投資，應比非華裔企業較易獲得成功，主要和雙方具有共同文化之特性有關。究竟這樣的推測是否確實，是本文研究的初始動機。 本文先是比較華裔與非華裔企業的發展特色，再佐以資料包絡分析法為實證工具，以一九九三年及一九九七年為主的資料，所求得綜合的指標，來比較華裔與非華裔企業在大陸的投資績效。 若以單一指標（如附加價值率、資本密集度、流動資金週轉率等）來比較時，非華裔企業是比華裔全業為優。但若以多項的投入項與產出項作效率評估時，二者的表現就各有優劣。實證結果顯示，非華裔全業在工業增加值及利稅總額為產出評估標準時，其績效表現較華裔企業為優，但若單以工業增加值為產出項時，華裔企業在一九九七年時的投資績效要優於非華裔企業。此意涵著非華裔企業在獲利與繳稅的績效要比華裔企業為優，而華裔企業比較懂得如何合理的避稅而隱藏獲利。此外，不論何種模型，實證結果均顯示，華裔企業在大陸的投資績效是進步的，非華裔企業卻呈退步的情況。可見華裔企業因文化相近，對大陸的政經環境的適應能力要優於非華裔企業，且並未因法律的逐漸規範，關係功能的式微而失去其優勢。
並列摘要
Taking a cultural point of view, this article divides foreign investment enterprises in China into two groups: Chinese and non-Chinese. Because the Chinese group entered China earlier and has acultural advantage, it knew how to establish connections (so-called ”guanxi”) and deal with difficulties. One argument holds that the investment of the Chinese group should be more efficient and successful than the non-Chinese group because of cultural characteristic. This article will evaluate whether this explanation is true or not. This paper will first compare the characteristics between the Chinese and non-Chinese group, and then focus empirical research on Data Envelopment Analysis (DEA). We use the index from DEA to compare the investment efficiency between the Chinese and the non-Chinese group. According to any single index, the investment of the non-Chinese group is superior to the Chinese one. However, if we use multiple indexes to evaluate their investment efficiency, then the results are different. The empirical results show that the non-Chinese Group will be better than the Chinese Group by considering the performance of the value-added and the pre-tax profit. However, if only the performance of the value-added is evaluated, then the Chinese group comes out on top. The implication is that the non-Chinese group will be better in terms of value-added and pre-tax profit. In addition, the Chinese group knows how to save on tax payments and hide profits. The empirical results also show that the Chinese group increased investment efficiency while the non-Chinese group did not. Hence, because of cultural reasons, the Chinese group is better able to overcome many difficulties including the regulation of law and the decline of ”Guanxi.”