台商在歐洲投資研究

Taiwanese FDI in Europe:　Development of a theoretical framework and empirical research into FDI decision-making and issues encountered by Taiwanese investors in Europe

解聰文(Dr. Martin Hiesboeck)

指導教授 ： 黃恆獎

國立臺灣大學/管理學院/國際企業管理組/碩士(2005年)

https://doi.org/10.6342/NTU.2005.00330

摘要

本論文針對台商的投資行為與對外投資決策過程提出理論研究，並特別針對到歐洲去投資的台灣企業的投資經驗做研究。在理論部分，作者在傳統的交易成本理論、演化性模式、策略概念以及商業網路理論的基礎上，建構中小企業國際化理論，再 為大多屬於科技產業的台灣中小企業提出國際化理論的雛型研討。

作者使用700多個企業的問券與電話訪問，應證所發展出的論點：台灣的企業在投資決策的焦點乃於網路鑲嵌度(network embeddedness) ，即公司的網路自主性 (network autonomy)。台灣的企業受網路以及網路內在的人力關係的限制。人力資源是台灣企業在國際化的絆腳石，影響對外投資的方向與程度。個人與財務安全、物流與公共設施係重要因素，稅率以及特別優惠屬於次等因素。

本文繼而研究為何到歐洲投資的台商數量如此寡寥。所發現的原因中包含企業網路的限制以及對人力關係的重視。討論中更特別提到台灣與大陸、美國人力方面的交流因素以及亞洲與歐洲整體的商業關係。

關鍵字

對外直接投資 ； 歐洲 ； 企業國際化 ； 中小企業 ； 投資決策 ； 台商

並列摘要

The present paper looks at the available theories on internationalization in order to define the FDI decision strategy of Taiwanese firms, exploring the traditional route from transaction-cost based decisions to evolutionary and strategic models, to business networks and comprehensive SME internationalization models. The author sets out to develop a rudimentary FDI theory for Taiwanese firms, the majority of which are SMEs in technology-intensive industries and rely on extensive business networks.

Based on a broad sample of over 700 interviews, we find that in their FDI decision, the majority of firms focus on network-related aspects. Firms are constrained by those networks and the personal relationship embedded therein. Human resource management is a crucial issue in Taiwanese FDI, directing both the intensity and location of engagement in foreign markets. The study finds that safety of persons and assets, logistics and infrastructure are big concerns, while corporate tax rates and special incentices play a less important role than host governments hold true.

Furthermore, the paper seeks to shed light on the reasons for the lack of Taiwanese FDI in Europe, in particular during the European FDI boom in the 1990ies. We find these reasons to be the high level of embeddedness in existing networks and associated resource constraints of SMEs, including also a strong focus on personal relationships. Taiwan’s strong ties (personal and economic) with the US and China, combined with a general weakness in the triadic link between East Asia and Europe are given due consideration.

並列關鍵字

FDI ； Foreign Direct Investment ； Taiwan ； Europe ； Asia ； SME Internationalization ； Investment Decision

參考文獻

Aharoni, Yair 1966: The foreign investment decision process. Boston. Research, Graduate School of Business Administration, Harvard University

Aliber, Robert 1993: The Multinational Paradigm. Massachusetts Institute of Technology, 1993.

Anderson and Gatignon 1987: Mode of Foreign Entry: A Transaction Cost Analysis and Propositions. Journal of International Business Studies, 17.

Belderbos, R. 2004 / Vandenbussche, H. / Veugelers, R.: Antidumping duties, undertakings, and foreign direct investment in the EU, European Economic Review, April 2004

Boyd, Gavin and Alan Rugman: Euro-Pacific Investment and Trade: Strategies and Structural Interdependencies. Halifax 1995.