國際化動機如何影響海外直接投資的地區選擇及國際化績效

Differentiated Impacts of Motives on FDI: Regional and Performance Implications

葉志權(Chih-Chuan Yeh)

指導教授 ： 莊正民

國立臺灣大學/管理學院/國際企業學研究所/博士(2019年)

https://doi.org/10.6342/NTU201903831

摘要

本文嘗試在國際企業的領域中，尋求更適切的海外投資因素據以瞭解國際化的過程。論文架構包括兩篇實證研究及其相關的文獻回顧。實證研究的過程分別考量追蹤因果關係與內生性偏誤的估計，旨在透由國際化動機的論點進一步瞭解其如何影響海外投資的地區選擇、暨國際化與海外投資動機對公司經營績效的調節效果，期能提供相對穩健的策略管理意涵。
第一篇實證論文旨在運用OLI的典範架構，探討國際化動機與海外直接投資間的關係。不同於既往的文獻多僅專注在總體變數對海外直接投資影響的研究，本文根據Dunning提出的OLI架構及其所論敘的尋求市場型、尋求資源型與尋求效率型等差異化動機，逐一檢驗其對海外直接投資地區選擇的影響。首先我們運用世界經濟論壇的問卷調查資料，共69國的追蹤資料涵括期間為2006-2016年，並進一步考量亞洲、非洲、拉丁美洲和加勒比及歐洲與北美等不同區域的虛擬變數與海外投資動機的交乘項，實證探討海外投資動機對各地區海外直接投資的影響。實證結果顯示市場大小、非關稅壁壘、基礎設施的便利、貿易開放程度和通貨膨漲等變數對於吸引海外直接投資流入存在顯著性的影響。再者，通貨膨脹與亞洲區域的交乘項顯示為負向影響的效果，可據以得知在亞洲地區尋求效率型並非海外投資的主要考量。最後，透由追蹤因果關係的檢定得知，海外直接投資的流入確實受到國際化動機的影響，舉凡，尋求市場型的動機：當地競爭的密集性、非關稅壁壘、市場開放程度、人口數、經濟成長；尋求資源型動機：電力供給的品質、學校網路的普及、總稅率與海外直接投資的技術移轉等；尋求效率型動機：通貨膨脹、工資彈性、銀行家數、群聚效應與產品服務價值鏈的幅度等。
第二篇實證研究則著重於差異化動機之於國際化與公司績效間的調節效果。長久以來，公司績效與國際化因素間的關係便廣為實證研究所熱衷探討。本論文嘗試由國際化動機的角度，考量海外投資動機與國際化的交乘項，據以提供相對適切的調節效果，分別針對不同產業類別，再次檢視國際化樣態與公司績效間的關係。根據台灣上市公司2003-2017年追蹤資料的估計結果發現，尋求市場型的動機是提昇公司績效的主要因素之一，同時強化國際化對績效的正向效果；此外，我們運用Lind and Mehlum (2010)的檢定方法，逐一檢視不同產業特性下國際化與公司績效間的非線性關係，實證顯示在國際化動機的調節估計下，電子產業與非電子業的國際化與績效間分別呈現倒U及U型的關係。據此可知，不同產業海外擴張的動機不同，故其對國際化產生的調節效果與公司績效間的關係也不盡相同。

關鍵字

國際化動機 ； 海外直接投資 ； 國際化 ； 經營績效 ； 區域選擇

並列摘要

The Ph.D. thesis aims to provide a better understanding of the determents of FDI and the internationalization process in international business field. The thesis consists of systematic literature review and two empirical studies. Design empirical procedure, such as controlled endogenous bias and panel causality inference, have been employed to provide robust empirical evidence in this thesis. Reinvestigating the motives constitute important determinants of the internationalization process and subsequent firm performance.
The first empirical paper draws on the OLI paradigm to investigate the relationship between the motives and inward FDI. In contrast to previous studies have been emphasized the impacts of macroeconomic variables on inward FDI. This study has examined the individual impact of market seeking, resource seeking and efficiency seeking factors derived from the OLI framework of Dunning on inward FDI. First, we used a panel data collected by the World Economic Forum consists of 69 countries over the time period from 2006-2016 to estimate and model the determinants of inward FDI for four subsample groups: Asia, Africa, Latin America & Caribbean and Europe. The results demonstrate that market size, prevalence of non-tariff barriers, infrastructure availability, trade openness and inflation play the most significant roles in attracting inward FDI. Moreover, we find a dampening effect of the interaction of inflation and Asian region on FDI. It means that motive of efficiency seeking not the main determinant in Asian countries. Finally, the panel causality findings advice that inward FDI is influenced by differentiated motives, market seeking, measured using intensity of local competition and prevalence of non-tariff barriers, resource seeking, measured using quality of electricity supply, internet access in schools, total tax rate, FDI and technology transfer, and efficiency seeking, measured as inflation, flexibility of wage determination, soundness of banks, state of cluster development, value chain breadth. This can be interpreted that the significant motives promote the inward FDI.
The second empirical paper focuses on the moderate effect of FDI motives in the relationship between internationalization and firm performance. There is a long history of examining the relationship between these two variables. A part of this Ph.D. thesis aims to promote a better understanding of the internationalization patterns. We conceptualize how motives of firms interact with the degree of internationalization on performance in heterogeneity of industry-level. We find that firms with market seeking motives are more affected by the foreign sale of host market. The impact of degree of international has a Kuznets shape for firm performance in Electronic. Hence, we revisit the validity of the U or inverted U hypothesis by applying the novel testing strategy of Lind and Mehlum (2010) to panel data over the period 2003 to 2017. We find that an inverted U-shaped relationship and U shaped relationship between performance and degree of internationalization with electronic and manufacturing, respectively. There is significantly positive estimate on the DOI variable and significantly negative coefficient on its squared term, that is, performance first rises and the falls as the DOI advances.

並列關鍵字

FDI motives ； Foreign Direct Investment ； Internationalization ； firm performance ； Regional decision

參考文獻

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