台灣上市上櫃半導體公司在中國大陸投資的佈局策略對經營績效影響之研究

The Influence of China Investing Strategies on Corporate Performance for Semiconductor-Related Companies in Taiwan Stock Exchange Market

黃正誼(Cheng-Yi Huang)

指導教授 ： 何建德

元智大學/管理學院/管理研究所/碩士(2009年)

https://doi.org/10.6838/YZU.2009.00210

摘要

由於台灣是一個典型的海島型經濟體、幅員狹小、天然資源貧乏、國內市場有限，隨著經濟全球化的影響，與中國大陸新興經濟體之崛起，台灣企業也紛紛至中國大陸設廠，期以大陸地區充沛及低廉的資源與勞動力、文化語言差異小的優勢及中國官方提供的獎勵優惠措施等，以求降低生產成本或擴大銷售市場，維持企業的永續經營。因此，台商赴大陸投資對母公司績效之影響為何，成為眾所矚目之焦點。
過去學者針對國際化與經營績效間，究竟呈現線性正向、線性負向、無關或非線性關係，尚無定論，本研究乃參酌Contractor et al. (2003)所提國際擴張之三階段理論，以台灣上市上櫃之半導體公司作為研究樣本，嘗試檢測其大陸投資程度（廣度與深度）與經營績效間，是否存在S 型之曲線關係。
實證結果發現，臺灣上市上櫃之半導體公司大陸投資程度（廣度與深度）與經營績效，均呈S型曲線關係，與前述學者針對先進國家所作之研究相符。推測原因可能為，投資初期兩國在法律制度、公共建設及人民素質和城鄉差距的不同，導致台商到大陸投資所需要負擔的風險也增高，加以中國大陸對外資之政策，係採規範性、指導性之方式進行，使得台商必須花費時間、精神。除了經營管理之外，更要早日瞭解當地人文民情、蒐集市場資訊，；到了第二階段，先前投入的學習成本，此時獲得回饋，企業在克服學習障礙，與深耕當地市場後，對當地之法令規章及市場機制運作，有更深的瞭解，且對當地的消費習慣、商品流通管道及廣告、促銷、宣傳手段等，更為熟悉，對員工的溝通能更得心應手，並與地方官員保持良好的關係後，則其學習經驗、管理效率、國際接單業務能力、供應鏈管理之能力等均可成為企業之策略性資產，從而提升公司核心競爭能力；待進入第三階段時，面對中國大陸逐漸調整吸引外資的政策，大陸台商的各項優惠待遇被取消之後，勢必會壓縮到獲利空間，加上近年來，電荒、水荒、民工荒頻傳，信貸利率調升、工資節節高漲等因素，大陸地區的投資環境已較過去有很大的改變，已影響企業的經營。因上述種種因素，而使台灣上市上櫃之半導體公司在大陸投資的績效呈現負、正、負的型態。
整體而言，臺灣上市上櫃之半導體公司應隨著大陸經濟情勢的不同，適時調整企業經營的方向，審慎評估自身的競爭優勢再結合大陸的區域優勢（產業群聚、人才密集或勞力充沛等），如此內、外優勢兩相結合，才能促使企業有更好的發展前景。

關鍵字

國際化 ； 多國籍企業 ； 國際擴張之三階段理論 ； 棋盤式資料 ； 核心競爭優勢

並列摘要

Taiwan is a typical island economy with small dimensionality, poor natural resources and limited domestic market size. By following the influence of economic globalization and the rise of the newly economy, China, Taiwan enterprises also set up their plants there by enjoying the fruitful resources and cheap labor cost, the advantage of diminishing in culture difference and the reward of subsidiaries that provided by China government, etc. to reduce manufacturing cost or expand sales market and maintain the sustainable management and development. Hence the influence of Taiwan enterprises’ China investing strategies against the corporate performance is very key focus to be highly publicized.
There is no fixed conclusion for the connection between internationalization and corporate performance in the past studies, which is either linear-positive, linear-negative, irrelevant or nonlinear relationship. This study is referred to the 3-Step theory of International Expansion by Contractoretal (2003) and based on the study sample of listed and OTC semiconductor-related companies in Taiwan Stock Exchange Market to verify if there is any s-shape curvilinear relationship between the degree of its China investing (width and depth) and corporate performance.
The empirical evidence proved that s-shape curvilinear relationship is existed between the degree of China investing (width and depth) and corporate performance among most of Taiwan listed and OTC semiconductor-related companies, which is the same as what preceding scholar had studied. The inferred reasons could be the difference of law-system between two nations at initial investing stage, the infrastructure, the people’s civilization and the gap between the city and country, which increase the risk level those Taiwan enterprises that carried. The foreign-investing policy of China government was assigned in more directive manner that cost more time and spirit for Taiwan companies to understand. Except the enterprise management, the company should understand the local culture, market information in earlier stage. At stage 2, the previous investment of learning cost will be paid back. After the enterprise overcame the market barrier by deeply cultivating the local market, the firm will be more understood the local law, regulation and market mechanism. Additionally, the company is getting more familiar with customer habit, market distribution, promotion and advertising activities with better communication with company staff, also keep good relationship with local officials. Then, these learning experience and management efficiency, international sales power and management of supply-chain could contribute with strategic assets of the enterprise to improve the core competitiveness of its own. After getting into stage 3, the China government gradually adjusts his foreign-investing policy by canceling each aspect of favorable treatment, which will surely compress the profit level with more and more electricity shortage, water-shortage, labor-shortage, increase of banking rate, increasing of labor cost, etc. in recent years. The investing environment of China had been changed drastically that affected the management of enterprise. Due to above, Taiwan’s listed and OTC semiconductor-related companies’ performance of China market had been resulted in negative, positive and negative conditions in three different stages.
In summary, the adjustment of management direction should be reflected suitably against China’s economic situation by Taiwan listed and OTC semiconductor-related companies. To cautiously evaluate the self-advantage with regional advantages of China market (industrial cluster, talent-intensive, labor-intensive, etc.) is the real key strategy by integrating both internal and external advantages to drive the enterprise to be updated with better developing foreground。

並列關鍵字

Internationalization ； Multinational Corporations or Multinational enterprise ； three-stage theory of international expansion ； panel data ； core competitive advantages

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