近年來台商在亞洲市場的對外投資已成為主流趨勢,其中又以在中國地區的投資為最主要,因此使得探討台商在中國地區獲利性的影響因素成為重要議題。從台灣對中國市場依賴程度逐漸提高的情況來看,中國的台商不管是投資案件數量或是投資規模都占台灣對外投資很大的比例,因此本文使用經濟部投審會「海外投資事業營運調查」的資料,來探討赴中國大陸投資的台商獲利性主要影響因素,並分析於2008年下旬簽訂的ECFA是否會對台商的獲利性有所影響。針對資料特性,本文應用不同的計量模型估計,分別探討相關變數對於廠商是否獲利與獲利程度大小的影響差異。 雖然採用年度變數無法全然解讀成ECFA的效果,但本文仍可依估計結果得知,這段時間ECFA的設立對於廠商的獲利可能性有正向的影響,然而對獲利程度大小仍受其他變數的影響。值得一提的是不論在任何模型下皆顯示:與當地市場的融合度越高,對廠商獲利情況與獲利程度有正向顯著的影響,凸顯出當地化的重要性;另外,投資地區、產業別、母公司員工人數、投資動機與研發部門非台籍比例等因素,皆會對台商的獲利情況有不同程度的影響。
In recent years, the foreign investment in the Asian market has become the main trend for Taiwanese businessmen, and China is the major area of their investment. As a result, it is important to explore what factors affect the profitability of Taiwanese businessmen in China. Taiwan’s dependence on China market rises increasingly high as the number and the scale of investment of Taiwanese businessmen in China have accounted for a large proportion of foreign investment in Taiwan. The purpose of this study is to empirically investigate the profitability of the Taiwanese businessmen in China based on the data from the "Overseas Investment Business Operations Survey." This study also attempts to examine the effect of ECFA on the profitability of the Taiwanese businessmen in China. As we use the year dummy variable to represent the role of ECFA, our findings may not be fully attributed to the ECFA. However, we may still infer that the establishment of the ECFA has a positive effect on the profitability of the Taiwanese businessmen in China. It is worthwhile to mention that localization plays a significant role in increasing the profitability of the Taiwanese businessmen in China. In all the models we have applied in this study, the degree of integration with the local market has shown a significant positive impact on the profitability level. In addition, the investment region, the Industry type, the size of the parent company, the investment motivation and the proportion of non-Taiwanese R&D employees all have various degrees of impact on the profitability of Taiwanese businessmen in China.