投資中國和研發活動對廠商生產力與實質出口值之影響 : 實證分析台灣電子製造業

FDI in China ,Investment in R&D , Firm Productivity and Exports : Evidence from Taiwanese Electronics Manufacturing Firms

張珮瑩(Pei-Ying Chang)

指導教授 ： 李宜

國立清華大學/科技管理學院/經濟學系/碩士(2013年)

https://doi.org/10.6843/NTHU.2013.00812

摘要

近年來，台灣產業日漸重視研發創新，將重要的技術根留台灣，另一方面投資中國大陸，藉以利用中國龐大的物資和人力資源，這種研發和對中國投資同步進行的生產模式成為台灣廠商的發展趨勢。因此在這種生產趨勢之下，必須了解廠商投入研究發展和投資中國這兩項活動對台灣廠商的營運造成何種影響。本篇論文實證分析廠商的投資行為、研發活動和對中國投資彼此之間的相互關係，以及這兩項投資活動對廠商生產力和出口值的影響。
論文中選取台灣經濟新報(TEJ)，台灣電子製造業上市上櫃公司，1992年-2011年的資料，其中台灣經濟新報(TEJ)的大陸投資明細此項目是從2000年開始。運用的實證模型有二元概率模型(Bivariate probit model)、二階段模型（two-steps model）、追蹤資料托賓模型(panel tobit model）和動態追蹤資料模型（dynamic panel model）。
有四項主要的研究結果：第一項，廠商的投資行為具有連續性。第二項，研究發展和投資中國兩者投資活動有替代關係，彼此會互相瓜分投資金額。第三項，單一參與其中一項投資活動的廠商生產力進步最大，同時參與兩項活動反而使得生產力的回報規模被分散了。第四項，研究發展活動對實質出口值有互補正相關，而投資中國大陸對實質出口值則是替代負相關。

關鍵字

投資中國大陸(FDI) ； 研究發展(R&D) ； 生產力 ； 實質出口值 ； 台灣 ； 中國

並列摘要

In recent years, Taiwan’s industries put more emphasis on research and innovation. On the other hand, Taiwanese firms take advantage of China’s huge materials and human resources to invest in mainland China. The production model that simultaneously executed R&D and investment in China has become the development trend of Taiwanese manufacturers. With this kind of production trends, it is essential to understand how R&D and FDI in China affect operation of the parent firms. This paper addresses this issue by empirically analyzing firms’ investment behavior, the relationship between R&D and FDI in China, and how these two activities affect firms’ productivity and export value.
Based on the data from 1992-2011 Taiwan Economic Journal (TEJ), all the publicly traded companies in the electronic manufacturing industry are included. Bivariate probit model, two-steps model, panel tobit model and dynamic panel model are employed as the estimation method.
There are four main findings in this paper : First, firms will refer the previous investment experience to the decision on the current investment activities. Secondly, the negative interaction effects between the investment amount in R&D and in FDI suggest that R&D and FDI in China act as substitutes in investment relationship. Thirdly, firms that involve a single investment activity have the largest productivity advances, whether firms chose R&D or FDI in China. When firms involve both activities, their returns to scale on productivity will be dispersed. Fourthly, R&D complements exports from parent firms. Conversely, FDI in China substitutes exports from parent firms.

並列關鍵字

FDI ； R&D ； productivity ； exports ； Taiwan ； China

參考文獻

Fung Loretta, Jin-Tan Liu and Fa-Min Wang. (2013), “Are FDI in China and parent firm exports substitutes or complement? An empirical study of Taiwanese manufacturing firms”, Taiwan Economic Review, 41:2, 167-194.

楊志海與陳忠榮 (2002), 「研究發展, 專利與生產力－台灣製造業的實證研究」, 經濟論文叢刊, 30:1 頁28-47. 台大經濟系出版.

Arellano, M. and Bond, S. (1991), “Some tests of specification for panel data: Monte carlo evidence and an application to employment equations”, Review of Economic Studies, 58, 277-297.

Aw, B. Y. and G. Batra (1998), “ Technological capability and firm efficiency in Taiwan”, World Bank Economic Review, 12, 1, 59-79.

Aw, B. Y., S. Chung and M. J. Roberts (2000), “Productivity and turnover in the export market: Micro-level evidence from Taiwan (China) and the Republic of Korea”, World Bank Economic Review, 14, 1, 65-90.