知覺投資環境力與知覺投資風險度對進入動機影響之研究 －台商布局邊境八國之實證

The Influence of Perceived Investment Environment and Perceived Investment Risk with Entry Motives － Empirical Study on Eight Frontier Markets for Taiwanese Enterprise

劉柏辰(Po-Chen Liu)

指導教授 ： 呂鴻德

中原大學/商學院/企業管理研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500581

摘要

隨著2008年經濟大衰退（Great Recession）以及其後衍生的歐債問題，不但重創全球已開發經濟體之經濟成長動能，亦使傳統新興經濟體因全球需求降低，導致大宗商品出口價格下滑，衝擊傳統新興經濟體不復過往充滿經濟成長活力，而隨著美元逐漸走強，石油價格滑落，更加劇新興經濟體脆弱的體質。然而，相對於已開發經濟體或傳統新興經濟體，過往因不同原因，以及總體經濟量較低而不受國際各界重視的邊境市場國家（Frontier Markets），卻因為其與國際市場和國際油價連動性較低，以及較高的經濟成長潛力，而漸受國際企業和投資人喜愛，促使諸多國際企業積極搶進布局邊境國家。
有鑑於此，本研究將邊境市場八國分別依「國家經濟成長階段」、「國家勞動人口數」、「國家外人直接投資」三大構面，依該國家相應程度進行歸納，再依據相關研究與文獻參考，將知覺投資環境力分為「法規限制環境」、「政府限制環境」、「市場便捷環境」、「基建便捷環境」等四構面；將知覺投資風險度分為「許可成本風險」、「經濟經營風險度」、「經商成本風險」、「政治政策風險度」等四構面；將企業貿易屬性類型分為「專業貿易型」、「製造貿易型」等二構面；將企業進入動機類型分為「接近市場型」、「降低成本型」、「分散風險型」等三構面，並以布局八個邊境市場國家的台灣企業為研究對象，透過問卷調查方式，分別檢視邊境市場八國之知覺投資環境力、知覺投資風險度以及企業進入動機類型的差異與關聯。本研究共回收有效問卷257份，並進行相關統計分析，經過整理歸納後得出以下結論。
1. 知覺投資環境力、知覺投資風險度有顯著關聯。
2. 知覺投資環境力、知覺投資風險度對企業進入動機類型有顯著差異。
3. 企業貿易屬性類型對知覺投資環境力或知覺投資風險度對企業進入動機類型之影響無顯著干擾差異。
4. 邊境市場八國特徵變數對企業進入動機類型沒有顯著差異。

關鍵字

邊境市場、投資環境力、投資風險度、企業進入動機、知覺環境不確定性

並列摘要

Acording to 2008 Great Recession and the European debt crisis, not only hit the world's developed economies’ economic growth momentum, but also reduce the traditional emerging economies’ vitality due to lower global demand, and as the reason of commodity export prices fell, the dollar has strengthened, oil prices fall impact the traditional emerging economies and make the traditional emerging economies more fragile. However, compared to developed economies or traditional emerging economies, though the Frontier Markets got few public attentions as the various reasons in the world the characteristics of international market and the international oil prices linked of low and high economic growth potential are gradually valued by international companies and investors.
In view of this, the study use three facets which are "the country's economic growth phase", "national labor population", "National foreign direct investment" and the nation’s corresponding level to classification. Then the study based on correlational literature reference to use four dimensions which are "regulatory restrictions Environment", "government restrictions on Environment", "convenient market environment", "Infrastructure and convenient environment" to reflect Perceived Investment Environment; and use four dimensions which are "financial risk management", "cost of doing business risks", "political policy risk," the four dimensions to reflect Perceived Investment Risk; and classify enterprises’ Trading properties as “professional trade " and " manufacturing trade " two types; and classify enterprises’ Entry Motives as "near-market type","reduce costs type" and "spread the risk type" three tpyes. Then the study makes the Taiwans enterprises’ which layout of Frontier eight markets as the the research object and use questionnaire survey to get the research’s data to view the relation and differences of Frontier eight markets’ Perceived Investment Environment, Perceived Investment Risk and enterprises’ Entry Motives. The study collected 257 questionnaires are valid, and uses statistic to analyze. It can find that:
1. Perceived Investment Environment and Perceived Investment Risk are significant related.
2. Perceived Investment Environment and Perceived Investment Risk are significant related to the types of enterprises’ Entry Motives.
3. The type of enterprises’ Trading Properties has no significant differences intervention to the influence of Perceived Investment Environment or Perceived Investment Risk to enterprises’ Entry Motives.
4. The attribute variables of The Eight Frontier Markets are no significant related to the types of enterprises’ Entry Motives.

並列關鍵字

Frontier Markets, Investment Environment, Investment Risk, Entry Motives, Perceived- Environmental Uncertainty

參考文獻

6. 經濟部國際貿易局http://www.trade.gov.tw/

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