內需市場佈局模式與知覺投資環境關係之研究 -以台商進入十大新興市場為例

Relationship between Modes of Domestic Market Configuration and Perceived Investment Environment -Empirical Study on Top Ten Emerging Markets for Taiwan’s Trading Companies

柯元筑(Yuan-Chu Ke)

指導教授 ： 呂鴻德

中原大學/商學院/企業管理研究所/碩士(2010年)

https://doi.org/10.6840/cycu201000426

摘要

若全球化是上世紀經濟史重要的進程，經貿版圖轉移開啟本世紀經濟趨勢的章節，第三世界為代名詞的新興市場，過去以豐沛的生產要素吸引資金進入，拉動總體經濟成長，累積厚實國家資本，增進中產階級消費力，潛在商機源源不絕湧出。高盛（Goldman Sachs）2001年提出「金磚四國」（BRICs）之詞，使得全球投資焦點投注於新興市場內，加上金融海嘯的衝擊，重要市場的光環正在消退，台灣企業佈局國際多時，早以察覺風向的轉變。為協助台商順利進駐新興市場，政府更積極經營新興市場的拓銷，有鑑於此，本研究冀望透過台商於新興市場的內需佈局模式與知覺投資環境間的探討，進一步歸納出不同模式之企業，對於投資環境的評價，以提供企未來佈局新興市場之實務參考，使台灣企業能活躍於國際的舞臺，更盼望有朝一日台灣品牌，能深植全球消費者的心中。
本研究根據根基於過去企業國際佈局的研究成果與文獻探討，將內需市場佈局模式區分為成本導向型與市場接近兩種類型，藉由知覺投資難易度與知覺投資風險度，探討知覺投資環境之評價，其中知覺投資難易度包含許可程度、資訊取得、投資承諾和經商成本四項構面，而知覺投資風險度則有政治風險、經濟風險、政策風險、支付風險四構面探討，輔以仲介變數企業規模、產業特性，瞭解其交互作用之結果，最後探討系絡變項貿易依賴度之影響。，針對本研究欲探討的十大新興市場已佈局之台商，進行問卷調查與量化的統計分析
台商佈局新興市場之模式，已由生產工廠轉為消費市場，低廉的要素成本，不再是吸引台商的唯一理由，蓄勢待發的經濟潛能才是首重之原因，企業不能只著眼於目前市場佔有率，更要重視未來的機會佔有率，洞燭先機才能提前佈局，進而享有首動利益（first-mover advantage），而企業於新興市場進行策略佈局，主要仍受到管理者風險偏好程度影響，因此，管理者將依據其所得之資訊，主觀認定知覺投資環境之評價進行策略佈局。且新興市場存在資訊不對稱之問題，台商應提高對於新興市場的風險感知度，針對欲前往佈局之新興市場國家，多方面進行瞭解，風險總潛藏於商機的背後，做足萬全之準備才能因應風險的到來。

關鍵字

佈局模式 ； 投資難易 ； 投資風險 ； 知覺投資環境 ； 新興市場

並列摘要

If globalization is an important economic history of the last century, the shift of open trade and economic map for the economic trends has definitely created a new chapter in this century. The emerging market with abundant factor of production has not only attract funds into and stimulate overall economic growth, but also increase the spending power of middle-class and create potential business opportunities. Goldman Sachs first introduced "BRIC’s" terms in 2001, making the focus of global investment in the emerging markets. With the impact of the financial crisis, the markets that used to be considered important for the global investment in the last decade are receding. Based on the fact that the Taiwanese companies has detected these changes from time to time, the government is actively expanding sales in emerging markets business to help Taiwanese trading companies stationed in emerging markets successfully. Therefore, the goal of this study is to provide enterprises the future layout of practical information of the emerging markets and to further summarized different model enterprise for the evaluation of investment environment base on Taiwan's domestic demand in emerging markets and the distribution patterns of perception between the investment environments. We hope one day that the Taiwanese companies could not only actively participate in the international arena but also make the Taiwanese brand be better known and recognized by the consumers worldwide.
This study is based on the past studies and research reports of international market configuration, and classifies the domestic configuration modes into two models: the market-oriented distribution model and the cost-oriented distribution model. The evaluation of the Perceived Investment Environment is based on the perceived difficulty and the perceived investment risk; the factors of the perceived difficulty for the Perceived Investment Environment includes perceived ease of investment licenses, information, acquisition, investment commitments and the cost of doing business in four dimensions while the perceived degree of investment risk includes four dimensions of risk in political risk, economic risk, policy risk, and payment risk. The study of the models is supported by intermediary variables, firm size, and industry characteristics to understand their interaction results, and then to probe into the contextual variables and the effect of trade dependence. There are 359 valid surveys are collected from various Taiwanese trading companies that have arrangement or participation of the ten emerging markets ,and conducted statistical analysis through quantitative statistical analysis for this study. Below is the conclusion and result of the study:
The distribution pattern of the Taiwanese trading companies for the emerging markets has shift from production facilities to the consumer market. Low costs factor is no longer the only reason to attract Taiwanese trading companies; instead, the arising economic potential will be the key reason. Companies can no longer only focus on the current market share; greater emphasis should be focus on the future share opportunities. The first-mover advantage can only be reached by people with great vision, and be able to foresee and contemplate on the future opportunities. Company in the emerging markets strategy for the configuration is still well affected by the investor’s preference on the risk management. As a result, investors will still based on the obtained information and the subjective perception of the investment environment to identify and evaluate the strategy or configuration.
Generally, the information for the emerging markets is less taken by the Taiwanese trading companies. This also indicates the asymmetry issue from the existence of information in the emerging market. Taiwanese trading companies should increase their sense of risk perception for the emerging market, and to have better understanding in various dimensions for the emerging market countries they might intend to invest. As opportunities always come with risks, there is no doubt that thorough preparation is the only way to prevent and decrease all the potential and upcoming risks.

並列關鍵字

Emerging Markets ； Perceived Investment Environment ； Configuration ； Investment Risk ； Investment Difficulty

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