本研究主要目的是探討哪些因素會影響廠商選擇獨資或合資模式,作為台商進入中國大陸之決策。且進一步驗證,選擇不同之進入模式是否會影響廠商之經營績效。此外,在檢定經營績效之前,本文先檢驗進入模式是否具有內生性問題。 本研究以1999年至2008年間赴中國大陸投資之台灣廠商為樣本,並利用機率迴歸模型 (probit regression model) 及邏吉斯迴歸模型 (logit regression model),探討廠商層面、地主國層面、產業層面影響廠商進入模式之選擇。實證結果顯示,就廠商層面而言,國際化經驗越多、投資規模越大之廠商,越傾向獨資模式。就地主國層面而言,選在經濟特區設廠之廠商越傾向獨資模式、而生產成本與環境不確定性越高時,廠商傾向於合資模式;就產業層面而言,集中度越高、資產密集度越高,廠商傾向於合資模式,產業成長力越高,廠商傾向於獨資模式。 廠商選擇最佳進入模式之目的,在於追求利潤極大化。本研究以利用縱橫資料迴歸模型 (panel data regression model) ,探討進入模式之選擇是否對經營績效有所影響。經營績效是以稅後淨利及資產報酬率作為衡量。實證結果顯示,於1999年到2008年之間,當進入模式包含獨資、合資時,獨資之稅後淨利會比合資佳。在2006年到2008年,進入模式概括獨資、合資、出口模式,實證發現出口模式之資產報酬率會比獨資及合資來得好。
The major purpose of this study is to investigate the factors that affect firms’ decision of entry modes among Taiwanese firms when entering China. We examine whether firms’ performance is influenced by the choice of modes. Furthermore, we test the endogenity problem of entry modes. Data are drawn from the Taiwanese firms that invest in China from 1999 to 2008. We use probit regression model and logistic regression model to examine how firm factors, host country factors, and industry factors affect firms’ decision of entry modes. The empirical evidence shows that in respect of the firm factors, firms that possess more international experience or invest more tend to prefer the mode of wholly owning. In respect of host country factors, firms that are located at a special economic zone are more likely to choose the mode of wholly owning. However, when facing high production costs and high environmental uncertainty, the mode of joint ventures is likely to be chosen. In respect of industry factors, in high concentrated and high asset-intensity industries, firms prefer the mode of joint ventures. However, in a high-growth industry, the mode of wholly owning is chosen. Firms choose the optimal entry mode to maximize profits. This study adopts a panel data regression model to examine whether firms’ performance is affected by the entry mode choices. Performance is measured by the net incomes and returns on asset. The empirical evidence shows that, during 1999-2008, the mode of wholly owning produces more net incomes than the mode of joint venture. During 2006-2008, relative to the mode of wholly owning and joint venture, the mode of exports performs better in terms of returns on asset.