探討臺灣企業在越南之進入策略對投資績效的影響

越南自1990年以來一直是臺灣企業相當關注之新興投資地區，在投資金額與投資件數方面皆屬外資投資前三位，於新南向政策推動與美中貿易衝突之轉單效應下，越南近年來更是臺灣企業在海外投資的不二首選。隨著臺灣企業在越南投資持續升溫，如何有效地提升企業在越南的投資績效已成為一個炙手可熱的研究議題。本研究以136間臺灣企業在越南轉投資的資料探討臺灣企業在越南的進入策略是否會顯著影響臺灣企業於越南的投資績效。研究主要探討投資區位、進入模式、產業類別等變數，並透過企業之投資報酬率、資產報酬率，分析臺灣企業在不同的進入策略下於越南投資對投資績效有何影響。研究結果發現，臺灣企業在越南的進入策略僅投資區位、產業類別對於臺灣企業在越南的投資績效具有顯著影響，經實證分析後得出，臺灣企業投資設廠於北越地區以及投資勞力密集型產業對於臺灣企業赴越南的投資績效愈有利。反之，本研究實證結果，臺灣企業的進入模式對於影響臺灣企業在越南投資績效的因素中，似乎並無絕對顯著之影響。隨著越南投資法的革新，企業赴越南投資之最適進入策略會根據投資法改革之方向進行調整，近幾年越南積極開發北部地區，以優惠的投資政策吸引外資前往北越地區並獎勵資本密集型產業的投資，且對於外資之持股比例逐漸加以限制，但配合越南新版的投資法採持股比例較低之進入模式、投資資本密集型產業卻不一定能帶來較良好的投資績效表現。因此，必須再尋找其他可能的解釋變數如進入投資的時間點等重要因素進行實證研究。本研究雖有部分的研究限制存在，但研究結果仍可提供臺灣企業在制定赴越南投資策略時做為參考。

關鍵字

臺灣企業；越南；進入策略；投資績效

並列摘要

Vietnam has been an emerging investment area that Taiwanese enterprises pay attention to since 1990. It ranks among the top three in foreign investment in terms of investment amount. Under the effect by The New Southbound Policy and U.S.-China trade war, Vietnam has become the first choice for Taiwanese enterprises to invest overseas. As Taiwanese enterprises' investment in Vietnam continues to heat up, how to effectively improve their performance in Vietnam will become an important topic. This study used the data of 136 Taiwanese enterprises which invested in Vietnam to explore whether the entry strategy of Taiwanese enterprises in Vietnam will significantly affect the performance of Taiwanese enterprises in Vietnam. The variables such as investment location, entry mode and industry category, analyzes the impact of Taiwanese enterprises’ investment performance under different entry strategies through return on investment and return on assets. The results of the study found that the entry strategy of Taiwanese enterprises in Vietnam only have significant impact on the investment location and industry category of Taiwanese enterprises’ performance in Vietnam. After empirical analysis, it is concluded that Taiwanese enterprises which invest in North Vietnam and invest in labor-intensive industries are much more profitable. On the contrary, the empirical results of this study show that the entry mode of Taiwanese enterprises does not have a significant impact on the factors that affect Taiwanese enterprises’ performance in Vietnam. With the reform of Vietnam's investment law, the most appropriate entry strategy for enterprises will be adjusted according to the reform of investment law. In recent years, Vietnam has actively developed the northern region and used preferential investment policies to attract foreign investment to the North Vietnam. However, in line with the Vietnam's investment law may not necessarily lead to better investment performance. Consequently, we must look for other possible explanatory variables such as the time point of investment and other important factors for research. Although there are some restrict, this research can still be used as a reference for Taiwanese enterprises when formulating investment strategies in Vietnam.