依國家個別之因素探討企業資源與市場特質對國際市場進入模式選擇之影響效果:金融服務與電子製造二大產業之英國與台灣雙向外來投資之研究

The Effects of Corporate Resources and Market Characteristics on Entry Mode via Country Specific Factors: A Case of Financial Services and Electronic Manufacturing Sectors in the UK and Taiwan

詹姆士(James E. Hill)

指導教授 ： 劉祥熹

國立臺北大學/商學院/國際企業研究所/碩士(2010年)

摘要

自20世紀後50年至今，評論國際企業在外投資之文獻大致考單向投資為主，對兩國雙向外人
直接投資與進入市場模式且投資在不同經濟發展程度的經濟體，包括文化差異為研究內涵的文獻，嫌得較少。本論文冀望在補足該方面的研究，乃以台灣與英國直接外人投資為對象，探討直接外人投資進入模式選擇之決定因素。依據實證結果顯示，就英國廠商對台灣地區投資而言，在未考慮國家個別因素時，資產專屬性(asset specificity)，市場潛力(market potential)與市場競爭程度(competition intensity) 對進入台灣市場選擇之重要決定因素；若考慮納入國家別因素時，此述三因素中，市場競爭並非重要考慮因素，但廠商的國際經驗 (international experience)更卻更成為重要決定因素，由於國別因素中，政府措施、投資風險與文化距離對英國廠商進入台灣投資也是其考慮不可忽視之因素。就台灣廠商擬進入英國市場方面，在未考慮國家個別因素時，其進入市場模式的決定因素在廠商的因素中包括資產專屬性、國際經驗與公司大小 (firm size)，但市場潛力卻非主要決定因素，乃台灣對英國投資並非提供英國顧客相關服務，而是服務本國在當地廠商的需要。若將國家個別因素考慮後，台灣廠商進入英國市場模式的選擇決定因素中資產專屬性，國際經驗與公司太小仍是主要決定因素，但其影響程度加深，乃國別因素中政府措施納入考慮所致。綜合上述分析結果可歸納：台灣廠商進入英國市場或英國廠商台灣市場，大致而言，在市場進入模式之決策過程中，被投資的國別因素中政府措施，投資風險及文化距離均不可忽視。

關鍵字

市場進入模式選擇 外來投資 國家個別之因素

並列摘要

The study of foreign direct investment has attracted much attention since its rapid growth in the latter half of the 20th Century. What has been lacking however is research that looks at the bilateral foreign investment decisions between two distinct economies, that of a developed Western nation and a newly industrialized Asian one. The addition of cultural context to entry mode decisions has also gained notice, though research shows that its influence is ambiguous. This study therefore aims to bridge the gaps in the current literature by comparing the determinants of entry mode choice between Taiwanese and British firms. When cultural context was removed from the statistical analysis, results showed that international experience and market potential were significant. Other firm and market-specific factors appeared insignificant. By adding cultural context to the empirical model, entry mode choice for British firms improved, with two out of three firm-specific factors showing significant. All three country-specific factors were significant, demonstrating the importance of considering properly the institutions and culture of the host country. In the results for the Taiwanese firms, all three firm-specific factors were significant, whereas the market-specific factors were largely disregarded. When country-specific factors were included in the model, their influence was undeniable. This study therefore provides evidence that country-specific factors are crucial in determining entry mode choice, and thus, important information for both British and Taiwanese firms looking to invest in each others’ markets.

並列關鍵字

Entry Mode Choice, Foreign Direct Investment, Institutional Context

參考文獻

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