This study examines the synergy through industrial clustering of Taiwanese firms' investment in China from a long-term perspective. In the research, a multiple regression model was built by adopting two constructs as independent variables, including the industrial clustering (clustering as a whole; clustering in eastern China; clustering in southern China) and company characters (firm size; debt ratio). Company's performance was taken as dependent variable. The empirical result shows that clustering in southern China would produce positive contribution to company's performance. However, the impact of clustering as a whole on company's performance is negative. For the firm size, its impact on company's performance is positive and the impact of debt ratio on company's performance is negative.