陸資企業在臺灣投資的表現與特性分析

The Analysis of Performance and Characteristics of Chinese Investors in Taiwan

史惠慈(Hui-tzu Shih) ； 吳玉瑩(Yu-yin Wu) ； 劉昱辰(Yu-chen Liu) ； 鄭靜媛(Jing-yuan Jheng) ； 賴怡安(Yi-an Lai)

《中國大陸研究》 65卷3期 (2022/09) Pp. 33-79

https://doi.org/10.30389/MCS.202209_65(3).0002

摘要

本研究運用2014∼2019年間累積訪問的746家陸資在臺投資業者（約為核准陸資投資企業數的53.7%）的混合資料（pooled data），包括廠商資料、問卷回覆、及訪談資訊，分析受限制的陸資企業在臺獲利表現，並探討影響陸資企業在臺投資獲利的主要因素。迴歸結果顯示，具國企背景及具外資背景的陸資企業表現較佳，尤其主要市場在中國大陸的服務業國企，以及客戶主要在臺灣的製造業國企。此外，以陸資既有技術配合臺灣人才的營業模式，對陸資企業的在臺營運表現有正向影響，此種模式在服務業尤其顯著。最後，就經營環境而言，臺灣北部產業聚落有助提升在臺製造業陸資企業的營運表現，另具體表達面臨營運障礙的服務業陸資稅後損益顯著較差。配合訪談歸納，具中國大陸國企背景的在臺陸資為維持在臺據點，即便無法推展母集團主要業務，亦能在母集團的資源挹注下，尋找合適的商業機會與營運模式，善用臺灣的優勢，故有較佳的營運表現。

關鍵字

陸資 ； 外商直接投資 ； 外商投資限制 ； 決定因素

並列摘要

By using the firm-level pooled data collected from 2014 to 2019, which included basic information of the companies, their questionnaire responses, and interview records of 746 companies invested by/with Chinese entrepreneurs in Taiwan (about 53.7% of the approved Chinese invested companies), this study aimed to analyze the performance of those Chinese companies whose operation was restricted in Taiwan, and discuss the main determinants for those Chinese enterpreneurs' profitability. The regression results showed that the Chinese companies with background of SOE and foreign enterprises performed better, especially SOEs in service sector whose main market is in mainland China, and SOEs in manufacturing sector whose customers are mainly in Taiwan. In addition, the business model of using the existing technologies of Chinese companies to cooperate with Taiwanese talents has a positive impact on the performance of those Chinese companies in Taiwan, especially in the service industry. Finally, regarding the environment, the industrial cluster in northern Taiwan showed positive impact on the performance of Chinese companies in Taiwan, especially for those in manufacturing sectors. And those who concretely expressed that facing operational obstacles earned less after-tax profit, especially for those in service sector. In conjunction with the interview records, in order to ＂maintain a foothold in Taiwan＂, Chinese investors with SOE background would try to find suitable operation models and dig out business opportunities in Taiwan with the resources from their parent group, even if they were usually banned from running the main business of their parent group. Therefore, they still present better performances compare to other Chinese invested companies in Taiwan.

並列關鍵字

Investment from China ； Outward FDI ； FDI Restrctions ； Determinants

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