赴大陸投資與母公司經營績效關係之研究－以代表性製造業上市公司為例

Research on the Relationship between the Performance of Taiwanese Parent Companies and their Investment in Mainland China: A Study of Listed Manufacturing Companies

汪震亞(Chen-Ya Wang)

指導教授 ： 杜震華

國立臺灣大學/社會科學院/國家發展研究所/碩士(2012年)

https://doi.org/10.6342/NTU.2012.02574

摘要

製造業在我國經濟發展一直占有重要地位，同時也是臺商在中國大陸投資的主要產業別，是最值得探究的領域，其中有關大陸投資急遽增加，對臺灣產業影響之研究資料已相當豐富。然而2002年兩岸幾乎同時加入世界貿易組織後，兩岸經濟進入一個新的局面。更多外資企業的進入這個新興市場使臺商所面臨的直接競爭更為嚴峻，同時而中國大陸也不再如改革開放早期所具備相對廉價要素，已不再是夕陽產業延緩轉型壓力的避難場所，故此一階段的製造業，到中國大陸投資對母公司經營績效的影響重新進行評估，是有其必要性的。
　　本研究針對代表性製造業上市公司，即寶來「台灣卓越50證券投資信託基金」於2012年3月31日所列舉50檔代表性上市公司，排除部分非製造業的廠商，運用資料包絡分析法與Malmquist Index與追蹤型資料分析，探討台商於中國大陸布局和經營績效之間的關係，以及製造業經營績效變化的主要因素。
　　從文獻回顧可總結出FDI行為對企業的研發決策、出口導向與資本結構存在一定的影響，而這三項特性又與企業經營績效息息相關，故分別以研發比重、外銷比重與負債比重為中介變數，一方面以實證釐清在中國大陸投資情形對前述三項中介變數的影響，另一方面探究中介變數、企業效率與生產力變化之間的關係。
　　根據實證分析結果，製造業廠商在中國大陸直接投資將降低技術變革的速度，進而對總要素生產力有顯著的負向影響；然而將2008年金融海嘯前的數據單獨分析，則發現較依賴對中國大陸投資的樣本企業，存在較高的正向技術變革，但抑制技術效率的改善。其次，儘管投資明顯集中在最富裕的沿海地區，但真正帶動外銷成長的卻是在內陸省份的投資，顯示目前臺商投資目的仍舊未以內需市場為著眼點。　　最後，製造業研究發展支出主要用在生產效率的改善，而非提高技術水準，故如何使企業由配合當期市場需求與客戶訂單的研發活動，轉為前瞻性的技術深耕與創新，讓既有的研發資源得以用於真正能改善生產力的活動上，是提振當前製造業競爭力的對策。

關鍵字

資料包絡分析 ； Malmquist Index ； 技術效率 ； 總要素生產力 ； 追蹤型資料分析 ； 海外直接投資

並列摘要

Manufacturing industry has an important position in our domestic economic development, and it’s the main industrial category of investments in Mainland China, so this area is worth of further investigation. However, after both sides across the Straits entered into World Trade Organization, this situation proceeded to a new stage. More foreign capital enterprises entering Mainland China has made Taiwanese merchants face more severe competition, and there’s not relative abundant and low-cost input endowment like the early stage of reforming and opening-up era anymore. Mainland China is no longer the shelter for sunset industry to avoid restructuring pressure, so the impact of investing in Mainland China of manufacturing industry to the performance of the parent companies is necessary to re-estimate.
This study is oriented toward representative manufacturing listed companies from FTSE TWSE Taiwan 50 Index, published on March 31st, 2012. After removing the non- manufacturing companies, the remained samples are used to investigate the relationship between their performance and investments in Mainland China by Data Envelopment Analysis, Malmquist Industry and Panel Data Analysis, in order to discover the main factor of enterprises’ productivity.
In the literature reviews, we can concluded that FDI behavior has influence on R & D decision, export orientation and capital structure of enterprises, and the abovementioned three characteristics are closely related to their performance. Therefore, this study will select R & D ratio, export ratio and debt ratio as the intermediate variables, to verify whether investments in Mainland China have any influence on the abovementioned three variables on one hand, and to test the relationship between the three variables and the changes of efficiency and productivity on the other hand.
According to the results of empirical analysis, FDI to Mainland China by manufacturing companies may retard technical change, and then cause negative impact to total factor productivity. However, if only the data after the financial crisis in 2008 are analyzed, the result shows that the samples that highly inclined to invest in Mainland China have more positive technical change but lower efficiency modification. Besides, even though the investment is obviously gathered in high-income coastal regions, it is investment in inland regions that really spur growth of export, that is to say currently Taiwanese merchants are not focusing on domestic demand market.Finally, R & D expenses of manufacturing industry are successful in modifying productive efficiency instead of improving technical level. Therefore, how to transfer the R & D activities that cater to current market demand and orders from clients to foresighted technology deepening and innovation, and allocate existed R & D resources to activities that genuinely improve productivity, is the feasible strategy to bring competence of manufacturing industry back to path.

並列關鍵字

Data Envelopment Analysis ； Data Envelopment Analysis ； Technical Efficiency ； Productivity ； Panel Data Analysis ； Foreign Direct Investment

參考文獻

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