台商海外設廠面臨之政治風險與因應策略研究─以我國紡織產業於東南亞設廠為例

Assessment and Coping Strategy of Political Risk for Overseas Production─A Case Study for Taiwanese Textile Companies in ASEAN

謝茵絜(Yin-Chieh Hsieh)

指導教授 ： 趙義隆

國立臺灣大學/管理學院/國際企業學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201700946

摘要

公司進行海外投資時，會面臨許多風險，其中地主國的政治風險對公司多屬不可抗力，故在投資前、營運中需有因應策略，避免公司受到損失。我國紡織產業在海外投資集中在開發中國家，政治風險較高；又在海外發展已達數十年，經驗豐富，因此本文希望以個案訪談方式，研究紡織產業在海外投資如何評估、因應政治風險，對照既有研究政治風險的文獻，瞭解實務與學理上的異同。

本文對政治風險的定義係「凡是會影響外商企業在當地地主國正常營運的非經濟面因素，而可能造成企業損失者」；又政治風險的來源可從地主國境內的「政治局勢、政府政策、政府行為、社會環境，以及地主國與他國的國際關係」五個面向來觀察。而評估政治風險的基礎有主觀意見以及客觀量化數據等方式；因應風險的策略，依照投資時程亦可區分為投資前、投資後；投資前應慎選進入策略、或投保政治風險保險、與地主國政府談判；投資後則可能透過撤資以規避風險、妥協地主國政府要求、降低資產比重、經營企業形象與維持雙方利益一致性以降低風險，甚或以財務策略、形成聯盟或市場力量以控制風險。

藉由進行個案研究，本文發現受訪公司評估政治風險時，仍以內部資訊為主，又我國紡織產業在東南亞的投資，容易受到排華暴動、罷工怠工、官僚貪污等政治風險影響，而受訪公司係採取承擔及降低風險方式因應，除保障台籍員工安全外，亦可能透過縮小各別廠區規模、保持低調的經營態度、勿倚賴政商人脈關係以分散風險，此部分與學理論及的因應方式與基本想法略有不同。本文透過觀察實務運作中的細膩作法，可作為後續我國廠商海外投資的參考與借鏡。

關鍵字

政治風險 ； 紡織產業 ； 儒鴻 ； 台南企業

並列摘要

Corporations face risks when investing abroad. Since political risks in host countries are not fully predictable, corporations should develop reactive strategies to avoid losses. Textile industry in Taiwan has conducted foreign investment for decades and focused on developing countries, with unstable regimes, growing economies and high political risk. This study captures the experience of the textile industry in their reactions to political risks, and discusses the difference between the theories and their applications by interviewing managers and reviewing current articles relating to political risks.

This study defines political risk as any non-economic factors influencing the operation of foreign corporations leading to losses. Political risk stems from the political environment in host countries, including public policies, government actions, social environment and international relationship. Some reactive strategies to political risk prior to investment include carefully selecting methods of foreign direct investment, taking insurance against political risk, and negotiating and compromising with host governments. Corporations can also manage risk by withdrawing capital, lowering the ratio of asset and liability, and setting up outstanding corporate image. Further, corporations can make use of financial strategy, formation of coalition or market forces to control the risks.

After conducting some case studies, the author found that participant corporations evaluated political risk mostly based on their own information. However, Taiwan textile industry’s investment in Southeast Asia is often influenced by anti-Chinese riots, strikes and officials corruption. In addition to securing the safety of Taiwanese employees, participant corporations bear and spread the risks by downsizing the scale of production, maintaining low profile, and not relying on government-business relations, which differs from actions suggested in theories. This study suggests that participant corporations’ reactions to risks may provide useful insight for those who seek to invest abroad.

並列關鍵字

political risk ； textile industry ； ECLAT ； Tainan Enterprises Co. Ltd.

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