相對風險、實質選擇權投資對FDI績效之跨層次研究

Multilevel Research of Relative Risk and Real Options to FDI Performance

10.6342/NTU.2012.02596

許旭緯

相對風險、實質選擇權投資、空間分析、跨層次研究、直接投資 ； Relative Risk、Real Options、Spatial Analysis、MLR、FDI

國立臺灣大學國際企業學系學位論文

2012年

博士

趙義隆

繁體中文

過去IB學者用交易成本（TCE）做為進入模式選擇之依據，但在選擇進入模式的前因後果上，缺乏一致性的結論（Davis, Desai and Francis, 2000；Datta, Hermann and Rasheed, 1997）。有學者認為社會環境因素未納入考慮，導致研究結果受到限制（Lu, 2002）。部份研究指出將體制因素納入TCE中考量（Brouthers, 2002；Yiu and Makino, 2002；Meyer, 2001；Delios and Beamish, 1999）更能描述及符合企業在進入模式下的狀態。而台商對於進入一個環境不確定性的區域，有著一種特定的模式。剛開始比較不容易投資大量的金額，而是以且戰且走的模式進入市場。而中國是一個排他性較高的國家，具有其複雜性，特別是在資訊及法規都還未能被充分理解時，廠商會採取較保守的策略來因應（Boisot and Child, 1999）。 Dunning（1980, 1981）的折衷理論中，「區位優勢」是一個靜態的概念，本研究特別考量跨層次效果，採用SaTscan進行以空間地理學的區域說明，以利用區域制度的角度彌補TCE的不足。以將台商投資中國10年的實證區分為Firms Level and Spatial Level，進行動態性觀點探討。研究發現，第一，Man-Power為台商FDI時重要的考量因素，符合本研究之預期。第二，台灣母企業在中國的投資績效，雖然與其進入策略及Man-Power有關，但當區域相對風險上（教育條件）無法跟上勞動條件，將會干擾投資績效。

In the past. IB scholars regarded transaction cost as a basis on Entry Mode Choice, but the result lacks of consistency in conclusion.（Davis, Desai and Francis, 2000；Datta, Hermann and Rasheed, 1997）. Some scholars think that the social environmental factors were not included, so that the results were limited. Part of studies pointed out that Institutional Factor transaction cost (Brouthers was 2002; Yiu, and Makino, 2002; Meyer, 2001; Delios and Yigang, and Beamish, 1999) to describe and comply with the enterprises to enter the mode. Therefore, the first contribution of the study, which adopts SaTscan "Spatial" to explain and compensate for the lack of transaction cost in the traditional IB research. However, Taiwanese firms have a specific mode to enter an uncertainty environment. In the beginning, they are unlikely to invest large amount, and step by step to market. However, China is an exclusive country, and has its complexity. The firms will take more conservative strategies; especially, the information and regulations are not fully understood yet.（Boisot and Child, 1999） Location advantage on Dunning’s (1980, 1981) OLI theory is a static concept. This study particularly considers the effect of cross-level to discussion. In dynamic perspective, Taiwanese firms invested China in the past 10 years to divide into Firms Level and Spatial Level. We find that Man-Power is the FDI most important factor for Taiwanese firms, with this study is expected to: Man-Power will be positive impact on the proportion of parent company equity into the local market. Second, the investment performance of Taiwan parent enterprises in China which is related to entry strategies and Man-Power; however, the region relative risk (educational conditions) cannot keep up with the working conditions, the investment performance will be interfered.

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