全球價值鏈與對外投資區位選擇：以電子業台商在大陸為例

Abstract

本研究探討廠商在全球價值鏈中的對外直接投資 (FDI) 區位選擇，聚焦於處於價值鏈不同位置的電子業台商，其進入中國大陸各地級市的投資決策。首先，本研究發現，相較於上游廠商，下游電子業廠商會明顯進入更多的地級市進行投資。進一步的分析顯示，這項差異源於臺灣相較於中國在上游產業的優勢。其次，本研究發現，上游廠商的大陸子公司傾向集中於距離臺灣較近的地級市，而下游廠商則有較高的機率進入距離較遠的地點。當考慮一個具有平均生產力的廠商、以及一個市場規模中等的地級市時，距離對對外投資進入決策所造成的負面影響，在最上游產業可高達在最下游產業的將近三倍。

I study firms' FDI location choices within the global value chain. I focus on the decisions to enter Chinese prefectures made by Taiwanese electronic multinationals that differ in their value chain positions. First, I show that downstream electronic firms enter significantly more prefectures compared to upstream counterparts. I further show that this difference is due to Taiwan's relative advantage over China in the upstream segment of production. Second, I find that upstream firms concentrate their affiliates in prefectures closer to Taiwan while downstream firms have higher probability to enter more distant locations. When considering a firm with average productivity and a medium-sized prefecture, the adverse effect of distance on FDI entry for the most upstream firms is could be three times as large as that for the most downstream firms.