臺灣電子集團企業於中國大陸之獲利能力研究

Abstract

本文的研究目的主要係針對台灣電子集團企業與非集團企業於中國大陸之營業利潤率表現進行探討與比較，並針對廠商之聚集效應此議題進行分析。作者期望藉由上述之研究，使讀者更能了解台灣電子產業目前於中國大陸之投資狀況，而對於未來欲赴中國大陸發展之台商企業而言，也能係一份具參考價值之學術性研究。 本研究透過「空間分析方法」(Spatial analysis)與「傳統OLS迴歸」(Linear regression)之運用，針對台商之營業利潤率、聚集效應因素、企業內部因素、中國大陸經、社背景等變數進行檢視。從實證結果可發現，集團企業之營業利潤率確實顯著(significant)且正向地高於非集團企業；而在「聚集效應」方面，則分別透過「產業聚集度」與「廠商至大型集團距離」進行分析；結果顯示出，中國大陸之「產業聚集度」受政府政策之影響甚深；亦即政府優惠政策釋放愈多之地區，將愈能吸引外商投資，並形成聚集效應，當該區之聚集效應愈強，則在該地投資之廠商也將愈能受惠於聚集效應所帶來之經濟效益。此外，本文也發現，當廠商距離大型集團企業愈近，則獲利能力也將愈好；這也反應出，許多台商企業可能係透過供應鏈的整合或策略聯盟等合作方式，增進與大型集團企業之連結性，始對自身的獲利能力產生正向之影響。 此外，企業內部的生產效率、負債比率，甚至是中國大陸之勞動力成本、基礎建設、政府政策，及廠商之出口比率等皆是影響台商營業利潤率之重要因素。值得一提的是，本文透過「全國佈局指數」分析大型集團於中國大陸之佈局策略；儘管在空間分析(Spatial analysis)中發現，採取全國佈局之大型集團，其獲利能力比單點佈局還要來得好；但此變數則在迴歸(regression)模型中，可能受其他因素(variables)之影響，而呈現不顯著之狀態。 本文之研究結果顯示，中國大陸之經濟優惠政策仍在吸引外資方面，扮演相當重要的角色，包括了地區工資水平之調控、出口優惠政策之釋放，甚至是良好投資環境的創造等，此不僅將影響外商在中國大陸之聚集程度，也是現階段之台灣電子企業，得以降低其營運成本之重要原因。 關鍵字：營業利潤率、集團企業、聚集效應、空間分析

The purpose of this research examines the performance of Taiwanese electronics corporate groups and non-corporate groups in China and also analyzes the “aggregation effect” of Taiwanese entrepreneurs. The author hopes that this article will enable the readers to have a better understanding of the investment position for Taiwanese electronics industry in China; and also provide valuable academic insights for Taiwanese entrepreneurs who are considering advancing to China in the future. Through spatial analysis and linear regression, an inspection towards variables; such as Taiwanese entrepreneurs’ profitability, aggregation effect, internal factors of a company, China’s social and economic backgrounds; is conducted. From the evidence, one can see that corporate groups have a significantly higher profitability than that of non-corporate groups; as for the aggregation effect, since government policies greatly impact China’s “industry aggregation”, the areas where more preferential policies are released tend to attract more foreign investments, which forms the aggregation effect. As the effect becomes stronger, investors will receive more economic benefits in that area. In addition, this article reveals that as Taiwanese corporations grow, so does the remuneration; this indicates that many Taiwanese businesses probably cooperate through supply chain managements or strategic alliances in order to have a positive impact on the ability to produce profit. Moreover, internal factors such as staff productivity, debt ratio; even labor costs, infrastructure, government policies and export ratio of firms in China; play an important role in influencing Taiwanese entrepreneurs’ profitability. Note that through spatial analysis, it is evident that China’s policy to distribute corporate groups nationally makes better profit than keeping it to a single location; however, this variable is less apparent in the model as it is affected by other factors. All in all, China’s economic preferential policies is essential in attracting FDI. This includes the regulation of wages, the release of preferential policies on exports, the establishment of a comfortable investment environment and more. Not only do these affect the aggregation level of foreign investors, it is also one of the main reasons why Taiwan electronics corporations can reduce operating costs in China. Key Words: profitability, corporate group, aggregation effect, spatial analysis