台商赴中國大陸投資進入模式與合作夥伴選擇之研究

Abstract

中國大陸在2001年入世後進行一系列投資相關法令的調整，被視為改革開放以來最重要的制度變遷。但對台商在此之後投資大陸的進入策略相關研究卻極為缺乏。本研究用2002到2008年廠商層級(firm-level)資料，探討在加入WTO後全新的制度環境下，台商投資大陸時進入模式(entry mode)、持股比例及合作夥伴的決定因素為何?本研究特別探討中國入世後外商投資相關法規變遷及近年政經情勢、政策變化可能造成的影響。

以Gatignon and Anderson (1988)的兩階段方式，利用上櫃、市公司資料，分別以probit模型、ordered probit模型、multinomial probit模型分析投資廠商進入模式、持股比例、夥伴選擇的影響因素；發現在中國入世後放寬當地採購限制，使台商投資大陸採獨資比例有逐漸增高趨勢。較特殊的發現包含：由於台商投資大陸多屬「防禦性」投資，故公司規模對進入模式的影響，和一般「擴張性」投資相反，採合資者反多是母公司規模較大之企業。尋求合作夥伴雖可降低風險，但法制環境不健全也導致合作易失敗，使廠商反而不傾向與大陸國營企業合作。

China began to change its foreign-investment regulations after it entered into WTO (the World trade Organization). This is taken as the most important institutional change since China’s reform and opening-up policy in 1979. The purpose of this research is to find out, under the new institutional environment, what are the factors affecting Taiwanese firms’ decision on entry mode, equity ownership, and partner selection.

With 4,515 firm-level samples in the period of 2002-2008, it has been found that more firms chose wholly-owned enterprises (WOEs) rather than joint venture (JV), and also the equity ownership is increasing. Furthermore, compared with the past research, it has been found that the higher openness level the area, the more likely Taiwanese firms would chose WOEs mode. All the findings have confirmed the effect of the regulation change and the increase in international trade after China entered into WTO.