海外事業行銷方式會影響其經營績效之良窳，本研究主要目的在於探討海外事業行銷方式之決定因素，根據經濟部2007年製造業對外投資實況調查，分別由公司特性、產業特性、地主國特性及營運特性四個構面進行探討，運用二階段Multinomial logit model進行實證分析。經本研究第一階段實證發現，投資地區數、組織型態、最主要投資地區、國內生產毛額及技術來源是影響廠商選擇海外事業行銷方式之重要因素，第二階段再進一步討論選擇母公司行銷、子公司行銷及混合行銷三種自行行銷方式之決定因素，研究結果發現投資年限、投資地區數、海外營業額占比、組織型態、行業類別、經營方式、市場競爭激烈、技術來源、當地銷售占比、外銷接單大陸出貨比率及回銷比率皆為重要影響因素，實證結果供台灣製造業廠商海外事業行銷方式之參考。 / The overseas marketing strategy can affect firm’s performance. The main purpose of this study is to explore the determinants of overseas marketing strategy. Using data from the Ministry of Foreign Affairs’ 2007 survey of foreign investment in manufacturing, this empirical study applies a two-stage multinomial logit model to analyze the issue based on the following four dimensions: company characteristics, industry characteristics, operating characteristics and characteristics of the host country. For the first stage regarding the oversea marketing strategy decision, the empirical results show that the number of investment areas, organization type, key investment areas, and those areas’ GDP and source of technology are important. For the second stage of the parent company marketing decision, a subsidiary marketing and mixed marketing approach, the three kinds of self-marketing study, include investment period, the number of investment areas, overseas sales contribution, the organization type, industry type, mode of operation, market competition, technology source, local sales contribution, export orders delivered by mainland ratio, and reverse ratio are prominent.

本研究以經濟部2007年「製造業對外投資實況調查」問卷資料赴中國大陸地區投資採垂直整合及水平整合共計1, 194家廠商為研究對象，利用OLS多元計量模型進行實證分析，並以勞動生產力作為衡量經營績效的指標，首先欲探討「廠商特性」、「投資動機」與「整合模式」對勞動生產力的決定因素，進而分析不同整合模式下的「廠商特性」與「投資動機」對勞動生產力的影響。整體實證結果發現「垂直整合」對台商赴中國大陸投資勞動生產力具有顯著影響，「資本密集度」、「國際化程度」與「政策因素」之垂直整合廠商，亦均對勞動生產力具有顯著影響。就廠商特性而言，「廠商規模」、「研發密集度」、「資本密集度」是影響台商赴中國大陸投資勞動生產力的決定因素；當廠商不考慮「研發密集度」因素時，「資訊電子工業」及「國際化程度」方為影響勞動生產力的重要因素。而投資動機方面，僅「政策因素」是影響勞動生產力的決定因素。

台灣經濟高度依賴對外貿易，經濟成長與出口成長的變化關係密切，但是近年來由於廠商大量對外投資，赴海外設立生產基地，特別是製造業中主要的資訊電子產業很多廠商到大陸設廠。因此部分人士認為海外生產係造成台灣出口不振，就業機會減少，產業空洞化的原因。但也有人認為這反而證明台灣在產業全球化、自由化及產業升級轉型的成功證明。 台灣對外投資從1987年開始蓬勃發展，1990年開放對大陸間接投資後，對外投資金額更是快速成長，也形成廠商大量海外生產的營運模式，這種現象到底對台灣就業市場造成何種影響？本論文主要研究海外生產會不會造成就業機會減少等產業空洞化現象？特別是對於製造業中海外生產比重越來越高的資訊電子產業而言，海外生產比率變動情形與該產業就業人數之間到底存在何種連動關係，對廠商勞工雇用又具何種影響？ 本論文研究發現資訊電子產業海外投資增加及外銷比例的提升，可以增加就業機會，但海外生產是造成勞工雇用減少的主因。資訊電子產業產品生命週期短，低附加價值製程應開放赴大陸或其他地區投資，高附加價值製程設法留在台灣生產；也就是將核心競爭力的關鍵技術或零組件保留台灣製造，以製程切割，垂直分工的模式開放對外投資，才能維持國內廠商的國際競爭力，提高產品附加價值，加強研發創新、品牌行銷，協助廠商在地升級及全球佈局，才能減少海外生產對國內勞工雇用的衝擊。 另外本論文建議，政府應該改善投資環境，輔導廠商在地升級，協助提升廠商全球運籌佈局能力，改善生活環境加強人才培訓，才能提升廠商競爭力，如此才能有效降低廠商海外生產的比率。 / Taiwan economy is highly dependent on its international trade -- economic growth is highly influenced by exports growth. Nevertheless, the increasing outward investment, especially the huge IT investments in China, may change this trend. Some people argue that overseas production is the key factor of slacked export, diminished job opportunities, and industrial hollowing-out, the other people insist that the above phenomenon is an evidence of Taiwan’s globalization, liberalization, and Industrial Upgrades. The Taiwan’s outward investment started from 1987, accelerated in 1990, the year that Taiwanese government lifted the ban against indirectly investing China and formed a new business model of “Taiwan Orders, Overseas （Chinese） Productions”. What is the influence of this new business model? Is this the root of diminished job opportunities and industrial hollowing-out? What’s the correlation between overseas production growth rate and unemployment rate in Taiwan IT Industry particularly? This article discovered the increment of outward investment and export ratio in IT industry could boost job opportunities; however, overseas production is the key factor to cause layoffs. As a result of short product life cycle characters, the low value-added IT production should apply open door policy while high value-added ones should be encouraged to produce locally and keep the core competency domestically. Keep the key component or technology manufacture in Taiwan will help create Taiwanese international competitiveness, increase added values, inspire research and innovation, direct brand marketing, upgrade industries levels, connect globally, and lower the impact of overseas production on employment. In addition, this article advised the government should cement Taiwanese companies’ international competitiveness and lower overseas production ratio by improving the investment climate, assisting local industries’ upgrades and the abilities of global logistics, improving living environment, and reinforcing manpower cultivation.

海外經營方式會影響廠商能否成功達成其對外投資目的，本研究主要目的在探討廠商海外事業經營方式之影響因素，借由經濟部2007年製造業對外投資實況調查，透過廠商特性、投資動機、地主國特性及營運特性四大面向進行討論，運用兩階段Multinomial Logit Model進行實證分析。經第一階段實證研究發現，擴張型市場動機、經濟動機、策略動機及原料來源是廠商選擇海外事業經營製造業、銷售服務業或同時經營製造及銷售服務業的影響因素；第二階段實證則發現經濟動機及母子公司分工關係是影響製造業廠商海外經營代工、自有產品或同時經營代工與自有產品製造的影響因素。 實證說明多項變數使臺灣海外投資廠商傾向同時經營製造及銷售服務業，亦會讓海外經營製造業之廠商同時經營代工及自有產品製造，實證結果可提供臺灣廠商海外事業經營之參考。

由於科技發展及各國法規的調整，使服務業的發展得以全球化，服務貿易的 成長動能相當大。從總體的角度來看，服務業亦對經濟成長扮演重要角色。由於 我國是一個小型開放經濟體，國內服務業市場與國際市場接軌程度日益加深，因 此有必要探討服務貿易對薪資及就業之影響。 本研究為探討貿易自由化與對外投資如何影響國內服務業勞動市場，合併 2011 年至 2015 年人力運用調查之個體樣本、與行業別之進出口、對外直接投資 等統計資料，使用 Probit 模型估計進出口貿易與對外投資對我國就業的影響，使 用 Heckman two-stage selection 模型估計進出口貿易與對外投資對我國薪資的影 響，並進一步使用 Quantile 模型估計在不同薪資水準下，勞工受到貿易自由化衝 擊的程度是否不同。 實證結果顯示:(1) 貿易對國內就業與薪資的影響依據貿易方向而有所不同， 出口有正向影響，進口有負向影響;(2) 對外投資對國內就業與薪資的影響，依 據被投資國之所得高低而有不同，對外投資至高所得國家有正向影響，對外投資 至低所得國家則有負向影響;(3) 職業別層級貿易指標能更正確衡量勞工受到的 貿易自由化衝擊;(4) 職業別層級貿易指標能更正確衡量勞工受到的貿易自由化 衝擊。

中國於2000年首次明確提出企業「走出去」戰略，鼓勵並支持具比較優勢之國有與民營企業投資海外市場，使中國企業得以藉由對外直接投資活動，以國家機器作為後盾進入全球主要經濟市場，不僅可影響外國企業之經營運作、提升技術、掌握通路、獲取所需資源等，亦能有效結合經濟與政治實力，逐步豐厚中國之綜合國力，期能達到提升國際地位與成為世界大國之目標。 中國雖引進市場經濟體制，惟政治體制仍屬社會主義制度，由共產黨決定政府運作與經濟制度，國家機器對市場之干預程度遠較資本主義國家既深且廣；本論文為進一步瞭解中國的國家機器如何主導企業對外直接投資之運作、發展狀況及其影響力，係以國際政治經濟學之國家資本主義作為研究途徑，分析中國國家機器在其對外直接投資活動的作用及影響力，並以英國學者John Dunning的投資發展階段論，將中國對外直接投資之成效置於全球脈絡中進行比較分析，俾能歸納發現中國對外直接投資模式的特色。 經比較分析中國整體及企業個案之對外直接投資發展狀況與影響力，可以發現，中國對外直接投資能力逐漸增強，已具經濟自主能力，刻正由邊陲國家逐漸邁向核心國家。整體而論，中國對外直接投資發展模式與世界主要國家確有所差異：相同之處在於，中國與各國之對外直接投資活動均與國內經濟結構具高度正相關，亦即經濟發展到達一定水準後，才會出現頻密的對外直接投資活動及成果；相異之處在於，各國之民營企業已具國際競爭力並在對外直接投資活動扮演重要角色，惟中國的國有企業較民營企業更具對外直接投資之優勢與能力，投資動機主要係依據國家政策及經濟發展需要，而中國的民營企業則因規模較小，國際競爭力仍有待提升，目前在全球市場尚未形成可觀的影響力。 / For the very first time in 2000, China proposed a clear strategy to have corporations ‘going out,’ encouraging and supporting competent state-owned and private enterprises to invest overseas market. With the backup of the state, this policy enables Chinese corporations to get into the global economic market by means of outward foreign direct investment. In this way, they can affect the operation and management of foreign enterprises so as to advance their own technologies, control channels, and to acquire necessary resources. Moreover, they may combine economic power with political strength effectively, enhancing the comprehensive national power of China gradually so that China may increase its international status to become a superpower in the world. Though market economy is introduced in China, its political system, socialism, remains the same. The Communist government makes the decision concerning its operation and the economic system. In other words, the intervention of the state in the market is furtherer and wider than that of capitalist countries. In order to understand how the state controls enterprises in terms of the operation of outward foreign direct investment, its development, and the influence, the study adopts state capitalism of international political economy as the approach to analyze the function and influence of the state government on outward foreign direct investment. Moreover, the study is aimed at concluding the characteristics of Chinese pattern of outward foreign direct investment by adopting the British economist, John Dunning’s, the theory of investment－development cycle to compare and analyze the outcome of Chinese outward foreign direct investment in the scope of the whole world. After comparing and analyzing how the china overall and enterprises case about development and influence of outward foreign direct investment, it is discovered that China’s ability of outward foreign direct investment is increasing. China has the ability of economic autonomy and is transforming from a country of periphery to a core country. Overall, the development pattern of China’s outward foreign direct investment is indeed different from other major countries. The similarity lies in that there is a significantly positive relationship between the outward foreign direct investment of China and other countries and their domestic economic structure. That is to say, when the development of economy has reached a certain level, frequent outward foreign direct investment and its effects will then appear. On the other hand, the difference lies in that private enterprises in other countries are internationally competent and play an important role in outward foreign direct investment. However, in China, state-owned enterprises have more advantages and capabilities than private enterprises in terms of outward foreign direct investment. The motivation of investment is determined by national policy and the demands of economic development. Moreover, due to the scale being small, private enterprises in China need to improve their international competitiveness. Therefore, they don’t exert as much influence in the global market.

在全球化浪潮下，廠商為追求利潤極大化，紛紛向外尋找適合的市場，其營運策略已由傳統的國際貿易移轉至全球對外直接投資，並儼然成為各國經濟發展的重要動力。對外直接投資對地主國而言，可帶來經濟成長的動力、創造就業機會、促進技術移轉及創新活動等外溢效果，因此，各國無不積極吸引外商前往投資，台灣亦不例外。由於，僑外來台投資對台灣經濟發展具有重大貢獻，據此，本研究利用經濟部投資審議委員會2008年委外調查之「華僑及外國人投資事業營運狀況調查表（非服務業）」問卷資料，分別由廠商特性、競爭優勢及營運策略等構面，探討僑外來台投資營績效之影響因素，並運用Probit Model進行實證分析。實證結果發現，產業類別、廠商規模、成立時間、租稅負擔、國際化程度及在台設立製造生產部門等，是顯著影響僑外來台投資經營績效的重要因素。因此，政府除鼓勵僑外來台投資非資訊電子工業、擴大公司規模、善用先占優勢、提升國際化程度及設立製造生產部門外，亦應給予租稅優惠，降低其租稅負擔，使其有較佳之經營績效表現，以吸引並提升投資意願。 / Corporations in pursuit of profit maximization have to seek out a suitable market under globalization trend and their business strategy has changed from the international trade shifted to the foreign direct investment. This study explores keys of performance of overseas Chinese and foreign nationals in Taiwan. By using Probit Model analysis based on 2008 statistical data from Investment Commission of Ministry of Economic Outsourcing Survey are empirically analyzed. Findings from the research indicate that “industry category, firm scale, set up time, the taxation, internationalization level and the establishment of manufacturing sector in Taiwan,” are significantly factors on firm's performance. Therefore, in order to have better operating performance and enhance the willingness on investment in Taiwan, the government should encourage overseas Chinese and foreign nations invest in Taiwan on non-information and electronics industry, expand firm scale, use of first mover advantage, enhance the internationalization level and set up manufacturing sector, but should also give tax incentives to reduce their tax burden.

台灣企業自民國七十年以來開展對外投資的步伐，而大陸地區又是許多外 移台灣廠商的最愛。雖然兩岸本根植於同一文化而發展，但是四十餘年的 分隔已使得一般大陸員工在價值觀念上與我們有異。直到目前我國企管學 界尚未有系統地進行兩岸跨文化管理之比較研究，眾多台商的成敗經驗因 此無法有效累積，故本研究的目的在於：一、了解大陸員工的價值想法； 二、探訪台商針對兩岸文化差異而採用的特殊管理作為；三、依研究結果 為台商提出配合兩岸文化差異而改進管理效能的建議。研究結論認為：由 於大陸員工與台灣幹部同仁間的價值觀念不同，登陸的台灣企業主所採取 的管理作法並不能完全因襲過去在台灣的模式；但是一旦對登陸懷有經濟 因素以外的特殊投資動機或策略目的，台商的管理行為就會有特別的考量 。大陸員工對於上級「職務權威」的接受程度比台灣員工低，所以台資企 業管理幹部需要具備更多的「魅力權威」才能提升管理績效；多數大陸人 習慣集體行動，比較不願意冒個人風險，並且在人際行為上具有更強的防 衛性和攻擊性。最後，隨著時間的發展，大陸員工的價值觀念和工作態度 會受到外商企業管理制度與本身從業經驗的影響而產生變化。台商企業惟 有保持高度的彈性與對環境變化的警覺，才能針對現實情況、適切地調整 管理方法，從而得到最佳績效。

隨著經貿全球化與自由化，各項商業活動漸無國界概念，跨國企業遊走各國，善用全球生產要素，但資源有限，企業永續經營與成長，不能只靠有限的土地、勞動力與資本等傳統生產要素，創新研發與知識累積能力成為比傳統生產要素更重要的關鍵，研發國際化更是全球經貿發展不可逆的趨勢。 本研究以2007年臺灣1,770家製造業廠商為對象，運用Probit及Tobit二種模型，分別探討在不同技術來源下，海外投資廠商決定投入海外研發以及投入資源多寡的決定因素。研究結果發現，「廠商規模」、「行業別」、「進入模式」、「國際化深度」、「投資地區」、「市場考量」以及「母國提供技術」為臺灣對外投資廠商決定投入海外研發與否之重要影響因素。一旦決定投入海外研發後，研發資源投入多寡的決定因素則有所變化，廠商規模大小與投資行業、獨資或合夥、市場夠不夠大等重要性降低成不顯著，相對的盈利與否影響性提升，但卻是負向影響關係。同時，本研究參考社會心理學領域的「調節變數」概念，探討「技術來源」是否具有調節效果，實證結果也證實不同的技術來源，確實會影響解釋變數與被解釋變數（海外研發配置）之間的因果關係，具備調節效果，這也表示技術來源對於海外研發配置確實扮演重要的關鍵角色。 / Along with globalization and liberalization, the trade goes around the world borderlessly. In order to take advantage of relatively cheap land and labor, multinational corporations extend business worldwide. However, due to the limitation of natural endowments and human resource, Innovation becomes the key factor, which plays a more-important-than-ever role for business sustainable development. This paper examines the determinants of overseas R&D of Taiwanese multinationals; including whether to invest in R&D and how to allocate. Our empirical results indicate that the firm size, IT industry, entry mode, internationalization level, investment location, market motivations and technology acquisition are the determinants of overseas R&D investment. Furthermore, whether above determinants remain significant when Dependent Variable turns to be overseas R&D allocation? The empirical results suggest that firm size, industry category, entry mode and market motivations are no more significant. Instead, profitability becomes significant with negative affect. Besides, we also found the strong effect of technology acquisition on overseas R&D investment and allocation. Different technology source acquired does play a moderating role in the relationship between independent variables and overseas R&D.

本論文的目的在於研究匯率波動與對外直接投資(foreign direct investment, FDI)時點的關係。本論文採用實質選擇權分析法(real options approach)由理論面重新檢視這個議題，並利用實際資料驗證理論的正確性。本論文在文獻上的貢獻在於證明：在探討匯率波動與FDI關係時有必要考慮廠商投資動機的差異性。 為了說明不同投資動機對這個議題的重要性，本論文考慮四種不同對外直接投資的型態，分別為市場導向型(market-seeking)、回銷導向型(reverse- importing) 、替代出口型(export-substituting)及躍過反傾銷稅型(antidumping- dumping)。首先，我們延伸Dixit-Pindyck的實質選擇權模型，證明匯率波動提高會使市場導向型及回銷導向型的廠商延後投資，但對於風險趨避程度夠高的替代出口型廠商而言，匯率波動提高則會使其提前投資。此外，我們證明地主國貨幣升值對市場導向型廠商的FDI有利，但對回銷導向及替代出口型廠商的FDI則有不利影響。 其次，我們分別使用台商至中國大陸投資的產業資料及廠商資料進行實證。樣本期間涵蓋1987年至2002年。實證結果發現，新台幣兌人民幣實質匯率及其波動度與兩岸相對工資等因素對台商至中國大陸投資時點皆有顯著的影響，而且這些實證結果皆與前述理論預期相符。這些結果顯示，匯率波動對FDI之影響方向與投資動機息息相關。在進行實證研究時若忽略了這項因素，實證結果可能會產生加總偏誤(aggregation bias)。 最後，本論文建立一個不完全競爭下的實質選擇權模型，分別探討匯率波動如何影響出口廠商的傾銷行為及其躍過反傾銷稅的對外直接投資 (antidumping-　jumping FDI)，並分析進口國採取反傾銷政策的福利效果。我們發現匯率波動對廠商以低於內銷價格傾銷(price dumping)至出口市場的影響有不對稱(asymmetry)現象。此外，若政府採取反傾銷政策，可能刺激出口廠商採行躍過反傾銷稅的FDI。惟若出口廠商採行躍過反傾銷稅的FDI，不僅進口國國內廠商受到傷害，其社會福利也可能下降。此結論與過去策略性貿易政策文獻之看法大相逕庭。 / This thesis theoretically and empirically examines the relationship between exchange rate movements and the timing of foreign direct investment (FDI). A real options approach is adopted. This thesis contributes to the literature in illustrating the importance to consider the diversity of investing motives when examining the relationship between exchange rate movements and foreign direct investment. To show the importance of the diversity of the motives in investigating this issue, four different types of FDI are discussed in this thesis: market-seeking FDI, reverse-importing FDI, export-substituting FDI, and antidumping-jumping FDI. We first extend Dixit-Pindyck’s real options model to show that while an increase in exchange rate volatility tends to delay the FDI activities of a market-seeking firm and a reverse-importing firm, it might accelerate the FDI activity of an export-substituting firm if the firm’s degree of risk aversion is high enough. In addition, it is also shown that while the depreciation of a host country’s currency tends to stimulate FDI activities of reverse-importing firms and export-substituting firms, the depreciation tends to deter FDI activity for market-seeking firms. With the industry-panel data and the firm-level data on Taiwan’s outward FDI into mainland China over the period 1987-2002, our empirical findings indicate that the exchange rate level and its volatility in addition to the relative wage rate have had a significant impact on Taiwanese firms’ outward FDI into China. In general, the empirical results are consistent with the prediction of the theory. These results reveal that the relationship between exchange rate movements and FDI is crucially dependent on the motives of the investing firms. Without considering this fact in an empirical model, the testing results might suffer from aggregations bias. Furthermore, this thesis sets up a real options model with imperfect competition to analyze how exchange rate movements affect dumping occurrence and antidumping-　jumping FDI as well as the social welfare of importing country. We consider the price dumping case and find that the effect of exchange rate movements on the probability of dumping occurrence seems asymmetric. In addition, if a government adopts an AD policy, it is shown that this policy might induce exporting firms to undertake AD-jumping FDI. Finally, we find that, if an AD policy induces exporting firms to undertake AD-jumping FDI, the policy might have a negative impact on the profits of local firms and the social welfare of the importing country as well, which is contrary to the prediction of the earlier literature on strategic trade policy.