台灣的基金市場在1983年開始發展，隨著經濟起飛，國人財富累積，理財的需求大增，境外基金公司也陸續來台灣發展業務搶食財富管理的大餅。但目前台灣市場已經有73家基金公司，現在才要進軍台灣的後進市場業者應該採取何種策略才能在已經相當擁擠的市場中後發先至，產出令人滿意的銷售成果。 本研究認為後進入市場者進入台灣基金市場要處理兩個關鍵議題，第一是總代理人合作模式的選擇; 第二則是要如何有效突破由於市場結構、先進入市場業者及主管機關所構築的進入障礙。 本研究使用文獻探討、法規研究及實地訪談等方式，來探討相關問題的解答。個案分析部分則是以潛在的後進市場者BBVA為例，探討該公司的進入台灣市場的利基， 並參考在總代理人制度上路後才進入台灣市場的鋒裕基金、木星基金及荷寶基金的經驗作整理歸納。 研究結果發現，對於後進市場者來說，比較好的總代理人的合作模式的選擇是與獨立背景的總代理人合作，並且搭配反制措施，等到建立市場知名度後，再自行設立投信或投顧自行運作總代理業務; 在突破市場障礙部分，則分別在產品、目標市場、銷售通路等方面差異化策略會得到比較的成果。

台灣產險業在西元1991年後，配合台商產業外移擴張及政府南進與西向政策，紛紛於東南亞及中國大陸設立辦事處以服務台商。雖然產險業於海外設立據點已有十九年，但礙於各國保險法令規定及保險業投資限制，致使產險業在國際市場之經營迄今仍無重大突破。 本研究將針對目前產險業在海外東南亞據點及未來最大之保險市場-中國作完整探討，對各國目前經濟成長、保險市場、外資投資保險法令、及台商在該國的投資狀況分析及歸納，以做為台灣產業未來在當地經營發展之參考。 本研究文以日本產險業三井住友保險集團為比較模式，利用多國籍企業與海外市場進入模式，探討保守的日本保險公司如何在海外經營日商業務；進而以購併方式取得海外當地業務，以達到該公司全球策略願景。 台灣產物保險業應根據海外各據點之資源及條件，運用本身的競爭優勢以及自己的需求到不同地區做投資佈局；台灣產險業未來全球佈局的考量應是市場重於成本。 / In view of Taiwanese enterprises’ expansion to world market since 1991 and government’s policy toward Southeast Asia and policy toward West Mainland China, Taiwan non-life insurance companies decided to go abroad to set up office for serving their clients. Although Taiwan non-life insurance companies have 19 years experience in exploring world market, however, they still have no breakthrough in overseas business. In this study, I will bring out my view for the operation of non-life insurance companies in Southeast Asia and Mainland China which will be the biggest market in the future. The analysis for countries economic growth, local insurance market, laws of foreign insurance company entry, Taiwanese enterprise investment is also presented in the study. In order to study Multination Enterprise & Overseas Market Entry Model, Mitsui Sumitomo Insurance Group is taken as a model to analyze how the conservative non-life Japanese insurance company expand their international business and write local accounts by merging to achieve their global perspective. By the analysis, we can find that Taiwan non-life insurance companies shall utilize their advantage and resource to explore their strategy in different countries. Basically, they shall center on market instead of cost when they build global strategy.

本文旨在探討多國籍企業決定前往海外市場投資時的動機、進入模式以及管理，以台商在大陸及越南為例。筆者透過友人介紹以及親自尋訪個案公司，對兩位分別曾外派大陸及越南的主管進行深度訪談，進而了解一多國籍企業進行海外投資的考量要點以及子公司控管方式。 　　透過個案訪談分析，發現個案公司在前往大陸及越南投資時，都是地主國正實施經濟開放、政府決心改革的時期，且當局提出各種獎勵優惠，經濟正快速起飛，未來發展前景看好，因而前往投資。而前進一個全新的投資環境，個案公司善用合資、獨資、併購的進入模式，初期與熟悉當地的夥伴或國營企業合資，待熟悉當地環境後，便開始以獨資方式進入或是直接併購當地現有的經營不善的公司，進而讓公司發展更迅速。而在管理方面，海外分公司採當地化策略，僱用、栽培當地人，母公司也十分將權力下放，日常營運皆交由外海分公司主管掌握。 　　以個案公司為例，本研究分析一多國籍企業海外投資成功之原因，除了正確的進入時機、正確的投資地點之外，進入模式的運用、正確的產品線選擇以及企業經營理念是否成功傳達，都對多國籍企業在海外投資是否能成功產生十分關鍵之影響。

This thesis develops a macroeconomic model with monopolistic competition and considers the search cost for consumption in order to analyze how advertising influences the major macroeconomic variables and causes the entry barriers. In the short run, we find that advertising will raise aggregate output. The higher the sensitivity of advertising elasticity of search cost, the greater the rising of aggregate output. Further, whether the price level rise or fall is dependent on the magnitude of the advertising elasticity of search cost. The higher sensitivity of this elasticity on advertising, the higher the price level. Moreover, advertising does not influence the market power in the short run. In the long run, we find that whether advertising causes the barriers to entry is determined by the sensitivity of the advertising elasticity of search cost. When this elasticity is small, advertising will create the entry barriers and further strengthen the monopoly power for firms. Furthermore, how advertising affects the price level and aggregate output depends not only on the advertising elasticity of search cost, but also the sensitivity of the elasticity of substitution on the number of firms.

當前全球金融海嘯導致經濟步入衰退期，亦使得銀行業的競爭格局和經營業態發生重大的變化，中國銀行業者趁勢崛起，台灣銀行業所處的金融環境則愈趨嚴峻。外資銀行在中國逐漸拓展業務多年後，受限於兩岸法令，台資銀行仍積極尋求進入大陸市場之發展契機；台灣雖然未能趕在中國入世後的第一時間進入大陸市場，錯過登陸的最佳時機，不過2009年，兩岸可望簽署MOU，簽署後，台資銀行至少可以透過下列五種形式進入中國國內銀行業市場，分別是: (1)成立外資獨資銀行；(2)與中國國內銀行機構合資建立新銀行，即建立合資銀行；(3)在中國設立銀行分支機搆；(4)購買並持有中國國內銀行機構的股份；(5)與中國銀行機構策略聯盟進入業務合作。台灣金融業有機會突破現況，加快其赴大陸投資之腳步。本論文即以當前台灣銀行業為主題，針對本議題加以探討分析，探討其在前進中國市場時，可能採取的經營及投資策略。 全文共五章，分別為：第一章緒論：就本論文之研究背景、動機及目的進行簡單扼要之說明。第二章係相關文獻之探討。第三章說明本研究之研究架構及方法。第四章則為個案探討，先就中國經濟及金融制度之發展、外資銀行在中國的策略與發展歷程，以及其與中資銀行的競合關係進行分析，接著探討台資銀行進入中國之途徑與策略，並藉實務訪談之方式，分析台資銀行進入大陸市場的發展策略，探討目前台資銀行運作方式及困境，期盼於分析研究中尋求一個較佳之模式；最後本研究透過文獻探討及實務訪談經驗，加以整理評析，對台灣銀行業者提出建議，做為其進入中國大陸營運的參考，以俾有所助益，完成本研究之目的。

The food and beverage industry in Taiwan is becoming increasingly competitive. Companies have therefore been trying to expand their operations abroad to different countries, both emerging and developed economies. How the companies expand and operate abroad is a challenging issue faced by every company that tries to enter foreign countries. This research starts out from the practitioners’ perspectives, and addresses critical management issues. The problems of international expansion are dynamic and fairly complicated due to the fast-changing business environment, which means practical decision rules are valuable. The study tackles this issue by attempting to offer decision rules on three research questions. They include the influence factors on the selection of foreign market entry mode, the mechanism of capturing growth and avoid huge losses and business model innovation in foreign markets. This research discovers entry mode choice should be accompanied by considering the joint effect of influence factors. And at point of entry, adopting real option perspective leads to better performance in the foreign market because it captures growth opportunities. Furthermore, adjusting the key processes in the business model helps companies realize more efficient operations and in some case, leads to better subsequent performance after entering the foreign country.

本研究探討的個案公司為一間自動辨識類產品供應商，總部位於美國，在台設有子公司從事製造與亞太區業務開發，其供應之零件在POS系統產業供應鏈中具有相當的知名度。本研究採取個案分析法，探討個案公司在海外市場進入策略中，如何選定日本為進入市場、並透過何種方式進入的策略。同時，利用波特的五力分析原型探討個案公司在日本市場所呈現的企業競爭力。此外，採用邱志聖(2010)策略行銷分析架構來分析進入日本市場後，透過在地代理商作為居中的角色，如何在個案公司與日本終端客戶之間互動，來降低個案公司與終端客戶之間交易行為產生的四種成本，其四種成本分別為：外顯單位效益成本、資訊搜尋成本、道德危機成本、專屬陷入成本。最後，再透過個案的觀察與分析的結果，提出對個案公司的未來經營日本市場以及與代理商合作關係的建議。 本研究主要發現為，個案公司為了使企業內部資源運用最大化，並向外發展利基市場，因此選擇進入日本市場。基於風險評估及交易成本的考量，個案公司發展出當地代理制度與日本當地具產業經驗者合作來推行個案公司專案的服務。 透過代理制度引進後，終端客戶與個案公司之間的交易成本雖然在外顯單位效益成本上的變化無法做明確預估之外，在資訊搜尋、道德風險、及專屬陷入成本上，都有顯著下降，且個案公司的日本市場的整體營收有明顯成長。 本研究對個案公司提出的建議有三點，分別為：一、持續適度地參與代理商與終端客戶的接觸，協助降低終端客戶的交易成本並提升合作信心。二、增加代理商的專屬陷入成本，降低其外顯效益成本，以保持代理合作的意願及穩定性。三、若日本代理商因各種可能原因無意願繼續代理時，對日本市場需有配套措施。 / This study aims to explore the case story of a U.S. based company in automatic identification industry, which has a manufacture plant and sales team in Taiwan. The study is done by a case study method, to analyze the case company’s foreign market entry strategy, and how the decision is made to choose Japan as the target market as well as which entry strategy is performed. Porter’s Five Force Model is used in the analysis to determine the case company’s competitive power in Japan market. In addition, by setting up distribution system, the costs including cost of utility, information research, moral hazard, and asset specify to the end customer in dealing with case company has been influenced dynamically. And based on the result and observation of the study, then suggestions will be provided to the case company as conclusion. Findings of the study are that the decision on how to enter Japan market is made by considering the overall all risks and transaction costs among several entry modes. Then the distribution system is implemented, and a good market position along with the market trend helped the case company find customers with right scale in niche market, and it is evident that the distribution system did lower down the 4 kind of costs to the end customer in general, and the overall market revenue increased in Japan as return. In conclusion, three suggestions are made to the case company: 1. Involve with distributor and increase the interfaces with the end customers to strengthen the case company and distributor’s credibility and also the confidence of end customer. 2. Tighten the cooperation with distributor by increasing distributor’s cost of specify to ensure the continuous partnership. 3. To keep the option of direct managing Japanese account in the near future in case of the distribution partnership cannot be continued.

眾所周知，區域性的經濟合作，已是國際經濟發展的趨勢。本研究即以歐 體金融統合此一環境的變遷，探討商業銀行在其海外市場進入目標之指引 下，權衡所有權因素及區位因素，以決定其歐體的進入策略──包括進入 方式、組織型態及經營的業務，並輔以臺灣銀行業之個案，藉此瞭解實務 界的作法。歐體金融統合主要的影響是：互惠原則、單一銀行執照、母國 監管原則、綜合銀行制度以及對銀行批發與零售業務的衝擊。銀行海外市 場的進入目標可分為市場擴張、資源尋求及政治性目的；進入方式則有獨 資新設，併購及策略聯盟；組織型態主要是代表辦事處、分行、子銀行、 代理行與財團銀行等。根據個案研究結果發現，歐體金融統合加速我國銀 行業國際化，而影響進入策略的所有權因素主要為規模及多國營運的經驗 ，區位因素則為雙邊貿易及投資額、國際金融中心、申請設立難易程度。 若非形格勢禁，分行是主要的進入組織型態，所從事的業務為傳統的批發 性銀行業務。在拓展海外據點的目標上則兼具經濟性與政治性，且國際化 程度不同目標亦有差異。

隨著全球經濟和社會發展需求的變化，資訊產業的全球性結構調整日益明顯，由硬體主導型的發展轉為向軟體和服務主導型發展。經濟全球化為我國軟體產業發展提供了難得的機遇，我國軟體產業要積極參與國際分工，就必須走向世界，但是在走向世界的同時，也必須仔細思考什麼才是自己國際化的目的、自己企業內部的核心資源是什麼、做好自己的國際化策略或戰略的準備嗎？也因此在國際化動作中，如何選擇正確的海外市場進入策略就顯得格外重要，要採用怎樣的進入策略與企業核心資源、國際化策略、企業服務內容與產品等等之間的關係與互動已不是單純不變的環結，而是隨著市場變動不停變化的，也因此動態性調整就成為一個很重要的課題。 在眼前的日常生活當中，什麼事情已經都脫離不開資訊。也因此作為資訊產業核心的軟體及資訊服務產業，已成為新世紀全球的第一大產業。IDC 在2005年9月的研究報告中顯示全球資訊服務產業在 2003年產值已高達6410億美元，爾後年平均成長率一直保持在 5-9% 之間，可以說是一片欣欣向榮的氣象，到去年 2005年整個產值達到 7400億美元，預期到 2009 年，整個資訊服務產值將到 9250億美元，這也意味著繼工業大革命後的另一個新經濟時代的到來。 在整個產業成長中，又以亞太地區成長最大，從 2003-2009 CGAR 達 9.7%，遠超過全球平均 CGAR 6%。我國因具備良好資訊基礎設施、具備與華人相同語言、文化背景、接近並熟悉亞太市場、充裕資金與高階經營人才、與西方的技術合作經驗、豐富的 PC 軟硬體整合經驗等。充分顯示台灣軟體產業在競爭的市場環境中比起歐美資訊大廠已率先佔據極佳位置。 因此本研究就以進入策略的學術理論做為基礎，再結合個案公司實務上軟體業海外發展經驗，整合一套適於軟體產業的海外市場進入策略供企業參考。以研究結論來看，資訊軟體業因為產品與服務的特性關係，較易偏向採用較高承諾度的資源投入方式，將營業拓展至海外市場；除此之外，在地化的深耕發展也是必需要走的一條路，而且因為隨著地主國市場的投入，對地主國市場的熟悉度也會漸漸增加，也因此會在地主國市場進行一系列動態性的營運策略調整。這裡所謂的營運策略，不僅僅只是產品策略或市場策略，甚至整個市場的進入策略也會隨之調整，譬如說由獨資的進入策略轉變為合資的模式。 / As today’s global economic and social development needs continue to change，the Information industry’s global economic requirement change has gradually become more obvious；shifting from a hardware-driven type of development，to software and service-lead development。Economic globalization has brought along excellent opportunities to the development of our national software industries；to actively participate one’s software industry in the international division of labor，one will have to proceed toward the outer world；meanwhile，one must also carefully consider the purpose of one’s internationalization，the core resources of one’s inner enterprise，and whether one is prepared with a proper internationalization strategy。Consequently， knowing how to correctly select suitable foreign markets and entry strategies to be incorporated into the strategy is exceptionally critical in the process of internationalization，and in addition to that，the decision as to how the foreign markets should enter into the strategy，the enterprise’s core competence，internationalized strategy，the service content and product of the enterprise and etc. ，the relationship and interactivity between the each are no longer simple and invariable connections；instead，they are now constantly varied in accordance with the market change，and as a result, dynamic adjustment has became a very important topic today。 In today’s society，our everyday lives have become inseparable from the information technology；therefore，as being the core of information industries，software and information service have become one of the worlds top main industries of the new century。In August，2005，research from IDC have shown，that the global information service industries’ industrial output value in 2003 has increased up to 6410 billion USD；from then on，the output value has successfully maintained an annual average rate of 5-9%。Apparently，that was the sign of a long-term prosperity，as last year (2005) the output value has boosted up to 7400 billion USD。Predictions have been made that the value will continue to rise dramatically in the years to come，and in 2009，the output value for information service industries will reach a height of 9250 billion USD；this also meant the arrival of the age of new economics after the industrial revolution。 Within the whole industrial development in general，the Asia Pacific area stand to have the most rapid growth，with a CGAR rate of 9.7% from the year 2003-2009，which highly exceeded the world average rate of the CGAR of 6%。The reason for our outstanding industrial development is basically due to our possession of a good information infrastructure，similarity of the language and cultural background in Asia, familiarity toward the Asia Pacific market，abundant funds and talented individuals with high management skills，and our rich background experiences with the western technical collaboration，PC hardware and software integrations and etc。These qualities all demonstrated that apparently，in today’s competitive market，Taiwan software industries have already exceeded many of Europe and America’s top information manufacturers。 The following study will use the academic theories for the process of foreign market entry strategies as the fundamental base，and on top of that，the practical aspect based on personal experiences of software industry’s foreign market developments；these will be combined into a set that is applicable to software industries for the foreign market entry strategies，suitable for enterprises’ reference。

金融業健全與否對於一國之經濟發展關係密切，近年來本國銀行積極朝海外市場發展。本文從金融全球化的角度探討國際化對我國銀行業經營績效之影響，首先，根據統計資料分別檢視我國銀行業國際化程度與外資銀行進入程度，其次，利用多元迴歸分析法探討2005-2013年本國銀行國際化與外資銀行進入程度對我國銀行整體財務績效之影響，最後，進一步分析國際化策略之不同是否會造成銀行間之績效差異，以下為本文研究結果： 分別從海外分支機構占總機構比例、海外資產占總資產比例、海外收益占總收益比例三個面向檢視我國銀行業國際化程度，可以發現除了海外收益比率呈現先下滑後上升之外，基本上近十年來是呈現穩定成長的趨勢，至2014年底為止，我國銀行之國際化程度分別為10.4%、17.5%、19.3%。在外資銀行進入程度方面，同樣從外資銀行分支機構占國內銀行總機構比例、外資銀行資產占總資產比例、外資銀行收益占總收益比例三個面向檢視，至2013年底為止，外資銀行進入程度分別為4.7%、14%、13.5%。整體而言並不算太高。 在本國銀行國際化方面，研究結果顯示三種國際化變數FSTS、FATA、OSTS對於ROA、ROE皆呈現顯著正相關；外資銀行進入程度方面，FATA2、OSTS2對於ROA、ROE皆呈現顯著正相關。表示國際化確實對於我國銀行之財務績效有正面助益。最後進一步分析國際化策略差異之影響，發現採用攻擊型國際化策略之銀行績效顯著高於防禦型國際化策略之銀行，唯邊際效果並不顯著，因此建議銀行業可積極採取至具高成長潛力的海外國家設立據點的國際化策略。 / The robustness of the financial sector is usually closely related to a country’s economic development. In recent years, domestic banks have proactively expanded into overseas markets. This study investigates the influence of internationalization on the performance of Taiwan’s banking sector in terms of financial globalization. First, the degree of internationalization of Taiwan’s banking industry and the extent of foreign bank entry will separately examined on the basis of statistical data. Next, the effects of the domestic banks’ internationalization and foreign banks entry on overall financial performance of Taiwan banks from 2005-2013 will be evaluated by applying the multiple regression analysis. Finally, a further analysis on whether the various internationalization strategies will lead to different performance among the banks will be conducted. The results of this study are as follows: The degree of internationalization of Taiwan’s banking sector is explored from the following aspects: the proportion of oversea branches, the ratios of oversea assets, and the percentage of oversea revenues. The results show that there has been a steady growth of oversea branches and assets in the past decade except oversea revenues that declined initially but rose later. The degree of internationalization of Taiwan’s banking sector was 10.4%, 17.5%, 19.3% respectively by the end of 2014. Similarly, the degree of foreign bank entry is inspected from the following aspects: the proportion of foreign bank branches, the ratios of foreign bank assets, and the percentage of foreign bank revenues. The percentage of foreign banks entry was 4.7%, 14%, 13.5% by the end of 2013. Overall, this rate is not too high. When it comes to domestic banks’ internalization, the results demonstrate that three variables FSTS, FATA, and OSTS are significantly positively correlated with ROA, and ROE. As for the foreign bank entry level, FATA2, OSTS2 are significantly positively correlated with ROA and ROE. This indicates that globalization does have a positive effect on the financial performance of Taiwan’s banks. Finally, as far as the further analysis of internationalization strategies is concerned, it is found that banks with offensive approaches have significantly higher performance than those with defensive approaches. However, the marginal effect is not significant. Thus, it is recommended that the banking industry can adopt an aggressive internationalization strategy to establish overseas branches in countries which have a high growth potential.