日本的經濟外交政策屬於外交政策的一環，但也由於其牽涉到使用經濟手段而有了特殊性，亦即必須在國際格局之外，兼顧國內政治經濟的環境變動因素，因此本文試圖從日本的國內政經聯盟變化，包含政黨、官僚、財界等所組成之鐵三角及民間社會因素的開放性多元互動，去探討其對外經濟外交政策演變之影響。本文從比較政治經濟途徑切入具體的研究個案，以日本對中國之有償日圓借款於1979年的開始至2005年決議結束這兩個時間點觀察，突顯出經濟外交政策乃受到國內政經環境的影響，而「國家」以外的「社會」因素又如何能夠在這兩個時間點，藉由各種和政黨或官僚之聯盟關係影響政策之演變。本文透過質量化方法研究發現，當政經聯盟的主要行動者間有足夠之共同利益時，將會尋求結盟但不打破鐵三角的方式產出有利的政策結果，而對中有償借款之結束，恰是財界角色的誘因從開始的強力運作到後來轉為逐漸淡出，再加上民意相對於開始時產生的巨大反差，使得在這兩個時間點有著截然不同的政策產出結果，亦即該政策的變化被「利益」和「民意」兩項決定性因素所交叉影響著。

[pt] O presente trabalho estuda, à luz do conceito de interculturalismo, da sociologia linguística interacional, bem como das filosofias confucianas, como é realizado o ato de fala de recusa no português do Brasil e no mandarim da China Continental. De modo geral, o ato de recusa pode representar descortesia e falta de interesse do falante; pode ainda causar desentendimento entre os interlocutores, sobretudo quando são de países de culturas diferentes. Entretanto, tanto no português quanto no mandarim, existem vários fatores e estratégias envolvidas na enunciação de tal ato, além de semelhanças e diferenças presentes nesses recursos. O corpus utilizado nesta pesquisa é construído pelas cenas selecionadas de dois programas televisivos: A Grande Família (2001-2011, Rio de Janeiro/Brasil) e Mamãe Tigre Papai Gato (2015, Beijing/China). Através desses dados, apresentamos as principais estratégias de recusa presentes nas duas línguas, bem como os fatores interculturais que interferem na escolha de tais estratégias. / [en] The purpose of this research is to investigate how the speech act of refusing is realized in Brazilian Portuguese and in Mandarin of Mainland China from the perspectives of the concept of interculturalism, linguistic sociology and some Confucian thoughts. In general, refusals present discourtesy and lack of interest on the part of the speaker; this speech act can even cause misunderstandings between people, especially when they come from different culture origins. Nevertheless, several factors and strategies can be identified in refusal speech act in both Portuguese and Mandarin, besides some similarities and differences, which can be verified in those strategies. The corpus used in this study is formed of analysis of scenes collected from two television programs: The Big Family/A Grande Família (2001-2011, Rio de Janeiro/Brazil) and Tiger Mother Cat Father(2015, Beijing/China). By observing these data, we present the main strategies of refusing identified in the two languages, as well as the intercultural factors which interfere in the selection of these strategies.

南海諸島不僅擁有豐富的資源，更處於重要的戰略位置，目前共有六個主要 聲索國主張對南海諸島擁有領土主權，分別是中華民國、中國大陸、菲律賓、越 南、馬來西亞與汶萊，美國雖然不是聲索國，但基於維護其在南海的重要利益， 所以也涉入南海的紛爭，這使得南海的局勢更加複雜。 我國、中國大陸與菲律賓皆主張對南海諸島中的黃岩島享有主權，2012 年中 國大陸與菲律賓之間爆發了黃岩島事件，更使南海的緊張情勢升至最高，於是菲 律賓便訴諸於國際仲裁法庭，仲裁庭並未就主權的歸屬作出判決，而是對《聯合 國海洋法公約》的解釋問題作出裁判，但南海諸島的主權爭奪仍就方興未艾。 有關領土主權的取得，1928 年帕瑪斯島案的仲裁法官指出「持續與和平展示 領土主權幾乎就等於主權本身」，而這便是「有效統治」的核心，本文因此挑選 四個與有效統治高度相關的國際司法機構判決來作分析，並參酌相關國際法的原 則與發展，以歸納出「有效統治」的構成要件、衡量指標與法律效果，並利用這 個歸納結果來對我國、中國大陸與菲律賓在黃岩島領土主權的爭端進行分析，判 斷結果雖是我國擁有黃岩島的領土主權，但由於我國目前沒有實質控制該島礁， 因此本文也試著提出具體建議來強化我國的主張。 / The islands of the South China Sea (SCS) not only have an abundance of resources, but also are strategically located. There are six major countries that claim territorial sovereignty over the islands, including the R.O.C. (Taiwan), Mainland China, the Philippines, Vietnam, Malaysia and Brunei. Although the U.S.A. is not one of the claimants, it is still involved in the SCS dispute because of its important interests in that region. Thus, the situation in the SCS has become more complicated. Taiwan, Mainland China, and the Philippines all claim to have sovereignty over Huangyen Island in the SCS. The “Huangyen Island Incident” between Mainland China and the Philippines broke out in 2012, bringing tensions in SCS to a height. The Philippines thus resorted to the international Arbitral Tribunal. The tribunal didn’t make a ruling on sovereignty, but it made a ruling regarding the explanatory question of the United Nations Convention on the Law of the Sea. However, the tit-for-tat over the sovereignty of the SCS islands continues. Regarding the acquisition of territorial sovereignty, the arbitrator of the 1928 Palmas case indicated that, “the continuous and peaceful display of territorial sovereignty is as good as a title.” This is the exact the core of effectivités. To conclude the components, indicators and the legal effect of the effectivités, the thesis thus considered related principals and development of international law, and selected four rulings of international judicial bodies to analyze, as these four ruling are highly-relevant to effectivités. Furthermore, based on the results of the above analysis, this thesis also analyzes the territorial sovereignty dispute over Huangyen Island among Taiwan, Mainland China, and the Philippines. The analysis concludes that Taiwan has the territorial sovereignty over Huangyen Island. Given the fact that Taiwan doesn't substantially control it, the thesis also tries to come up with advice to strengthen Taiwan’s claim.

本文以地方發展型政府為理論基礎，通過援非農業技術示範中心項目的案例來解釋地方政府在參與國家對外農業援助的動力和其農業援外的行為策略。 本文認為21世紀以來中國大陸對外農業援助之所以能夠快速增長，關鍵因素在於國家機器成功地調動了地方政府參與援助計劃的自主性與積極性。一方面，中央政府在援外管理與財政金融方面的放權，使地方政府能夠自主調動省级行政資源加强對援助項目的管理；二方面，糧食安全省長責任制的確立，以及經濟戰略所需的內部資源不平衡分配，都強化了地方官員企圖通過推動國家重大戰略來擦亮政績並獲得職位升遷機會的意願。 進入援非農業示範中心的案例中，地方政府在推動對外援助的過程中也在積極尋找機會帶動本地企業「走出去」。其行為策略通常是先將援助平台搭建成功，然後設法壯大援助平台，希望通過援助平台的成功運營以及各項優惠條件，拉動本地企業的抱團投資，在受援國形成規模效應。筆者將這種行為策略謂之為「造船出海」。本文還對央地間在農業援外事務上的互動策略進行分析，發現地方政府在中央允許的政策空間內有一定的變通執行權；而中央對於援外項目則實施「目標管理」與「制度設計」，對地方政府過度扭曲的政策執行進行干預。 本文認為，地方政府在促進農業「走出去」過程中發揮著關鍵性的作用，其所採用的「造船出海」的行為策略實質上是在移植早期地方招商引資的經驗，是中國發展經驗的制度遺產。而地方政府在援外政策的變通執行同樣在影響著中國大陸對外援助的結構與過程。

This dissertation argues for the renewal of Chinese evangelical spirituality by critical engagement with Christian mysticism. The dissertation argues that Chinese evangelicals can pursue life transformation by appropriating the Christian mystical tradition within the Chinese context while retaining core evangelical distinctions. It discloses that Chinese evangelicals have inherited some elements of the Christian mystical tradition. Purposeful review and critical engagement with Christian mysticism provide Chinese evangelicals with meaningful themes, lively witnesses, and practical insights for reimaging the pathway of future spiritual theology in their social-cultural context. Thus, it contributes to the sparse academic research on mainland Chinese spiritual theology and argues that Christian mysticism plays a particular role in its unique development. Furthermore, this dissertation holds that Chinese evangelical leaders should and can work together to lead Christians to acquire spiritual maturity while they are travelling on this spiritual pathway. It proposes an integration of biblical leadership and the social identity theory of leadership for leading a constructive change to the evangelical community. Such as proposal of change manifests the contribution of this dissertation to the fusion of theory and practice in spiritual or practical theology.

本研究的目的針對國內蔚為盛行的產業外移風潮，而大陸地區正在彼岸用無限的商機和減少勞動成本的誘因招手著，如何有效的創造最大的利潤和競爭力正是對大陸投資的臺商共同關切的問題，而企業最大的資產來自於優秀的人才，唯有適才適所才能創造雙贏，因此本研究希望藉由建構客觀的指標性工具--外派管理職能評鑑量表，用以輔助企業有效地找出適切的外派大陸地區之主管。 本研究先透過文獻回顧與整理、標竿主管深度訪談，建構初步的外派大陸地區管理職能量表146題。再透過內容效度、重要性分析後確認了103題當作正式實證測試的正式問卷。本研究共寄出427份問卷，回收有效問卷為221份，有效問卷回收率為51.8﹪。 問卷回收後，進行因素分析篩選出七個外派管理職能的衡量性構面共計有31題。七個構面的內部一致性α值介於0.74 ~ 0.82之間，具備高度的內部一致性。研究結果的七個構面分述於下： 一、處理跨文化事務問題的能力職能群組 主要職能包括具備預防問題發生的能力；具備迅速發現問題的能力；具備對事務、問題的理解、分析、解決的能力；具有面對危機處理，快、狠、準的應變力和行動力；具有替代方案的規劃準備；以及具備跨文化勞資、團隊爭議的謹慎談判和處理能力等等。 二、海外生活的適應性職能群組 主要職能包括具備對挫折的堅忍力；具備容忍不明確的能力特質；能夠自我情緒智商的控制、發展與管理；具備對文化韌性、跨文化的適應力（生活、環境、工作上的適應力）；以及壓力管理、本身抗壓性良好等特質。 三、自我導向職能群組 主要職能包括具備謙虛，對自我要求持續地改善任何缺失之處，不斷地自我超越之特質；定期做喜愛的活動，幫助紓緩新的實體及文化環境所帶來壓力；在異國中能尋找可替代原有嗜好或活動；能夠有充份的自信心和自我的認同；有自我充實、成長與不斷學習新知，以求創新之特性等等。 四、面臨當地各方面環境之決策能力職能群組 主要職能包括具備獨立決策的能力；具備適時企劃、計劃能力；具備多面向和清晰的邏輯、系統化思考力；具備正確、迅速對事務的判斷力；以及具有對數字的敏銳度，以應變政治、經濟環境對市場影響等等。 五、跨文化團隊建立發展能力職能群組 主要職能包括具備跨文化團隊合作的能力；具有創造跨文化團隊的向心力、凝聚力、工作價值；以及具備促進跨文化工作團隊的順利建立、發展與運作的能力等等。 六、透視或體會社會結構同質性職能群組 主要職能包括具備在外派任務中能傳承公司文化和習性並且運用；具有在外派任務中能導入公司的價值觀之認知；具有本地、外地員工間的文化融合的人文特質；及具備尊重當地文化、不本位主義的態度。 七、跨國任務的執行力職能群組 主要職能包括對工作高度的責任感；面面俱到執行任務之實現能力；及具備執行工作的的熱誠、熱情、活力等等。 最後透過迴歸分析的檢驗，驗證出本評鑑量表對外派大陸地區主管人員的工作績效具有顯著性的影響，當中以自我導向職能群組、海外生活的適應性職能群組、透視或體會社會結構同質性職能群組、跨國任務的執行力職能群組的影響最顯著。 / The purpose of this study is to research on the current of Taiwan industry relocation, and the Mainland China is waving with the limitless business opportunity and inducement of the labor cost of the reduction on the other shore, how the effective creation largest profit and competitiveness are exactly common issues deeply concerned of Taiwan corporations of investing in the Mainland China, and enterprise's largest assets come from outstanding talented human resources. The win-win situation could only be created rightly by proper arrangement. Therefore, this research hopes by building and constructing the objective index tool –Expatriate managerial competencies assessment scale, is used to find out the appropriate executive who sends the continent area to oversea operation effectively in auxiliary enterprises. This research is reviewed and put in order through documents first, the model is in charge of depth interview, build and construct preliminary 146 questions of form of the China regional managerial competencies and have confirmed after and then analyzing through content validity . Among them, 103 questions are regarded as the formal questions by the level of importance that formats final questionnaire. Sending 427 questionnaires altogether in this research, there is 221 retrieved the effective questionnaire; the effective rate of recovery of questionnaire is 51.8. After the questionnaire is retrieved, I carry on the factor analysis that has 31 questions to construct the surface altogether to screen seven domains .While Cronbach α between 0.74 to 0.82 in internal consistency, a value of seven domains of managerial competencies, possess the internal consistency of the height. Seven domains of the result of study are divided and stated as follow: First, ability of dealing with the cross-cultural affairs competencies：Possess and preventing the ability that the question happens; Possess the ability to pinpoint the problems rapidly; Possess the understanding, analysis, ability to solve to the affairs, problem; Deal with the crisis, fast, ruthless, accurate adaptability to changes and action strength; There is planning which substitutes the scheme that is prepared; And the prudent negotiation with cross-cultural labor and capital, group's dispute and so on. Second, adjustment of overseas life competencies：Possess the steadfast and persevering strength to the setback. Possess and tolerate the indeterminate ability and specialty. Can self- mood control, develop of IQ manage; Possess it to cultural-toughness, cross-cultural adjustment （life, environment, adaptive capacity at work）; Specialties, such as and pressure management, resisting the pressing well by itself and so on. Third, self-oriented competencies：Possess modestly, to requiring oneself that improves the place of any disappearance continuously, specialty that is surmounting oneself constantly; Do the activity that likes regularly, help to release the pressure which cause by new entity and cultural environment; Ability to find the substitute to take place the original hobby or activity; There can be self-confidence of filling one and self- approval; Oneself substantiates, grows up and studies new knowledge, so that characteristic of innovation ,etc. constantly. Fourth, ability of decision making when facing local environments of various fields competencies：The ability with independent decision making; Possess the enterprise planning in real time, plan ability; Possess and face more with clear logic, systematic thinking; Possess the correct judgment ability to the affairs rapidly; And have it to acumen degree of the figure, the political, economic environment influences etc. the market in order to meet an emergency. Fifth, ability of the cross-cultural team builder and development cluster competencies：The ability with cross-cultural team unity; have centripetal force, cohesiveness, work values of creating the cross-cultural team; And possess and promote smooth setting-up, development and ability of operation which step the cross-cultural work team and so on. Sixth, the similarity of structure of societies competencies：Possess and can pass on company's culture and habits and acquired characteristics and use in sending the task to some other department; Have cognition that can be channeled into the values of the company in sending the task to some other department; Have humane specialty that culture among here, none-local staff merges; Respect local culture, attitude of selfish depart mentalism to possess. Seventh, execution of the transnational task competencies：The sense of duty to the working height; Realization ability to attend to each and every aspect of a matter and execute the task; and the cordiality, enthusiasm, vigor of the one that possess execution assignments and so on. Finally, through regression analysis, it proves that there is a great connection between the assessment scale and the performance mana- gement personnel who is sent to Mainland China. The competencies that with higher influences are self-directed competencies, adjustment of overseas life competencies, the similarity of structure of societies com- petencies, execution of the transnational task competencies.

本文之目的，是要探討兩岸人民關係條例第二十一條限制設籍台灣地區未滿十年之原大陸地區人民不得出任公務人員規定之合憲性，並擇定以平等權觀點作為切入論述的角度。全文共分為六大部分：第一部分確認大陸地區人民與設籍台灣地區未滿十年之原大陸地區人民在我國之法律地位為得享有平等服公職權之主體。第二部分確立平等權審查之基準，包括事務本質、憲法整體價值、體系正義及比例原則，是為檢證系爭條文合憲性及貫穿本文之核心價值標準。第三部分分析各國及我國公務員法制中，以忠誠度為考量來設定之審核申請出任公務員者「適任性」之法定任用條件之立法目的及法則，以找出與申請者適任公務人員與否重要相關之本質要素為何。第四部分則是分析設籍台灣地區未滿十年之原大陸地區人民之本質屬性，是否具有不適出任公務人員之重要本質要素。第五部分檢討系爭條文所採差別待遇之手段及內容，是否符合比例原則。最後，本文就系爭條文是否符合憲法平等保障人民基本權利之意旨作一綜合評析，並嘗試提出修正系爭條文之具體建議。 / The Mainland Chinese people have become Taiwan people since they settled down in Taiwan area. However, Article 21 of the Statute Governing the Relations between People in Taiwan Area and People in Mainland Area stipulates that the former Mainland Chinese people registered residences in Taiwan area within 10 years (hereafter “former Mainland Chinese people” ) couldn’t serve as civil servants. It is debatable whether said stipulation constituting a discriminatory treatment to part of nationals serving in public service violates Article 7 of the Constitution guaranteeing the right of equality. To begin with, this paper defines the legal status of Mainland Chinese people as nationals from Constitution point of view. Then, the paper looks into the subject from several points of view, including the nature of the addressed subject, the value system of the Constitution, and the purpose of enactment. It is find that the preclusion of the former Mainland Chinese people serving as civil servants is in harmony with amendment to the Constitution. It is furthermore not in conflict with the equal protection of law provided in Article 7 of the Constitution. However, part of the measure of the above said statute not in accord with the principle of Proportion should be amended in order to concur with preservation of state security and the adequate exercise of rights to serve in public service of the people. The Germany’s civil service law, which provides conditions of reappointment of former civil servants under German Democratic Republic after German unification serves as a most valuable reference model.

如何成長，是企業尋求永續經營所關心的永恆主題；如何國際化則是企業在經濟全球化時代面臨的挑戰。國際購併作為企業的擴張模式，同時兼具了企業追求成長和國際化佈局的內涵和效果，是歐美企業經常使用的成長策略和國際市場擴張策略。尤其在廿世紀的九○年代，全球化的風潮和跨國企業（MNCs）的全球化佈局，助長了跨國購併的盛行。 中國大陸在地理上緊鄰台灣，自1978年改革開放後，經濟呈現高度成長，除了是開發中國家首位國際對外直接投資（FDI）的目的地之外，更是全球最大的新興市場和製造工廠。惟與國際購併作為對外直接投資的主要模式比較起來，外資透過購併來經略中國市場並不普遍，在成交金額上僅佔5.5%，這主要是因為中國相關的購併法律環境還不健全、市場機制不成熟、資本市場也未全面開放所導致。因此，跨國購併目前並不是進入中國投資的主流模式。近年來，中國政府加強改善購併相關環境的工作，一方面使得購併活動蓬勃發展，另方面也讓外資得以在中國以購併方式經略中國。 本論文「以成長策略為經，以國際市場進入模式為緯」探討台資企業在中國大陸的購併策略，研究的出發點主要是關懷台商如何以及能否以購併策略來經略中國市場，並探究是否成功。由於過去與此相關的研究相當稀少，本研究可以定位為初探性研究，研究主要採取個案研究法，並在對三個個案研究公司從事購併的高階主管進行深度訪談，以及次級資料蒐集的輔助下，實證研究有幾項結論發現，分述如下： 一、台商以購併方式在中國大陸投資的主要考量是：如何以時間爭取市場空間。簡言之，面對大陸新興市場的高速成長，時間價值取得了投資策略思考的主導地位，形成了廠商以併購方式在中國投資的策略。當廠商面對快速成長的新興市場，購併是快速進入市場的最佳相配適策略。尤其當「時間對市場」變得相當重要的時候，購併是進入一個新市場最迅速的投資方式，此時併購相對於其他投資方式有其獨具的優勢。 在時間上，併購既有廠房確實比新建投資來得快速，進一步拿購併與投入新建廠房的兩三年內相比，在主併公司良好的整合策略配合下，開出新產能和建立新市場，其績效也比自建新廠來得好。以購併作為成長策略，主併公司借助了外部的力量而得以跳躍成長，省卻了以自己內部實力從事創新和開發所需的時間，其成長曲線不同於內部成長策略的S曲線。 二、海外購併投資同時是台資企業國際化的成長策略和海外市場的進入模式。國際併購作為台商的海外市場進入策略，通常兼具有策略性購併的特質，且都是以追求快速成長為目標。併購策略具有台資企業國際化歷程的中繼或過度性質特徵。易言之，在進入策略上，台商和許多其他國家國際企業一樣，採取了從低涉入到高涉入、資源投入從低到高、控制從低到高的模式，而購併模式在國際化過程中，往往是一個過度性質的中繼站，接著再以自建新廠的方式繼續投資，而且多是獨資的方式為之，此乃內部成長策略和外部成長策略兼採的市場進入方式；不過，亦有持續地單以併購與合資等外部成長方式作為投資的模式，來進行國際化的佈局。 購併投資若駕馭得當，可以達成企業設定的成長策略目標，但應考慮經營環境的內外變化，以規避快速成長所帶來的風險。企業外部環境的風險和內部經營能力對購併的影響，當主併公司的企業經營能力不能駕馭經營環境面臨的高度風險挑戰，將把獲來的資產化成為泡沫，一切成為烏有；若是企業能力優良，並且擁有低風險的經營環境，則購併後的主併公司將呈現蛙跳成長，成長快速。若是主併公司的經營能力和經營環境風險有相適應的發展，則呈現穩定的成長狀態，但公司宜加強經營能力，以防風險係數提高，造成公司難以應付的危機出現。 三、在購併整合和是否達成購併目標上發現：（一）購併後的整合端視主併公司與被併公司在資源互賴需求和組織獨立需求高低而決定。這點印證了Haspealagh and Jemison提出的資源整合矩陣觀點。（二）購併後若發生股權變動的情況，亦可能導致整合文化的變化，這說明了購併後整合模式具有動態變化的特性。（三）如果購併方是具有經營優勢的企業，被併者是家虧損企業，則通常購併後整合的主導模式是順向整合的吸納式。（四）整合模式與被併購方的母國和主併公司的母國是否為同一國家沒有必然的關聯。（五）購併雙方規模的大小或許也會影響整合的方式，在三個個案實例中，大對小進行購併都出現了吸納式整合模式，說明了其間的關聯性，但這層關係可能是建築在中介變數的影響下才成立的。筆者認為，主併公司的經營優勢或所有權優勢可能是中介變數，這才是影響主併公司採取吸納式整合模式的關鍵。（六）台商從事購併的整合活動都是從交易後才開始的現象。這和西方在目標公司選擇過程中，或交易談判時即開始進行的習慣有明顯的不同。因此，以「購併」─所透露的「先購後併」意義來形容台商購併的經歷應是較適宜的。（七）當購併達成了公司的策略目標或合併綜效，可以為公司創造價值或增值；反之，則會為公司帶來價值破壞，嚴重者甚至毀滅公司所有價值，將購併成長而來的價值付之一炬。（八）購併成功的可能性來自於整合和時間因素的作用，在購併後短時間內（通常在二年以內）發生整合效益，則購併成功的可能性高；若是購併後經歷了一段長時間（通常在二年以上）而未獲得整合效益，則購併以失敗告終的可能性高，也就是成功的可能性低。 四、台資企業以國際併購方式進入中國大陸市場投資是條可行的方式，但由於是外資購併，影響其成敗的因素多元，在購併決策和購併後整合經營時仍須謹慎應對，才能確保成功的可能性。在中國大陸經濟的持續成長、國有企業的轉型與改革和外商購併法制環境趨於健全之際，台商以購併進入中國投資是可以考慮的方式，尤其是對跟隨者和後進者來說，更是一個追求快速成長者的較佳選擇，或許可以透過此投資方式，取得與先驅者並駕齊驅或迎頭趕上的機會。但投資者也應考慮在中國大陸從事購併可能的風險。尤其，中國大陸的政經環境不可預期因素較多、資訊的不對稱和不夠透明化、產權（股權）問題的限制、公司治理結構的制約、司法救濟的不足、法律與文化差異等仍是外資購併大陸企業的障礙，這是想要以購併投資中國公司所必須考慮的問題。 總之，透過購併來達成公司成長，須在明確的公司願景和成長目標下，審視自身的能力與條件，以及外在環境的變化，根據需要制定一套可行的購併策略，再確實執行，並做好整合工作，購併才能增加公司的價值，以成長達到公司追求的願景。 / Keeping growth has been the core issue for corporations seeking continuous operations whereas internationalization poses a new challenge in this global era. International mergers and acquisitions (M&As) as a means for corporations aiming at business expansion are common occurrences, especially in the late 20th century when multinational companies (MNCs) were aggressively seeking global presence and expanding overseas operations. Mainland China, geographically adjacent to Taiwan, has been implementing its economic reforms since 1978 and grew rapidly as the new powerhouse of the world in manufacturing as well as in consumption. China has inevitably become one of the top-tier for foreign direct investment (FDI) among all developing countries. International M&As/ Cross-border M&As, however, have not been commonly utilized as vehicles by foreign investors to penetrate China’s market. In the year of 2000, international M&As only represented 5.5 % of the total FDI in China, mainly resulted from the strict regulations on its immature market mechanism and capital market. In light of the Chinese government’s recent attempts to improve its investment environment, including the deregulation of M&As, and to attract foreign investment via M&As, this research project focuses on Taiwanese enterprises’ M&As strategy in Mainland China in line with seeking continuous growth and through internationalization. Major emphasis on investment avenues Taiwanese enterprises to be the best situations of taking advantage in penetrating Chinese markets, and whether Taiwanese enterprises gaining better access to the Chinese market via M&As. In the past, the volume of research in this field is comparatively low; therefore, this research can be regarded as an exploratory study. With in-depth case studies of three selected Taiwanese enterprises that have adopted M&A strategy to enter the Chinese market, based upon my studies, key findings below. 1.“Time Saving" would be the major concern in taking M&A as approach for Taiwanese enterprises to invest in Mainland China. That is to say, to enter a rapidly growing market like China within the shortest time period has not only become the key successful factor (KSF) but also the theme center while envisioning its investment strategy. M&As are under most circumstances, considered as the most suitable and fastest strategy to enter the market, within the shortest time frame, especially when “time” is considered as KSF, and crucial element. Therefore, compared to other FDI avenues, M&As indeed have their unique edge. In terms of saving time, acquiring an existing operation is more effective than starting from ground zero, i.e. building new facilities. Given the identical time frame, with good strategic planning from the home country, the buy-in approach has advantages in boosting up capacity, creating new markets, avoiding high expenses caused by inefficiencies in the start-up period. Parent companies are more likely to have a leap in growth by taking acquisitions with assistance from the external and the growth curve would be different from the S curve. 2.M&As become the major growth strategy for Taiwanese enterprises to approach both purposes of internationalization, and entrance of overseas markets. That cross-border acquisitions of Taiwanese enterprise vehicles to enter overseas markets usually combines two characteristics, strategic acquisitions and rapid growth. M&As often act as a transition point for most Taiwanese enterprise in internationalization process. In other words, Taiwanese enterprise entry policy, like that of the MNCs counterpart, tends to take modules of starting from a low involvement to high, from a low degree of investment to high, and from a low level of control to high; The internationalization process is most often initiated by M&As, followed by increasing investment in constructing new facilities with full ownership. Applying such a policy to enter a foreign market utilizes both internal and external forces to obtain a company’s growth whereas a number of companies, after M&As are completed, prefer strategic alliances with external parties to sustain internationalization. As companies reach their desired growth goals and objectives via well planned investment strategy in the first stage, such as M&As, they should constantly be aware of any subtle changes in the investment environment in order to reduce potential risks arising from any rapid expansion and growth. In a relatively low-risk investment environment, steady growth is anticipated if the parent company is well managed and capable of adapting to environmental changes. That is to say, a parent company should always enhance its operating capability in order to mitigate risks from the ever- changing environment. 3.Can M&A strategy be applied to achieve goals and objectives? Here’s the brief of my thesis conclusion. (1) Post merger integrations (PMI) depend on the degree of interdependence between parent company and acquired company, such as resource supplies and organizational structure, which has matched Integration Matrix Theory by Haspealagh and Jemison. (2) Stock shares reallocations after acquisitions may result in the changes of integrated corporate culture, which illustrates that PMI is subject to variation. (3) When a parent company benefits from the operating over its acquired company, the PMI module is usually in the form of forward integration. (4) There are no correlations between the country origins of the parent company and the acquired company. (5) Scales of the parent company and the acquired company may influence PMI modules. Correlations are defined via these 3 case studies that absorption mode occurs when the parent company has operating advantages over acquired company. Based on the study result, the parent company’s operating advantages or scale over the acquired company are key elements for the occurrence of absorption mode. (6) Unlike enterprises in the USA or Europe where integrations usually begin during M&A negotiation or the process of searching for acquiring targets, Taiwanese enterprises normally start integration process after the acquisition deal is completed. (7) Additional value is created only when M&As comply with a company’s goals and objectives; otherwise, negative impacts from M&As apply. (8) How and when to integrate may be two key factors for a successful acquisition. The study indicates that integration would have a higher chance of success if the process is initiated within two years’ time frame after acquisition. 4.It is recommended that Taiwanese enterprises’ take on M&A as an approach to enter the Chinese market. However, many factors may attribute the results of M&As. The strategic forming and the PMI need to be carefully planned. Mainland China’s investment environment is improving, especially in the deregulation upon FDI’s M&As activities. With its increasing volumes of governmental entities’ reforms and transform actions, as well as its continuous economic growth, M&As strategy is indeed an alternative for Taiwanese enterprises to enter Chinese markets. Such strategy benefits market followers the most as resources and market entry can be obtained within the shortest time frame, and eventually to compete with other market frontiers. Nevertheless, investors should take risks into consideration, comparatively, there are higher levels of uncertainty in its economic and legal environments, restrictions toward ownership and organizational structure, shareholder limitations, culture and legal differences, as well as controlled information channels and sharing. In summary, to reach continuous growth via M&As, strategy should be in line with company goals and objectives. Such strategy should only be made with intensive evaluation of one’s capabilities and environmental circumstances, followed by well planned implementation and integration. By doing so, M&As will create additional value toward companies’ goals and objectives in seeking continuous growth.

在全球化發展與區域整合的大趨勢下，多國籍企業在世界上的地位是越來越重要，掌握兩岸加入WTO後的大陸外資政策變化、瞭解中國大陸市場開放趨勢、進行臺灣與美日多國籍企業進攻大陸市場策略聯盟評估、以及實證多國籍企業在大陸投資行為所衍生的機會與挑戰等，爰為本文之目的。 　　本研究從多國籍企業在中國大陸投資的歷史進程與發展、中國大陸吸引外商直接投資的政策演進、多國籍企業在中國大陸的投資行為分析與比較及其對中國大陸投資區位選擇之影響因素，通過這些分析得到一些啟示，對於影響未來多國籍企業與臺商中國大陸投資區位選擇之策略運用，及中國大陸在兩岸加入WTO後對利用外商直接投資的政策將有更大的借鑑與因應。 　　以中國大陸近年積極吸引外商直接投資，不斷改善投資環境，轉變政府職能，充分發揮廣大的勞動力資源與市場的比較優勢，並將利用外資與其國內經濟結構調整、國有企業改組和改造西部大開發結合起來，進一步積極吸引外資加大對中西部地區的投入。由於中西部地區幅員遼闊、人口眾多，中西部地區經濟發展水平直接影響和決定了中國大陸經濟發展。中西部地區不具備東部沿海地區優勢，要吸引外商直接投資，需要有一些優惠政策，並加快基礎設施建設，改善投資軟硬體環境，大力發展科技教育，廣泛宣傳中西部地區的資源優勢和勞動力低成本優勢，從而降低外商對中西部地區投資的成本以吸引外商直接投資。 　　臺灣優先，全球佈局，中國已成為世界最大製造中心，我政府應積極從區位優勢上，致力於促進研發以提昇產業競爭力，並鼓勵與歐、美、日策略聯盟，運用臺灣過去累積的優勢，即時掌握臺灣利基，創造永續發展策略與產業出路。 　　從區位優勢到全球運籌與佈局，臺灣未來走向應由傳統製造中心轉型，重新定位成為多國籍企業創新研發設計中心及企業營運總部基地。政府有關單位當前如能加速整合臺灣的優勢，臺商未來應該有很大的發展空間，因此臺商更應積極掌握與歐美日多國籍企業策略聯盟之契機，確保臺商在大陸投資發展之競爭優勢。 　　以本文研究顯示，絕大多數臺商到大陸投資之後仍保持與臺灣母公司或其他上下游廠商或企業有緊密之業務聯繫，兩岸產業分工之格局逐漸形成，兩岸產業結合程度也越來越深，顯示臺商投資的企業在大陸經營當地化的趨勢與歐美日等多國籍企業一樣越來越明顯。基於兩岸經濟地位比較利益，唯恐臺灣未來的優勢不再，臺商在大陸所構建的兩岸產業分工策略，實為臺商全球佈局非常重要的一環。臺商在與美日多國籍企業策略聯盟進攻大陸市場時，我國政府在大陸投資政策上亦應有全盤架構，以配合臺商在策略聯盟國際市場競爭之需要。 關鍵詞：中國大陸，多國籍企業，投資行為，兩岸產業分工，策略聯盟，對外直接投資，投資區位選擇，研究與發展 / Under the trend of globalization development, the position of Multi-National Enterprise’s is becoming more and more important. The purpose of this study is to conduct a Comparative Analysis of Multi-National Enterprise’s Behaviors of Investment in Mainland China. The main assumptions of this study is that the Multi-National Enterprises are pursuing the maximization of enterprise's profit. According to the influence factors of the locational choice of foreign direct investment, we explore multi-national enterprises’ behavior of investment, location distribution and future direction of development. 　　As regards to the result of this empirical research, the signs of the coefficients of the east, west and the central of the all regional characteristic independent variables are compatible to prior expectation. It shows that the research results of the east and west region have more significant statistical level than that of the central region. Also, both of the east and west region have better cluster effects than that of the central region. 　　Since Mainland China has become the largest manufacturing center of the world, the Taiwan government should take the comparative advantage of Taiwan’s geographical location and promote R&D, and global logistics for attracting the multi-national enterprises to establish their head quarters in Taiwan. From the research results of this study, it shows that Taiwanese enterprises in mainland China should put more emphasis on their strategies alliances with those multi-national enterprises and forces on the global thinking for cutting their competitive edges. Keywords: Multi-National Enterprise, MNE, Behaviors of Investment, Foreign Direct Investment, FDI, strategies alliances, Mainland China, R&D

本論文主要由三大研究主題組合而成：第一個主題是依照中國金融體系的現況，針對國有銀行、政策性銀行、股份制商業銀行及城市商業銀行等四種不同類型銀行的獲利績效進行比較實證研究。其中的股份制商銀與城市銀行，其資本組成除少數仍有國務院持股（即中央政府持股）外，股東成員擴及地方政府、國有企業及民間企業，股本結構明顯較國有商業銀行及政策銀行多元化。不同的股本結構，尤其是官股比例（政府持股比例）是否對各家銀行的獲利能力產生影響，是本文主要研究興趣所在。本文採用Bankscope資料庫，涵蓋1997至2004年中國大陸49家銀行的財務及股東資料。結果發現：銀行股權結構中，中央政府持股比例越高，銀行獲利表現越差，地方政府持股的影響則較不明顯；而四類銀行中，股份制商銀與城市商銀的表現遠優於國有銀行及政策銀行。但1999年以後中國國有銀行的財務整頓措施的確使得國有銀行的相對表現有所提升。 鑑於外商銀行大舉進入中國金融市場，勢必對中國銀行帶來更多的競爭壓力，本論文第二個研究主題進一步將研究範圍擴及至世界資產排名前一百大的銀行，企圖比較中國銀行與世界百大銀行經營績效的差異。在這個主題中，延續前一主題「股權結構」的重要性，除了官股比例，同時考慮外資持股及本國人持股，分析三類持股對績效的影響，又鑑於總體面的政府治理因素可能對股權與銀行績效的關係產生變化，本研究也將政府治理變數，包括文獻中經常提到的證券市場內線交易情況、政府政策透明度及政府貪污情況等因素納入考量，比較這些因素對中國銀行與百大銀行影響有何差異。實證結果如下：對中國銀行及世界百大銀行而言，政府持股對銀行獲利的影響是負向的，而外資持股的影響則恰相反，開放程度愈高、銀行自由度愈高越有利於銀行績效提升。中國政府越無貪污情況時，越有助於外資持股對銀行績效的正向影響。對世界百大銀行而言，政府越無貪污情況時，越有助於外資持股對銀行績效的正向影響。而政府政策透明度越高，越有助於政府持股與本國人持股的正向影響。 第三個主題探討我國上市櫃公司不同的對外與大陸投資決策對母公司獲利性的影響。本文將投資決策對公司獲利的影響視為內生，也就是投資決策受公司特性因素的影響。同時，我們進一步假設公司的投資決策是分兩階段完成，第一步會先決定是否進行海外投資，一旦確定後，再決定是否赴大陸投資。因為有兩層的投資決策，本文以延伸的Heckman’s Two Stage Method進行估計。 實證結果顯示，在投資決策的影響因素方面，對第一層赴海外投資而言，規模愈大、國際化程度愈高、愈勞力密集的公司愈傾向赴海外投資；對第二層赴大陸投資的決策，影響因素也類似，只是公司規模不再是重要影響因素。至於獲利的影響因素方面，第一類「赴大陸投資的公司」與第二類「未赴大陸但赴其他國家投資的公司」的利潤型態較類似，長期負債對獲利都有負向顯著影響，總資產也傾向負向影響，至於第三類「未從事任何海外與大陸投資公司」的利潤型態則與前兩類不同，總資產與研發支出都呈現顯著負向影響。而三類公司的績效比較部分，第一類公司的平均預期資產報酬率雖若高於第二類，第二類公司又高於第三類公司，但三類公司兩兩之間平均預期資產報酬率的差距並未達統計上的顯著性。 / This dissertation contains three main parts. The first part studies the effects of government owned share on Chinese banks’ performance. After a series of financial reforms in the 1990s, joint stock commercial banks and city commercial banks started to boom and play an increasingly important role in China’s banking industry which had previously been monopolized by four state-owned commercial banks. These two new bank-types are considerably more diversified in that the primary shareholders include the central government, local governments, state-owned enterprises and private enterprises, not just the central government. Using 49 Chinese banks’ financial data retrieved from Bankscope, this part examines the effect of different ownership structures, in general, and government-owned-shares, central vs. local, in particular, affect the profitability and risk of banks in China. It also compares the profitability of four types of banks, namely state-owned banks, policy banks, joint-stock commercial banks and city commercial banks. We conclude that, without equivocation, the higher the ratio of state-owned shares is, the worse is the profitability of the bank. And we also note the profitability of joint-stock commercial banks and city commercial banks is much better than that of state-owned and policy banks. In light of the ever-growing foreign competition facing Chinese banking industry, the second part expands the sample banks to World’s top 100 banks and studies the differences between Chinese banks and foreign banks from the respects of ownership structure, government governance and bank regulations. Our empirical results reveal that for both Chinese banks and top 100 banks, government owned share has a negative effect on banks’ profitability, while foreign owned share has an opposite effect. For both of them, the more the foreign institutions have access to the banking market and the more freedom the banking industry enjoys, the better the bank performs. For Chinese banks, lesser corruption helps strengthen foreign share’s positive effect on banks’ performance. Furthermore, higher transparency would increase the positive effect of government owned share and domestic owned share. The third part studies the profitability of Taiwan’s listed companies with and without investment in China. Unlike past studies which deal with the decision of investment in overseas and China as exogenous, the decision is endogenous in this paper. That is, the decision making is based on the firm’s characteristic factors. We further assume that there are two hierarchy decisions made by firms when they decide in investing in overseas and China. The first decision is whether it should invest overseas. Once the first decision is made, the next one is whether a firm should invest in China. This two decision model, which allows us to extend Heckman’s two-step method, is referred to as an extended-Heckman method in this paper. Our empirical results regarding the determinants of investing overseas and China are as follows. With respect to the investment in overseas, firm size and export ratio show positive influence on the decision of investment, while capital labor ratio shows negative effect. Next, with respect to the investment in China, determinants are similar except that firm size is no longer significant. Our results regarding the profit performance reveal that for ‘the firms with investment in China’ and ‘the firms without investing in China, only investing other countries’, long term liability ratio has a significantly negative impact on profitability, whereas total asset, R&D expenditure show a negative effect on profitability for ‘the firms without investing overseas, nor investing in China’. As for the performance comparison among firms of these three investment types, the differences are insignificant. This result implies that there are still considerable individual differences among the firms of the same investment type.