碩士 / 銘傳大學 / 財務金融學系碩士班 / 107 / This paper studies how peer firms’ performance affect companies’ foreign investment de-cision. The influential factors of foreign investment includes: current exchange currency rate, the scale of the company, the company’s oversea market, and etc. However, most of the companies are easily neglect how their competitors will affect their foreign investment decision. Over the past years, most of researches are focusing on examining between companies’ foreign invest-ment decision and competitors’ investment individually. Therefore, this study will focus on ex-amining whether a company’s decision of foreign investment will be affected when competitors investing the company.
This research takes the semiconductor industry classified by Taiwan Development Founda-tion Industry Chain Information Platform as the analysis object. During the research period from 2009 to 2017, the upstream, middle and downstream common shares of the semiconductor industry chain are examined as samples. The research method sums up the traits related to over-seas investment through previous scholars' research, deals with the identification problem in consideration of the same group effect by estimating two-stage least squares model with instru-mental variables.
The study shows that upstream, midstream and downstream firms will take their competi-tors into accounts when planning decisions of their foreign investments. The capital changes from competitors do create a remarkable impact on the company’s foreign investment decision, which will also directly affect the amounts of investment of the foreign investment.
| Identifer | oai:union.ndltd.org:TW/107MCU00214008 |
| Date | January 2019 |
| Creators | Kao, Tzu-Yin, 高子茵 |
| Contributors | Ho, Tzu-Ping, Lu, Yang-Cheng, 何祖平, 盧陽正 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 35 |
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