海外投資進入模式選擇與績效之分析－台灣製造業為例

在全球化的驅動且基於成本或競爭的考量，廠商會進行對外投資或是拓展海外市場。過程中廠商面對的首要課題為如何選擇一最適組織型態，因為進入模式的選擇除了反映內在經營動機及發展歷程外，也將對公司投資績效產生重大影響。本研究以增展型交易成本分析架構為基礎，探討各層面因素對台灣製造業廠商之海外投資進入模式選擇的影響，以及進入模式選擇與海外投資績效間之關係。過去許多實證研究在忽略決策為內生且具自我選擇特性下，估計經營型態對投資績效的效果，然而此種潛在問題有可能會使分析結果產生偏誤。因此，本研究透過已發展能控制自我選擇特性的計量工具進行分析。其實證結果顯示，相對規模大小、資產專屬性、產品相關性、資源導向投資、出口銷售比率及環境不確定等因素皆會影響台商對外投資時的進入模式選擇。績效估計方面，若模型未控制進入模式選擇的內生性，獨資有較佳的績效結果；但是在模型加入了自我選擇調整因子，則經營型態對績效之影響將變得不顯著。藉由建立的決策偏離變數亦可發現，按照本研究理論架構所選擇的進入模式其績效表現較佳。

關鍵字

進入模式；自我選擇；交易成本； Heckman 兩階段估計

並列摘要

As the forces of globalization drive firm to expand outside their home market, a primary issue of concern is in establishing effective boundaries for the firm. Because of the entry mode choice besides the reflection management motive and the development course, also will havethe significant influence to the corporate investment achievements. In this study, we add TC variables to a set of variables previously used to predict Taiwanese manufacture firms’ mode choice and performance .Firms choose strategies based on their attributes and industry conditions；therefore, strategy choice is endogenous and self-selected. Previous empirical models that do not account for this and regress performance measure on strategy choice variables are potentially misspecified and their conclusions are incorrect. We use Heckman’s two-stage method to correct this biased. The finding reveal first the firm- and transaction-specific are strong influence of firms’ entry mode choice. Second, firms that use TC-enhanced selected mode choices perform better than firms that do not. Third, the significance of this effect that strategy on performance disappears once we account for self-selection of entry mode in the estimates.