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題名:台灣中小企業對大陸投資動機與投資意願、進入模式之研究–製造業之實證分析
作者:陳韋宇
作者(外文):Wei-Yu Chen
校院名稱:國立中正大學
系所名稱:企業管理所
指導教授:洪清德
學位類別:博士
出版日期:2007
主題關鍵詞:大陸投資投資動機進入模式感性因素China InvestmentInvestment MotivationEntry ModePerceptual Factor
原始連結:連回原系統網址new window
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  • 點閱點閱:54
過去關於台商赴大陸投資動機之相關研究多以經濟學的理論為出發
點,並以效用最大化的角度來解釋投資決策,由於效用的最大除了是廠商之效用
外,決策者個人之效用經常被理性分析者所忽略,因此本研究以決策者對大陸投
資動機之認知為出發點,即是以廠商效用加上個人效用來解釋其投資決策,操作
上則是增加「感性因素」動機構面為解釋構面,其一目的是有別於「理性」分析,
另一則是加入個人之動機因素。
及至去年(2006),經濟部統計局對大陸投資動機之調查以及過去學者之相關
研究,對於台商赴大陸投資之動機大多圍繞在環境面之動機因素,然而未赴大陸
投資之廠商亦面臨相同之環境動機因素,但卻未赴大陸投資,故本研究認為環境
面之動機因素無法直接解釋其投資決策,甚至無法解釋其投資意願;或是因決策
者對相同環境之認知不同,而有其差異,因此本研究除了加上「內部資源」、「感
性」動機因素構面外,另以Mann-Whitney U Test、Logistic Regression 及
Discriminant Analysis 來確認決策者對各動機構面之主觀認知是否有差異。
根據上述,本研究相對過去之相關研究較偏重個人效用,而廠商規模愈大,
個人效用的影響愈小(Mindle & Neubourg, 2006),故本研究以中小企業為研究樣
本,目的即是放大及確認個人認知的效用。
本研究以「外部環境」、「內部資源」及「感性因素」等動機構面對「投資
決策」、「投資意願」及「進入模式」做分析,並驗證研究假設,研究之結論為:
Researches on Taiwan manufacturers’ China investment are mainly based on
economics theories and always under the assumptions of maximizing the utility
function to explain the investment decisions. Besides the manufacturer’s utility
function, the decision maker’s utility function is largely ignored by researchers. This
research starts with the decision makers’ cognition of China investment motivations
so as to combine manufacturer’s and decision maker’s utility function. Operationally,
a “perceptual factors” construct is established as an independent variable so that it can
be differentiated from “rational” analysis and the other purpose is that personal
motivations can be taken into consideration.
Based on the past related researches and the statistic data from MOEA on the
China investment motivations, lots of the motivations are environmental factors. For
those who don’t invest in China, they also are under the same environmental factors.
Hence, this research believes environmental factors cannot explain investment
decision, not even the investment intention. Decision makers’ cognitive difference on
the same environment might explain the reason why there are different investment
decisions. Other than external environment construct, this research also survey
internal resource construct and perceptual construct. In order to test the decision
makers’ cognitive difference, Mann-Whitney U-Test, Logistic Regression and
Discriminant Analysis are implemented so as to confirm the empirical result.
Compare with other related researches, this research accentuates more on
personal (decision maker’s) utility function. The larger business size the less decision
influenced by personal utility function (Mindle & Neubourg, 2006). The research
samples are small-medium enterprises in Taiwan so that we can have a closer look of
the effect of personal utility function.
This research takes external environment, internal resource & perceptual factors
as independent variables and studies on investment decision, investment intention &
entry mode. The results are,
􀁺 The cognitive difference on investment motivations between China invested
firms and non-China invested firms is confirmed. The most significant
construct are resource exploitation and capability exploitation. It means
internal resource construct is important on investment decision, investment
intention and entry mode.
􀁺 In all investment sub-constructs, only the 3 sub-constructs of perceptual
factors (personal network, personal motivations and risk attitude) have
significant influence on investment intention. The significance of external
environment and internal resource constructs (6 sub-constructs) turn to be
insignificant when perceptual factors are included in the model. It means the
perceptual factors cannot be ignored when study on China investment.
􀁺 Perceptual factors mediate the effect between external environment and
investment intention and perceptual factors’ direct effect on investment
intention is moderated by internal resource.
􀁺 As to the entry mode, the 3 sub-constructs of perceptual factors (personal
network, personal motivations and risk attitude) have significant influence
on share holding but the effect is mediated by investment intention. The
capability exploitation is also positive related to entry mode.
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