本文係從長期之觀點，探討臺商赴大陸投資衍生之產業群聚之綜效。本研究以臺商赴大陸投資設立子公司所形成之產業群聚（包括整體產業群聚於整個中國大陸地區、群聚華東及群聚華南地區）及公司特性（包括公司規模及負債比率）二構面，對公司績效進行實證研究。本研究發現，產業群聚於華南地區，確實存在群聚之綜效。惟整體產業群聚，卻對績效產生不利之影響，推測可能係因投資地區幅員遼闊，因而增加企業營運與監督成本，以致對績效產生不利之影響。至於公司規模愈大，對績效具正向之影響；惟負債比率愈高，則對績效產生不利之影響。

This study examines the synergy through industrial clustering of Taiwanese firms' investment in China from a long-term perspective. In the research, a multiple regression model was built by adopting two constructs as independent variables, including the industrial clustering (clustering as a whole; clustering in eastern China; clustering in southern China) and company characters (firm size; debt ratio). Company's performance was taken as dependent variable. The empirical result shows that clustering in southern China would produce positive contribution to company's performance. However, the impact of clustering as a whole on company's performance is negative. For the firm size, its impact on company's performance is positive and the impact of debt ratio on company's performance is negative.