摘要 本研究的主要目的在探討當台灣與中國大陸兩岸交流日趨頻繁，加上放 寬投資條件與各項惠台政策的實施後，對於台商直接投資中國大陸各省決定 因素的影響。本研究利用中國大陸27 個省份在1998 年至2007 年期間的追 蹤資料，採用隨機效果模型分析。實證結果顯示：在1998 年至2007 年期 間，影響台灣產業前往中國大陸各省屬於正相關的投資因素包含中國大陸各 省的國內生產毛額、勞動生產力及政府政策，而平均勞動工資與教育程度對 於台商投資則是負相關。另外，廠商別的分析加強說明了平均勞動工資、母 公司勞動生產力以及政府政策的相對不顯著影響結果。

Abstract As cross-strait exchanges between Taiwan and mainland China become more frequent – by relaxation of investment conditions and implementation of policies – the main purpose of this study is to investigate the influence of Taiwan’s foreign direct investment（FDI）in mainland China. In this study, panel data from 27 provinces in mainland Chinabetween 1998 to 2007 are analyzed by using random effect model. The empirical results show that from 1998 to 2007, the determinants of FDI are the gross domestic product of China, the average labor wage, labor productivity, infrastructure, and government policies, all with significant positive correlation, while the level of education for Taiwanese investments shows a negative correlation. In addition, we focus on the comparison of the FDI determinants among all firms and the industries.