本研究完整檢視了1998年至2008年臺商對外直接投資時，其決策在世界各國子公司所受到市場誘因、勞動成本及人力資本三個層面的影響。利用引力模型為基礎，逐步得出的實證結果顯示，臺商對外投資普遍受到市場層面因素的影響，而在勞動成本及人力資本層面的影響，則必須取決於不同產業別和市場別在相對低技術勞工及相對高技術勞工的需求差異。因而，利用敏感度分析分別比較臺商對外投資於技術密集產業、勞力密集產業、民生工業與非金屬製造業之不同產業的差異，以及中國大陸、已開發國家與開發中國家之不同市場別的差異，透過Kaitz Index所包含的最低工資、平均工資、產業雇用率及勞參率等訊息，加上其他人力因素的考量，本研究得出與一開始預期相符之實證結果，包括廠商投資於已開發國家特別著重於技術層面的需求，以及開發中國家特別著重人力成本面的考量，對中國大陸的投資決策則是同時受到其潛在市場面和人力成本面的影響，使得臺商對於中國大陸的投資，明顯超過已開發國家與開發中國家。

This paper completely examines the market factors, labor cost factors, and human capital factors which influence the location decisions of Taiwanese outward investment from 1998 to 2008. The empirical result which is based on the gravity model shows that the outward FDI of Taiwanese multinationals is generally affected by the market factors, but the impact of labor cost and human capital depends on different industries and market location factors which are relevant to different needs for relatively low-skilled workers and relatively high-skilled workers.Our empirical results, which use sensitivity analysis to find out the variance between the industry and the market, are consistent with the predictions of our initial analysis. By the implications of the Kaitz index and information from other labor factors, we show that manufacturers will particularly emphasize technical requirements when they invest in developed countries. However, manufacturers will invest in developing countries with strong considerations of their lower labor cost. Because Mainland China has both inducements of market potential and lower-cost labor, the empirical result also shows that FDI in Mainland China is notably higher than in developed and other developing countries.