本文以 1992-1995 年「工業統計調查」資料分析對外投資對臺灣電子業結構調整 的影響，結果發現不論以何種指標衡量，對外投資廠商結構調整的程度均較未對外投資廠商 深且廣。本文進一步以最大概似法之迴歸分析處理選擇性偏誤問題，並將影響結構調整的廠 商特性，如廠商規模、產品線數目、研發密集度、外包代工比率及是否為外銷廠商等變數控 制住，發現對外投資廠商的結構調整幅度仍大於未對外投資廠商。 從本文的分析我們得到一個結論，那就是臺灣電子業的對外投資與國內生產線的調整有相當 密切的關聯；如果將對外投資視為結構調節的一部份，則對外投資必然搭配廣泛而深刻的國 內生產之調整，此一調節固然使國內產業風貌改變，但並不一定帶來「空洞化」的後果。

　　　　　This paper studies the relationship between foreign direct investment (FDI) and the restructuring of domestic production, using Taiwan's electronics industry as an example. Several indicators are designed to measure the degree of restructuring at the firm level from 1992 to 1995. All indicators show that the electronics firms that undertook FDI also underwent deeper and more extensive restructuring than those that did not engage in FDI. Using a regression analysis which controls for the sample selection problem, FDI is shown to be a positive contributor to the restructuring of the domestic industry. Other firm characteristics such as size, number of product lines, R&D intensity, subcontracting, etc. also affect the extent of restructuring of individual firms.