A study on the determinants of entry modes for Taiwanese enterprises' investment in ASEAN

本研究主要是探討 2007 年至 2015 年臺商投資東協地區進入模式的決定因素，並以對東協地區馬來西亞、新加坡、泰國、印尼、菲律賓、越南等 6 國 2007 至 2015 年直接投資之臺灣廠商為研究對象，採 PROBIT 模型分別探討各階段進入之模式。 經實證分析後發現，2007 至 2015 年間整體影響臺商投資東協進入模式為內銷比例、廠商規模及進貨來源，其次以 2008 年次貸風暴為節點，發現次貸風暴前 2007 至2008 年間內銷比例為臺灣廠商投資東協主要因素，次貸風暴後 2009 至 2015 年間則以進貨來源、內銷比例、廠商規模及技術來源為顯著影響因素。對投資東協的廠商而言2008 年次貸風暴前後內銷比例皆為影響進入模式的因素之一，次貸風暴後進貨來源、技術來源及廠商規模等新增對外投資動機成為影響進入模式的因素之一，但整體而言技術來源仍非 2007 至 2015 年影響臺商投資東協進入模式的決定因素。This study is to explore the determinants of the Taiwan businessmen's investment in the ASEAN region from 2007 to 2015, and to study the direct investment of Taiwanese companies in Malaysia, Singapore, Thailand, Indonesia, Philippines and Vietnam. According to the empirical analysis, it is found that the overall impact of Taiwan businessmen 's investment in ASEAN is from the year 2007 to 2015, which is the proportion of domestic sales, the size of suppliers and the source of the purchase. Secondly, followed by the 2008 subprime storm as the boundary, we found that the domestic sales ratio is the main factors for the Taiwan manufacturers invest in ASEAN from 2007 to 2008. After subprime storm , the source of imports, domestic sales ratio, the size of manufacturers and technical sources as a significant factor from2009 to 2015. For the manufacturers invested in ASEAN, before and after 2008 subprime crisis period, the domestic sales ratio are one of the factors affecting the mode of entry. After the subprime crisis, the source of the purchase, the source of the technology and the size of the firm, etc., have become one of the factors influencing the entry mode. However, the source of technology is still the determinant of the factors that affect Taiwan's investment in ASEAN from 2007 to 2015