[[alternative]]THE DETERMINANTS OF FOREIGN DIRECT INVESTMENT ENTRY MODE--TAIWAN ENTERPRISES IN CHINA

[[abstract]] 近年來由於受到全球化的影響，許多企業為了提升競爭力，紛紛擴大市場規模，並積極從事海外佈局，而台灣企業當然也在此行列當中。根據聯合國貿易暨發展會議 (United Nations Conference on Trade and Development, UNCTAD) 2007年全球投資報告 (World Investment Report) 指出，中國大陸為全球外人直接投資 (Foreign Direct Investment, FDI) 中最大的流入國。由於台灣與中國大陸有著同文同種的優勢，雙方少了語言的隔閡及文化的差異，促使台商一股熱的到對岸投資設廠。究竟台商前進大陸市場，其在不同的進入模式選擇上，如以完全持有子公司之模式或以合資的模式進行投資，是否有哪些重要的決定因素，實為一值得探討的議題。本文針對2004年至2006年間台灣上市公司中赴中國大陸投資的115家公司，包含高科技電子業及傳統產業中之食品業及紡織纖維業，利用多元羅吉斯迴歸模型 (Multinomial Logistic Regression Model)，探討台商之公司規模、研發能力、可支配現金流量、母公司經營績效、國際投資經驗及產業別等因素，對台商進入大陸市場模式選擇之影響。研究結果顯示，公司規模、研發能力及母公司經營績效，會影響台商到大陸投資的進入模式，並且在不同產業有不同影響；在國際投資經驗部分，食品業及電子業都呈現非常顯著的結果，意味著台商到中國大陸投資前，若已經擁有豐富的投資經驗則有助於順利的進入大陸市場。[[abstract]] In recent years, many enterprises expand the market scale and invest abroad to increase their global competitive ability. According to the 2007 World Investment Report from the United Nations Conference on Trade and Development (UNCTAD), China becomes the biggest inflow country for Foreign Direct Investment (FDI). Because of the same language and cultural background, many Taiwanese enterprises start to invest or interact with firms in China through FDI. This study investigates the entry modes of 115 Taiwanese publicly-listed companies who invested in China from year 2004 to 2006. We adopt the Multinomial Logistic Regression Model to discuss the determinants of their entry modes. The results show that size of firms, R&D and ROA are significantly correlated with firms’ entry modes in China, and firms in different industries also have different entry patterns. Furthermore, international investment experience is significant in Food industry and Electronics industry