海外投資策略理論與實證分析

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Title:	海外投資策略理論與實證分析 The Analysis of Theory and Evidence about Foreign Investment Strategy
Authors:	鍾美芳
Contributors:	文大商管學報
Keywords:	直接投資併購技術移轉技術外溢 Direct entry Merge &Acquisition Technology transfer Technology spillover
Date:	2011-06
Issue Date:	2014-10-30 15:09:45 (UTC+8)
Abstract:	本文建立一多國籍廠商海外營運決策之經濟模型，藉由賽局理論的往前推論法，得出廠商最適海外進入模式，亦即直接進入或併購方式進入海外市場。一旦外商進入模式確定後，則需要進一步考量技術移轉之多寡，雖然技術移轉可降低多國籍廠商邊際成本，然此技術可能外溢予地主國廠商，使之成為潛在競爭者而養虎貽患，是故如何權衡得失，進行技術移轉亦是本文探討的重點。為了解理論之實用性，本文針對台灣電子及傳產業，以問卷方式期望藉此了解廠商海外進入模式。研究發現：技術外溢將影響多國籍廠商的進入策略、地主國廠商獲益及多國籍廠商受損的程度。當外溢程度愈大，多國籍廠商將採取直接進入模式，且此時之技術移轉量與產出均較低；反之，若外溢程度愈小，外商較偏好採併購模式。本文台灣廠商問卷所得之進入模式與理論結果吻合，相信本文之推論結果應可作為廠商進入海外市場進行投資時之決策依據。 This paper constructs a model about Multinational Enterprises' (MNEs) foreign operation. We try to get the optimal entry mode for MNEs either through the direct entry mode or the acquisition mode. Then, MNEs need to consider the technology transfer to decrease its marginal cost. The technology transfer will spillover into host firms. Therefore, this work finds that whether MNEs benefit from technology transfer or be harmed from technology spillover will depend on the spillover degree and transfer cost. For the practicability of model analysis, this paper sends the questionnaires about entry mode to Electronic and Conventional industries for entry mode. We find MNEs prefer acquisition when they go into developed countries and direct-entry way into developing countries.
Relation:	文大商管學報； 16 卷 1 期 (2011 / 06 / 01) ， P63 - 82
Appears in Collections:	[College of Business Administration] Business Review

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