持續投資、群聚與績效之關係－台商在中國投資之實證研究分析

本研究欲探討台灣集團之子公司於中國投資績效之影響因素。當台灣組織赴中國投資時，在當地持續投資的行為所累積的經驗可能會影響績效。本研究分別檢測外商群聚、中國國營企業群聚對子公司之影響，並引用網絡連結與群聚效應相關理論來說明影響績效的重要因素。關於地點選擇部份，台商投資中國以往集中在中南部沿海及中部沿海，現今則逐漸往北部沿海地區移動，故本研究亦探討沿海地點的選擇與績效的關係。在樣本選取方面，本研究是以我國赴中國投資的集團企業及旗下子公司作為主要研究對象，共計全部樣本223家集團，子公司樣本數為1434家。
本研究實證結果顯示： (1) 台灣集團在中國的持續性投資與子公司績效有正向關係，(2) 集團子公司與外商組織群聚對其績效有正向影響，而與中國國營企業群聚則對績效有負向影響，(3) 集團子公司的地點位置座落在北部沿海地區時，對績效有正向影響。

This study examines the determinants of performance for Taiwanese business groups’ affiliates investing in China. When Taiwanese firms invest in China, the accumulated experiences from sequential investments, cluster, and location decisions may affect organizational performance. This study respectively examines clustering with foreign enterprises and Chinese state-owned enterprises on the effect of affiliates’ performance, For location decisions, Taiwanese firms tend to locate in the Northern coast area, while they previously chose to locate in the South and Middle East coast area. We examine the relationship between coastal locations decision and performance. Analyses were based on a sample comprised of 1434 affiliates attributed to 223 Taiwanese business groups.The study has the following finding: (1) Sequential investment has the positive impact on performance, (2) clustering with foreign organizations has a positive impact on performance, while clustering with the Chinese state-owned enterprises has a negative impact on performance, (3) locating on the north coast area has a positive impact on performance.
Keywords: business group, sequential investment, cluster, local experience, network.