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| Title: | 台灣上市櫃公司海外投資決定因素
The Determinants of Taiwan`s Listed Companies` Foreign Direct Investment |
| Authors: | 張瑋庭
Chang, Wei-Ting |
| Contributors: | 翁永和
Weng, Yung-Ho
張瑋庭
Chang, Wei-Ting |
| Keywords: | 台灣企業
海外投資
直接投資
投資區位
投資所在地
Taiwan enterprise
Foreign direct investment
Investment location |
| Date: | 2020 |
| Issue Date: | 2020-09-02 12:53:17 (UTC+8) |
| Abstract: | 本研究引用經濟部投資審議委員會於2019年發佈的《2019 年對海外投資事業營運狀況調查分析》以及台灣經濟新報（TEJ）所建立企業資料庫，就2009年至2019年之上巿櫃公司資料，深入探討其海外投資之決定因素，運用STATA統計軟體的迴歸分析模型，以Probit模型進行實證分析，探討公司資產總額、有息負債利率、現金流量比率、研究發展費用率、用人費用率、營收成長率、總資產成長率、匯率影響數、資產報酬率等因素是否影響企業赴海外投資之意願。
由實證結果得知，台灣上巿櫃公司進行海外投資時，有息負債利率、營收成長率、匯率影響數皆會對其赴海外投資意願產生顯著影響；若不考慮研究發展費用率的情況下，資產總額則呈現顯著負相關；若不考慮營收成長率的情況下，則總資產成長率會呈現顯著正相關，台灣上巿櫃公司赴海外投資前，可針對上述之變數加以評估，以發揮企業優勢，獲取最大利潤。
This study examines the relationship between companies’ certain financial indexes and their willingness for participation in foreign direct investments. Data used in this study is from Taiwan listed companies from the period 2009 to 2019 sourced from the Report of Investment Commission, Ministry of Economic Affairs in 2019 and the Taiwan Economics Journal (TEJ). The study empirically investigates the determinant factors of willingness for overseas investment employing the regression analysis model of STATA statistical software, and empirical analysis with the Probit model. Financial indexes investigated include total assets (TASSET), interest-bearing debt interest rate, cash flow ratio (CFR), research and development expense ratio (RND), wage rate (WAGER), revenue growth rate(RGR), total assets growth rate (TAGR), exchange rate (ER), return on assets (ROA), and more.
The empirical results show that when listed companies in Taiwan make investments overseas, (a) interest-bearing debt interest rates, revenue growth rates, and exchange rate effects have a significant impact on foreign investment; (b) total assets show a significant negative correlation with foreign investment when the research and development expense ratio is not taken account; (c) the total asset growth rate will show a significant positive correlation without regard for revenue growth rates. For profit maximization, the results from this study could be a beneficial tool to be considered in the decision making for overseas investment for Taiwanese companies. The study provides a tool for companies to self-evaluate before investing overseas. |
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網站資料
經濟部投資審議委員會，http://www.moeaic.gov.tw/ |
| Description: | 碩士
國立政治大學
行政管理碩士學程
107921088 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107921088 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202001198 |
| Appears in Collections: | [行政管理碩士學程(MEPA)] 學位論文
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