多角化海外投資對台灣製造業經營效率的影響

Abstract

本文根據經濟部統計處（民93）的「製造業對外投資實況調查」之問卷資料，利用隨機邊界函數法來探索多角化海外投資對台灣製造業經營績效的影響。我們的實証結果發現：(1)多角化海外投資對於製造業的經營績效有顯著正面的影響。(2)水平多角化策略有助於提升營運績效率，而垂直多角化則與效率之間無較顯著的關連。(3)在不同產業比較上，基礎工業及技術密集產業的廠商的績效提升顯著高於傳統產業廠商；海外投資地點選擇北美、東南亞及其他地區的企業之經營效率較優於投資中國大陸的廠家。

Based on the ”Questionnaire of the Foreign Direct Investment (FDI) of Taiwan's Manufacture Sector” in 2004, surveyed by the Statistical Bureau, the Ministry of Economic Affairs of Taiwan, this paper uses Stochastic Frontier Approach to explore the impact of product diversification towards the performance of FDI in Taiwan's manufacture sector. We find that (1) FDI diversification improves the technical efficiency. (2) Horizontal diversifications in FDI have a significantly positive impact on efficiency, but the impact of vertical diversification is insignificant. (3) Firms in the fundamental industry and the technology-intensive industry are more efficient than those in the traditional industry. (4) Firms invested in China are less efficient than those invested in other areas.