本研究主要是探討母公司績效和投資動機與進入模式之間的關聯性。將進入模式分成「新設」跟「併購」，以1996年至2005年十年之間華爾街日報所刊載的海外投資事件為樣本，並透過羅吉式迴歸進行實證研究。

實證結果顯示：
1. 公司績效好壞，對新設或併購的選擇沒有顯著的影響。
2. 當公司追求價值鏈上之配適時，愈傾向選擇新設的進入模式而非併購。
3. 當公司的海外投資是屬於利用性投資時，愈傾向選擇新設而非併購。
4. 當公司的投資動機是追求價值鏈上之配適時，績效愈好的公司會傾向選擇新設的進入模式，但影響並不顯著。
5. 當公司的投資動機是探索資源時，績效愈好的公司會傾向選擇併購而非新設。

This study investigates how parent performance and investment motives affect the choice between greenfield and acquisition in foreign subsidiaries. The sample covers the event of foreign direct investment reported in Wall Street Journal during a ten-year period from 1996 to 2005. Hypotheses are tested using logistic regressions.

Empirical results are summarized as follows:
1. There is not a significant impact of parent performance on the choice between Greenfield and acquisition.
2. Greenfield is more likely to be chosen over acquisition when the foreign direct investment is motivated by the pursuit of scale and scope economies in value-chain activities.
3. Greenfield is more likely to be chosen over acquisition when the foreign direct investment is motivated by resource exploitation rather than resource exploration.
4. Firms with better performance are more likely to choose greenfield over acquisition when they pursue scale and scope economies in value-chain activities.
5. Firms with better performance are more likely to choose greenfield over acquisition when they pursue resource exploitation rather than resource exploration.

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