摘要：

對海外投資者而言，中國大陸代表著一個具有挑戰性又充滿機會的市場，尤其是加拿大籍的企業。加拿大雖然在文化、語言、法律與政治制度皆與中國不同，但由於加拿大的金融機構發達、政治狀況穩定且具有豐富的自然資源，而中國大陸近年來對金融產業的開放以及對自然資源有著大量的需求，綜合以上諸多的因素，目前加、中兩國面對了一個促進兩國經貿往來與投資的時機。再者，加拿大才剛開始進入中國大陸市場，而所有的因素或條件都指出加拿大對中國大陸的投資金額會繼續成長，因此，本研究的目的分為兩個部份：（一）探討進入模式與企業規模對於經營績效滿意度有何影響；（二）了解海外投資經驗對於以上兩種關係是否有干擾效果。

本研究之研究對象是根據加中貿易理事會所出版的CCBC Directory of Canadian Companies and Professionals in China(2006)與中國大陸官方出版之外國(地區)企業常駐代表機構名錄(2002)為初步的資料來源，總共發出283份問卷，最後回覆的有32家企業，共代表13個不同的產業的資料。本研究採用的變數為：企業規模、海外投資經驗、進入模式以及經營績效滿意度。

透過復迴歸分析，我們發現進入模式以及企業規模都對企業的經營績效滿意度有正面影響。海外投資經驗對進入模式與經營績效滿意度之間有干擾效果，此結果對沒有海外投資經驗的企業來說，採行獨資進入模式的經營績效滿意度比合資進入模式為佳；然而，對已有海外投資經驗之企業而言，進入模式對經營績效滿意度沒有顯著的影響，海外投資經驗對企業規模與經營績效滿意度沒有干擾效果。

Abstract:

Investment in the Chinese market presents a challenge and an opportunity for international investors. This is especially true for Canadian firms. Canadian firms may initially be at a disadvantage in terms of cultural, language, legal and political differences, however they bring a reputation of historically successful institutional financial performance and as reliable suppliers of natural resources to this new business environment. As such, Canadian firms can synchronize with China’s increasingly open financial system and demand for natural resources. While Canada’s entry into the Chinese marketplace is still in its infancy, forecasts generally indicate the Canadian investment in China will continue to grow.

The purpose of this study is two fold: firstly, to investigate the degree to which entry modes and firm size influence financial performance; secondly, to determine whether overseas investment experience exerts a moderating effect on these two relationships.

Contact information of Canadian companies investing in China was attained from the CCBC Directory of Canadian Companies and Professionals in China (2006) and the 2002 Directory of Standing Representative Organizations of Foreign and Territorial Companies in China. Questionnaires were sent to 283 firms operating in the Chinese marketplace, the final analysis was based on the responses of 32 firms representing 13 separate industries. The variables employed in this study were: firm size, overseas investment experience, entry mode and financial performance.

Multiple regression analysis indicates that a significant relationship exists between entry mode and financial performance as well as firm size and financial performance. Overseas investment experience was found to have a moderating effect on the relationship between entry mode and financial performance; that is, wholly owned ventures with no overseas experience were found to demonstrate higher levels of financial performance than joint ventures with no overseas experience. For firms with overseas experience, though, there was no significant relationship between entry mode and financial performance. Overseas investment experience was shown to not exert a moderating effect on the relationship between firm size and financial performance.

網站
1. 加拿大亞太基金會 www.asiapacific.ca
2. 加拿大統計局 www.statcan.ca
3. 中華民國統計資訊網 www.stats.gov.cn
4. 中華人民共和國商務部 www.mofcom.gov.cn
5. 北京加拿大駐華大使館 www.beijing.gc.ca
6. Chreod Ltd. www.chreod.com

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