Kogut（1983）提出多國籍網路假設，主張企業可以藉由建構全球的營運網路來獲取極大的利益，所以多國籍公司在從事跨國性的投資活動時，會為公司股東帶來財富效果；然而，海外獨資新設事業雖然是企業從事海外直接投資的其中一種模式，然而過去卻鮮有直接的實證結果證明，企業能夠自海外獨資新設事業的投資決策增進公司的價值。

　　本研究以西元1989年1月至西元2003年12月間，328件由美國上市公司所進行的海外獨資新設事業的事件宣告為研究對象，採用事件研究法，探討海外獨資新設事業是否能為公司股東帶來財富效果。

　　實證結果發現，當公司宣告海外獨資新設事業的投資決策時，公司股價會在宣告當天呈現正向的異常報酬；進一步從多國籍公司的本質出發，本研究發現當海外獨資新設事業的投資活動是：(1)進入一個宣告公司之前沒有營運經驗的國家，或者(2)地主國的經濟發展程度為開發中國家時，在宣告日當天會產生正向顯著的市場反應，實證結果在控制其他可能的解釋變數後仍然產生一致的結果。

　　本研究的實證結果發現，企業可藉由海外獨資新設事業的進入模式，拓展現有的多國籍網路來，而為公司創造價值。此外，研究結果顯示，當宣告公司過去的績效表現愈好，投資人也會對於海外獨資新設事業的投資案產生愈高的評價。本研究的實證結果支持Kogut（1983）提出的多國籍網路的假設。本研究的貢獻在於：以海外獨資新設事業的資料，提供直接的證據來證明多國籍網路的假設。

　　This study examines the wealth effect for 328 international Greenfield announcements during the period from 1989 to 2003 in the United States. The purpose of this research is to test the Multinational Network Hypothesis（Kogut, 1983） based on evidence of international greenfield investments.

　　The empirical result shows, on average, the announcements of international greenfield were associated with significantly positive abnormal stock returns. It also finds that stock prices for firms expanding to a new country experience would experience significant positive abnormal returns, and the same result happens when firms expend into a developing country. The result is still the same even after controlling other potential explanatory variables. In addition, this study finds that firms with better historical performances receive stronger market reaction.

　　The evidence is consistent with the Multinational Network Hypothesis, which asserts firms can create value from the expansion of its multinational network. This study makes contributions by providing evidence for corporate multinationalism theory in explaining the wealth effect of international greenfield investments.

中文文獻

1.王秀菊(1994)，「台灣企業國際合資宣告對股東財富影響之研究」，輔仁大學管理學研究所碩士論文
2.林冶蒔(2002)，「美國企業海外新設事業投資宣告效果之研究」，成功大學國際企業研究所碩士論文
3.徐箴宜(2001)，「多角化與國際化對企業經營績效影響之實證研究」，成功大學國際企業研究所碩士論文
4.陳若暉(2002)，「台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績效影」，中原大學企業管理學研究所碩士論文
5.黃炳彰(2000)，「國際合資宣告對股東財富影響之研究」，成功大學國際企業研究所碩士論文
6.鍾月娥(2002)，「多國籍企業的市場價值與地理區域因素之關聯－以大陸投資之實　證」，成功大學會計學研究所碩士論文

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