摘要

多國籍企業從事對外直接投資活動的理論中，依據Buckley and Casson (1976) 之內部化理論(Internalization Theory) 指出，多國籍企業擁有眾多的無形資產，而且多國籍企業的市場價值與國際化涉入程度是成比例的。再者，Kogut (1983) 之多國籍網絡假設(Multinational Network Hypothesis)理論說明，多國籍企業透過跨國營運網絡所提供的營運彈性而產生相對於本國企業較多的優勢。此二個理論相同點皆依賴市場不完全，而達成關於多國籍企業績效之相似的結論：因為市場不完全而提供多國籍企業相較於本國企業有更多的系統化優點，若存在這樣的優點，則必定反映於多國籍企業的市場價值上。然而，以往多數的研究是在檢證多國籍網絡假設理論與內部化理論，並未致力於多國籍企業投資於不同地理區域範圍與它如何關聯至公司市場評價與經營績效的問題上。
另一方面，近年來，由於國內投資環境的惡化，部分企業喪失原有的競爭優勢，乃積極向外發展。而中國大陸因地理位置、勞力充沛、工資低廉，土地租金價格便宜，設廠成本較低，而且文化、生活習慣及語言皆通，再加上廣大的潛在市場，已成為台商投資的最愛。國內過去針對台商投資大陸的經營績效的實證研究，並未有一致性的結論，但根據其研究皆指出投資大陸享有許多營運優勢，包括：勞工、租稅優惠、市場開發潛力等因素，因此有助於國內企業獲利能力的提昇。
綜合上述，本研究將探討多國籍企業投資於不同地理區域範圍對多國籍企業市場價值及經營績效的影響與重要性，並且進一步研究多國籍企業進行大陸投資是否有助於公司市場價值與經營績效的提昇。

實證結果如下：

一、多國籍企業之投資地區與公司價值及經營績效
由迴歸分析發現，長期負債比率、研究發展比率、及公司規模皆會影響公司價值與經營績效，另外投資地區的確也是影響公司價值與經營績效的重要因素之一，然而在開發中國家投資之多國籍企業的公司價值及經營績效顯著低於在先進國家投資之多國籍企業。

二、多國籍企業赴大陸投資對公司價值與經營績效的影響
迴歸結果顯示，長期負債比率、研究發展比率，以及公司規模等變數，皆是影響公司價值與經營績效的因素。另外，內部人士持股比例亦會影響公司經營績效，且此變數平方達顯著水準，顯示其與經營績效之間為非線性關係。然而，卻發現投資大陸的多國籍企業比未赴大陸投資的多國籍企業，其公司價值與經營績效反而較低。

Abstract

Internalization theory and the multinational network hypothesis are the predominant theories of MNC (multinational corporation) international involvement. Internalization theory indicates that MNCs possess intangible assets and that the MNCs’ market value is proportional to their degree of foreign involvement. Furthermore the MNH (multinational network hypothesis) stresses that MNCs derive their advantages over domestic firms from a transnational network of operations that provides them with operating flexibility. Two theories both rely on market imperfections to reach similar conclusions regarding MNC performance: market imperfections provide systematic advantages to MNCs over domestic firms. If such advantages exist they must be reflected in the market value of MNCs. However, prior empirical studies that have tested the MNH and internalization theory have not addressed the issue of geographic scope of MNC operations and how it relates to firm performance.
Since the environment of local investment has deteriorated in recent years, some corporations lose former competition advantages. However, Many Taiwan companies invest in China provided with much predominance, e.g. geography location, plentiful labor, low wages, cheap rents, low property cost, culture, lifestyle, language, and extensive potential market. Past empirical studies about companies’ foreign investment in China didn’t arrive at consistent conclusions. In sum, many studies indicated that investing in China has possessed many operation advantages, and therefore contributes to improve companies’ profit ability.
This study examines the effect and importance of type of location factors on MNCs’ market valuation and operation performance, and further analyzes whether MNCs investing in China would advance their market value and operation performance.

The empirical results are summarized below:

1. MNCs’ investment location, market value, and operation performance
Long-term debt ratio, R&D ratio, and size of companies will affect their market value and operation performance. And location is an important factor of impact of market value and operation performance. However, MNCs with presence in countries with developing economies have significantly lower market values and operation performance than MNCs that operate only in countries with advanced economies.

2. Impact of MNCs’ investment in China
Long-term debt ratio, R&D ratio, size, insiders, and square of insiders of companies will affect corporations’ market value and operation performance. Square of insiders indicates the existence of a curvilinear relationship between managerial shareholding and corporation value. However, MNCs with presence in China have significantly lower market values and operation performance than MNCs not operating in China.

參考文獻

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