隨著國際合資活動日益興盛，部分學者也開始試圖去研究公司之控制機制如何去影響國際合資企業的績效。然而，儘管針對此議題的關注日益增強，卻仍有許多值得再深入探討的地方。因此，本研究整理過去的文獻，歸納出「股權分配比例」、「股權集中化程度」、「董事會成員組成比例」、以及「政府對外國直接投資限制程度」等四個可能會影響國際合資企業績效之因素，比較控制機制中四個不同因素對國際合資企業績效的影響，更進一步地去實證哪一項因素對國際合資企業的績效扮演較關鍵的角色。
本研究對 125 個國際合資企業進行實證分析，國際合資均由二個合資夥伴所組 成，一方為源自已開發國家之公司，另一方則為源自新興國家之公司。本研究從 SDC 資料庫中搜集 2010 至 2018 年間之國際合資企業為樣本，觀察其 2018 年 12 月 31 日為止的國際合資企業績效。之後，建立多元迴歸模型以及 Panel Data 模型進行 隨機效果迴歸分析以檢定研究假說是否成立。
實證研究結果發現，若只探討個別因素對國際合資企業績效之影響的結果並不顯著，但若同時探討二個構面對國際合資企業績效之影響則有顯著效果。其中，當源自已開發國家的公司進入新興國家與當地公司進行合資時，國際合資企業之股權集中化程度對國際合資企業績效有正向影響;國際合資企業之獨立董事占董事會成員比例對國際合資企業績效有正向影響;當地政府對外國直接投資的限制對國際合資企業績效有負向影響。若就個別因素對國際合資企業績效的重要性而言，董事會成員組成比例對國際合資企業績效扮演最重要的角色。

The purpose of this thesis is to understand how internal control structures (ownership structure and board composition) and an external control structure (government restriction) affect the international joint venture (IJV) performance, and which one of these factors plays the most important role in affecting IJV performance.
We developed a set of hypotheses, which were tested on a sample of 125 IJVs (established between 2010 and 2018) formed between firms from emerging countries and developed countries. We used multiple regression analysis and analyzed the panel data using a random effects model. Empirical results find that ownership concentration has a positive effect on IJV. The percentage of independent board directors has a positive impact on IJV performance. Meanwhile, the government restriction on foreign direct investment (FDI) is more likely to have negative impact on IJV performance. As to the importance of each factor, the percentage of independent board directors is found to have the most significant influence.
This study provides important contributions. The first contribution is to provide evidence for the relationship between internal and external control structures and IJV performance. My study also contributes to the literature that the percentage of independent directors has a stronger influence on IJV performance compared to concentrated ownership.

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