本研究主要是欲探討影響台商消費性電子業在大陸投資「經營績效」與「資本結構」的因素。企業的經營績效到底受哪些因素影響？本研究不僅僅找出總體因素，還試圖找出策略面的因素，希望能對影響消費性電子業經營績效的因素有一完整的闡釋。另一方面，企業的籌資、也就是資本結構如何決定，目前尚少見針對有赴大陸投資的企業做研究，因此本研究亦欲瞭解與分析影響大陸投資台商企業資本結構的決定因素有哪些。綜合影響經營績效與資本結構的因素後，可提供廠商與管理者做為日後擬定大陸投資策略時的參考。

　　本研究的研究期間從2001年3月至2004年12月，共46筆月資料。以消費性電子業「稅後淨利率」做為衡量績效的指標，以「負債比率」做為資本結構的衡量變數。本研究共有兩大模型：模型一，為影響台商消費性電子業經營績效的因素模型；模型二，為影響台商消費性電子業資本結構之因素模型。各模型除了總體面的因素外，模型一還加入了公司策略面因素，模型二則是加入公司財務面因素，以使因素的探究完整化。

　　最後的實證結果顯示，模型一約有92％的解釋能力，解釋變數中的台灣景氣同時指標、台灣景氣對策訊號綜合分數、大陸經濟狀況、基本放款利率、產業平均持股比率、大陸投資經驗、大陸投資涉入程度、以及資本結構等變數對台商消費性電子業經營績效具有顯著的影響。而模型二約有97.56％的解釋能力，解釋變數中的資產抵押價值、負債稅盾、非負債稅盾等變數對台商消費性電子業資本結構具有顯著的影響。

　The main purpose of this study is to explore the factors that affect the performance of Taiwanese consumer electronics industries with investments in Mainland China. Likewise, this study will try to determine what factors affect the capital structure of the Taiwanese consumer electronics industry？In this study, we will not only try to determine the macro-factors but also the strategic factors. In this way, we can form a complete explanation model to realize the factors that affect the performance. On the other hand, little research has been done on the capital structure of the enterprise investing in China. As a result, this study will try to explore the factors that affect the capital structure of an enterprise. After finding out all the factors that affect performance and capital structure, the conclusion can be used as a reference for forming a China investment strategy.

　With 46 monthly data, the study interval is from Mar. 2001 to Dec. 2004.「Net profit ratio」and「Total debt ratio」was used to evaluate performance and capital structure separately. There are two models in this study. Model one deals with the factors that affect the performance of the consumer electronics industry. Model two deals with the factors that affect the capital structure of consumer electronics industry. In order to create a more complete sturdy, macro-side factors are also included in the model. This study also adds strategic factors and financial factors separately into the two models.

　According to the regression results, the R-square of model one is 92%. The factors that significantly affect the performance of the industry are business coincident indicator、business monitoring indicator、real GDP growth rate of China、interest rate、holding ratio、investment experience in China、capital structure. The R-square of model one is 97.56%. The factors that significantly affect industry capital structure are fixed asset ratio、tax shield、and non-tax shield.

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