摘　要
　　有鑑於全球FDI持續增長且亞太地區投資為FDI注目焦點，再加上台灣投資亞洲地區由來已久，引發本文研究動機。然而，過去學者著重在海外投資短期事件異常報酬檢定，未針對後續投資績效進行探討，針對此部分，本文延長研究的期間並輔以財務指標作為衡量，期以從長期與短期的不同時間構面檢視海外投資宣告及經營績效對於股東財富的影響，同時進行了解投資人購買並持有該公司股票的長期報酬狀況。
　　本研究樣本期間自1996年1月1日至2005年12月31日為止，涵蓋了45間台灣上市公司核准在亞洲各國進行的海外直接投資事件，短期的股價資料搜集至2000年12月31日，以確保後當年及期後四年的財務指標能夠予以對照；長期則以投資事件之後五年為基準。在實證方法上，短期採行過去國內外學者沿用之事件研究法（Event Study），長期則以迴歸式以財務指標作為被解釋變數並解釋變數加入年度虛擬變數（Yearly Dummy Variables）以找出海外投資事件是否在不同年度產生不同的績效表現。
　　根據實證結果發現，公司在亞洲地區進行海外投資的短期效果具有負的異常報酬，但長期該海外投資事件對公司直接投資獲利性而言，不顯著為正的影響；投資人的股票報酬方面，公司進行投資期間內投資人持有該公司股票，一至五年的表現與累積年報酬反向相關，長期而言是與大盤同步的。分類樣本方面，短期投資東南亞地區及規模越大，與異常報酬越具有顯著正相關；長期報酬檢定結果，公司投資大陸及東南亞地區與投資利益呈現顯著正向影響、電子業及規模越大的公司對股東財富具有顯著正相關；投資人若買進並持有公司股票，其為電子業及進行獨資的投資案，對投資報酬呈現顯著為負的影響，若持有進行大規模投資案公司的股票，則獲得與長期投資報酬為顯著正向影響的結果。

Abstract

　　Foreign Direct Investment, especially in the Asia Pacific region, has grown increasingly in recent years. Taiwanese companies already have a long history of overseas investment across Asia. Previous research has focused primarily on short-term abnormal return tests rather than on performance after investments have been made. In this article, we prolong the research period and add some financial indexes in order to measure the different aspects of investment declaration and performance on stockholder wealth. We also go through how investors buy and hold these companies’ stock returns in the long run.
　　The sample was collected from Jan. 1, 1996 to Dec. 31, 2005. It includes 45 companies approved to invest in Asia. In order to make sure that long-term financial indexes could be used completely, the short run stock price collection needed to be recorded before Dec. 31, 2000. The long-term standard is right after the date which investment was approved. The empirical model used in the short-term analysis is an event study. Therefore, yearly dummy variables were added to the original regression model to determine whether time effects influenced performance.
　　According to the empirical results, FDI in Asia has negative abnormal effects in the short run; while FDI events have non-significant positive affect on direct investment profits. In terms of investor returns, holding company FDI stock in Asia has a negative relationship with long-term accumulative yearly returns and time effects, but moves concurrently with the stock market.

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