本研究之研究目的主要探討議題為(1)影響台灣鋼鐵產業赴大陸投資的原因及其影響投資規模的變數有那些？(2)影響台灣鋼鐵產業赴大陸投資之經營績效之變數有那些？而各重要變數之影響程度及其關係如何？
本研究以台灣鋼鐵產業匯出大陸投資金額代表赴大陸之投資規模，而分別以台灣鋼鐵業的稅後淨利與鋼鐵股價指數兩指標代表台灣鋼鐵產業赴大陸投資之經營績效。研究期間為自1999年第一季至2007年第一季，共33筆季資料，而在本研究中之解釋變數包括國際景氣、匯率、國民所得、籌資能力、勞工成本、母公司規模、海外投資經驗、鋼鐵原物料價格及政策因素等變數，以建立三個多元迴歸模型並透過E-Views軟體來探討各變數間的關係及重要性。
本研究實證結果顯示影響台灣鋼鐵產業赴大陸投資之投資規模的影響因素為只有母公司規模對大陸投資規模是具有顯著正相關的影響。而以台灣鋼鐵業之稅後淨利代表經營績效時，影響台灣鋼鐵產業赴大陸之經營績效的影響因素為台灣股市加權指數與母公司規模對經營績效皆有顯著正相關的影響，而美國道瓊工業指數卻是對經營績效呈現顯著負相關的影響；至於以鋼鐵股價指數代表經營績效時，影響台灣鋼鐵產業赴大陸之經營績效的影響因素為台灣股市加權指數與鋼鐵原物料價格指數對經營績效均顯示有顯著正相關的影響。

The purpose of the study is to explore the following issues: (1)What are the variables that affect investment by Taiwanese steel industry firms in China?, (2)What are the variables that affect the operating performance of the steel industry in Taiwan?, and (3) What is the significance and relationship between each variable?
Using quarterly data from 1Q.1999 to 1Q.2007, three regression models were established and run with E-Views. In this study, the investment amount in China represents Taiwan Steel industry investment in China. Operating performance is represented by net income and TWSE steel industry sub-index performance. Other explanatory variables include global economic conditions, the exchange rate, GDP, ability to raise capital, labor costs, size, overseas investment experience, steel material price index and government policies. We use three regression models to explore the relationship and significance between explained and explanatory variables.
According to the empirical results, Taiwan steel industry investment in China was positively and significantly affected by size. When net income represents operating performance, the operating performance of Taiwan steel industry was positively and significantly affected by TAIEX performance and size, but negatively affected by American Dow Jones Industrial Average performance. Likewise, if using the TWSE steel industry sub-index to represent Taiwan steel industry operating performance, performance was positively and significantly affected by TAIEX performance and steel material price indexes.

中文文獻
江來成，“資本結構影響因素之研究-以台灣上市鋼鐵業為例”，
銘傳大學管理學院高階經理在職專班碩士論文，2004
何雍慶，“台商大陸投資動機與行為之探討”，跨越大陸投資障礙
研討會論文集，1993
李宗哲、陳金龍，“大陸經貿開放政策對國內中小企業影響”，中
華經濟研究院，頁5-7，1996
李佩倩，“股權結構、董事會特徵、關係人交易與經營績效之影響-
以電子、鋼鐵業為例”，朝陽科技大學財務金融研究所碩士論
文，2005
邱一平，“近期大陸實施宏觀調控政策對台灣經濟影響之研究”，
東華大學公共行政研究所碩士論文，2006
邱正仁、吳志正、林怡盈，“台商大陸投資兩岸三地財務績效之實
證研究”，中國大陸研究，44卷9期，頁41-55，2001
林詩彥，“鋼鐵價格決定機制及影響因素分析”中原大學國際貿易
研究所碩士論文，2006
林秀蓮，“我國粗鋼及鋼板捲業之現況與展望”，產業調查與技
術，154期，2005
洪炎星、羅永昶，“鑄造、熱處理技術現況與趨勢分析：金工產透
析”，高雄市，金屬中心出版，2004
高長、吳世英，“臺商赴大陸投資對臺灣經濟的影響”，前瞻焦
點，七月:40-44，1995
陳逸偵，“民國94年礦業概況及礦產品進出口分析”，台灣礦業，
第58卷，第一期，2005
許全羽，“影響台灣石化業投資大陸與經營績效之總體因素”，成
功大學企業管理研究所碩士論文，2004
許士軍，“哈佛商業評論-績效評估-導讀「走向創新時代的組織績
效評估」”，天下遠見出版，台北，2000
謝明瑞，“台灣鋼鐵業的發展”，財團法人國家政策基金會，財金
(研)090-072號，2001
蘇品芳，“大陸投資與經營績效之相關研究─以台灣傳統產業與資
訊電子業為例”，成功大學企業管理研究所碩士論文，2003
蘇進祿，“以資料包絡分析法評估鋼鐵產業經營績效之研究”，成
功大學高階管理碩士在職專班碩士論文，2004

英文文獻
Baek, H. Young; Huang, Lanying, “Taiwanese Investments in
China: Foreign Direct Investment Scale and
Performance,” Asia Pacific Journal of Economics and
Business, December 2004, v. 8, iss. 2:pp. 42-64 (2004).
Bird, Allan, Beechler, Schon, “Links between Business
Strategy and Human Resource Management,” Journal of
International Business Studies. Washington:Vol. 26,
Iss. 1:pp.23 (24 pages) (1995).
Carlsson, J., Nordegren, A., Sjoholm, F., “International
Experience and the Performance of Scandinavian Firms in
China,” International Business Review, 14: pp.21-40
(2005).
Calantone, Roger J, Vickery, Shawnee K, Droge, Cornelia,
“Business Performance and Strategic New Product
Development Activities: An Empirical Investigation,”
The Journal of Product Innovation Management. New York:
Vol. 12, Iss. 3:pp.214 (10 pages) (1995).
Cheng, L. K. and Kwan, Y. K., “What are the Determinants
of the Location of Foreign Direct Investment? The
Chinese experience,” Journal of International
Economics, 51:pp.379-400 (2000).
Chien Shu-Hua, “Taiwanese Firms’ Foreign Direct
Investment in China: Traditional Industries vs.
Electronic Industries,” Journal of American Academy of
Business, Cambridge. Hollywood: Mar 2005.Vol.6, Iss.
1:pp.72-77 (2005).
Choi, F. D. S., & Mueller, “What is Coefficient Alpha? An
Examination of Theory and Application,” Journal of
Applied Psychology, 78:pp.98-104 (1992)
Chung Kaie-Chin, Shiue Fu-Jiing, Yen Yi-Yin, “An
Empirical Study on the Association between China
Investment, Location and Financial and Operating
Performance of Taiwanese Listing Electronics
Corporations,” Journal of American Academy of
Business, Cambridge. Hollywood: Vol. 7, Iss. 2: pp.105
(12 pages) (2005).
Gao Fei, Xu Yourong, Song Baoyun, Xia Kenong,
“Substructural Changes during Hot Deformation of a Fe-
26Cr Ferritic Stainless Steel,” Metallurgical and
Materials Transactions. Warrendale: Vol. 31A,
Iss.1:pp.21 (7 pages) (2000).
Huang, L. Y. and Parnell,J.A., “FDI Scale and Performance
of Taiwanese Family Firms in China: A Resource Based
Perspective.” Association for Small Business and
Entrepreneurship conferences in San Antonio, TX (2004).
Julie H Hertenstein, Marjorie B Platt, “Performance
Measures and Management Control in New Product
Development,” Accounting Horizons. Sarasota: Vol. 14,
Iss. 3: pp.303 (21 pages) (2000).
Keith D Brouthers, George Nakos, “SME Entry Mode Choice
and Performance: A Transaction Cost Perspective,”
Entrepreneurship Theory and Practice. Waco. Vol.28,
Iss. 3:pp.229 (2004).
Kang, Hsin-Hong and Lee, Chao-Chi, “A Study on the
Performance of Taiwan Hi-tech Industry and Its
Investment Volume in China,” Proceeding of 8th Asia
Pacific Management Coference, Hong Kong (2002).
Kaplan, R. S., Norton, D. P., “Using the Balanced
Scorecard as a Strategic Management System,” Harvard
Business Review. Boston: Jan/Feb. Vol. 74, Iss. 1:p.75
(1996).
Kang Hsin-Hong, Hung Lin-Yung and Lee I-Chan, “A Study on
the Correlation between Performance of Auto Industry in
Taiwan and Its Investment Volume in Mainland”, Asian
Profile, VOL.33, No.2, pp.119-133 (2005).
Luo, Yadong, “Performance Implications of International
Strategy: An Empirical Study of Foreign-Invested
Enterprises in China,” Group & Organization
Management. Thousand Oaks: Mar 1997. Vol. 22, Iss. 1:
p.87 (27 pages) (1997).
Luo Yadong, “Guanxi and Performance of Foreign-Invested
Enterprises in China: An Empirical Inquiry”,
Management International Review. Wiesbaden: First
Quarter 1997. Vol. 37, Iss. 1: p. 51 (20 pages) (1997).
Lumpkin, G T, Dess, Gregory G., “Clarifying the
Entrepreneurial Orientation Construct and Linking It to
Performance,” Academy of Management. The Academy of
Management Review. Briarcliff Manor: Vol. 21, Iss. 1:
pp.135 (38 pages) (1996).
Paul W Beamish, Ruihua Jiang, “Investing Profitably in
China: Is It Getting Harder?” Long Range Planning.
London: Vol. 35, Iss. 2:pp.135 (2002).
Pan Yigang, Li Shaomin, Tse David K, “The Impact of Order
and Mode of Market Entry on Profitability and Market
Share,” Journal of International Business Studies.
Washington: First Quarter 1999. Vol.30, Iss. 1: pg. 81,
23 pgs (1999).
Richardson, Peter R., Taylor, A. J., “Gordon, John R.
M."A Strategic Approach to Evaluating Manufacturing
Performance,” Interfaces. Linthicum: Vol. 15, Iss. 6:
pp.15 (13 pages) (1985).
Shender, R. C., “Collaboration and Performance in Foreign
Markets: The Case of Young High-technology
Manufacturing Firms,” Academy of Management Journal 44
(1): pp.45-60 (2001).
Tomaz & Danijel, “How Competitive Advantage Influences
Firm Performance: The Case of Slovenian Firms,”
Economic and Business Review, Vol.7 No.2 :pp119-135
(2005).
Tcha, MoonJoong and Damione Wright, “Determinants of
China’s Import Demand for Australia’s Iron Ore,”
Resources Policy, Vol. 25: pp.143-149 (1999).
Venkatraman, N., ＆ Ramanujam, V., “Measurement of
Business Performance on Strategy Research: A Comparison
of Approach,” Academy of Management Review, 11
(4):pp.801-814 (1986).
Walker, Orville C., Jr., Ruekert, Robert W., “Marketing's
Role in the Implementation of Business Strategies: A
Critical Review and Conceptual Framework,” Journal of
Marketing. Chicago: Jul 1987. Vol. 51, Iss. 3: pp.15
(1987).