本研究以「相對能力」的觀念取代過去的「絕對能力」，探討過去影響進入模式選擇的因素，是否在逆向投資中會有相同的影響效果。
過去對於影響進入模式選擇因素的的實證研究多以已開發國家的對外投資作為樣本，但近年來開發中國家對已開發國家的逆向投資行為愈來愈活絡，卻少有研究著墨。
對於開發中國家而言，其本身並不具備可以克服海外市場陌生的文化、法律及經營管理制度所帶來的企業獨特優勢。在生產技術、管理機制及行銷策略皆不及已開發國家的情形之下，其到已開發國家進行直接投資最主要的原因為獲取當地先進的技術、通路及管理技能，而取得這些技能最有效率的方式為購併當地擁有技術或通路的廠商。唯值得注意的是，當開發中國家廠商本身具備學習能力（absorptive capacity）時，方能吸收（absorb）所獲得的技術。
因此本研究以過去的實證研究為基礎，加上逆向投資動機及學習能力的觀點，探討過去影響廠商直接投資模式選擇的因素在逆向投資中是否會造成相同的影響效果。
實證結果發現，當開發中國家廠商的技術能力低於目標產業時，其相對技術能力愈高，學習能力愈強，此時透過購併方能完全地吸收已開發國家廠商的技術能力，因此企業傾向購併。
但在行銷能力方面，實證結果並不顯著，因為本研究樣本多為電子業廠商，由於台灣地區的電子產業多為OEM，因此在廣告部分的費用較少。加上品牌知名度有地域及語言的限制，品牌商譽不易移轉至國外地區。
當目標產業集中度高時，表示少數大廠掌握整個市場，此時若以籌建新廠的方式進入該市場，無法與之抗衡，加上開發中國家廠商又不具備足以凌駕當地廠商的企業獨特優勢，因此企業傾向購併的進入模式。
至於於母公司多角化程度方面，由於逆向投資的重要動機為取得技術，因此即使母公司多角化程度很低，亦可能傾向購併已開發國家的廠商，以獲得該廠商的技術，因此此變數結果並不顯著。
其他的控制變數方面，亦發現一些與過去實證結果不符合的現象。由此可知，以傳統對外直接投資理論為基礎推導出來的變數影響效果，在逆向投資行為中並不完全適用。

We take “relative capability” instead of “absolute capability” to discuss whether factors identified in prior studies influencing the choice of entry mode (Greenfield and Acquisition) have the same effect in upstream investment.
Most empirical researches studying factors influencing the choice of entry mode have focused on the samples of MNCs from DCs. Very few have concentrated on upstream investment from companies in LDCs despite upstream investments are increasingly active.
In general, MNCs from LDCs do not have sufficient firm-specific advantages to overcome the liability of foreignness in developed countries. Under the inferiority of producing techniques, marketing strategies and managerial mechanisms, MNCs from LDCs investing in DCs are mainly searching for advanced techniques, distributions and managerial skills in DCs. The most effective way to access those skills is to acquire an existing firm. However, in order to absorb the acquired techniques successfully, these MNCs need to possess enough absorptive capability.
Based on such an idea, this study examines whether factors influencing choice of entry mode has the same effect on upstream investments by MNCs from LDCs.
The empirical results show that when MNCs from LDCs have inferior technical skill than target market, they will choose to acquire an existing firm under the situation that they have enough relative absorptive capacity in learning technical skill.
As for marketing skill, we do not find that Taiwanese firms with a smaller advertising intensity gap have a higher propensity of acquiring U.S. firms. The possible reason is that most of our sample firms are in electronic industries and are doing OEM. Thus, they may spend less on advertisement and seldom value advertising competencies. In addition, brand image is hard to transfer due to the restrictions of geography and language.
A high concentrated target market indicates that several large companies dominate the market. If MNCs from LDCs enter via greenfield investments, they are likely to face the revenge from incumbent firms. To avoid potential revenge, MNCs from LDCs are likely to enter via acquisitions.
The result also shows that the diversification of MNCs has no impact on the choice of entry mode. Even their extent of diversification is relatively low; MNCs form LDCs might still choose acquisition because they want to acquire techniques from target firms.
In general, the findings of this study suggest that factors that are useful in predicting the entry mode choice of traditional downstream investments may not apply to the entry mode choice of upstream investments.

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