本研究為一個在美國企業欲擴張其國內業務至海外時，綜合考慮無股權策略聯盟、合資與併購三種進入模式類型，將受到那些環境攸關因素的影響之探索性研究。經擷取美國大型企業從1996年至2015年的此三種交易資料進行實證後，本研究發現美國企業是否採用投資進入模式，受海外市場的名目國民所得以及股市市值成長率之正向顯著影響。另外，若美國股市市值與美元幣值上漲，美國企業更會傾向選擇以外國直接投資(FDI)進入海外市場，其中，投資的方式，相較於跨國併購，美國企業更偏好採取跨國合資。

The study is to investigate the effects of environmental related factors on entry mode choice of US-based companies in overseas expansion, including non-equity alliances, joint ventures and mergers and acquisitions. The study uses a sample of public companies in United States from 1996 to 2015. The evidence suggests US firms are more likely to select entry modes with investment when the nominal GDP growth rate and stock market development in foreign markets are higher. In addition, US companies incline to choose foreign indirect investment to enter overseas markets when the stock market development in United States or currency value of Dollar improve. However, in equity investments, US companies prefer to choose international joint venture rather than take cross border acquisition.

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