| Summary: | 碩士 === 國立成功大學 === 都市計劃學系碩博士班 === 93 === Mainland China has attracted a lot of Foreign Direct Investment to due to labor cost advantage since the policy of economic reformation in 1978. Its economy is expected to integrate into world economic system further more and growth faster after participating to the World Trade Organization. Mainland China has taken the opportunity to become the factory and market of the world, and Taiwanese firms has used the relative advantage of China as well to promote their competition capability and to arrange their investment globally. It would be a long run process for a firm to evaluate inside and outside environment to reach the decision to invest in Mainland China, and the decision is dynamic in nature because that many influence factors are changing with time during the period. Besides, the political and economical situation between Mainland China and Taiwan also influence investment decision deeply. Therefore, when is the best timing or in what “atmosphere” that Taiwanese firms would like to invest Mainland China would become interesting questions worth to be deeply investigated.
The objects of our study are 479 Taiwan listed and OTC electronic firms. The substance of the study is to verify the dynamics of their first investment behavior in Mainland China during 1991-2003. By utilizing the logistic discrete-time model of event history analysis and using “month” as the time analytical unit, we are able to construct 12,883 firm-month data for empirical analysis. According to our findings, on firms’ characteristics, the firms which have higher age and income would invest in Mainland China more likely. Listed firms’ investment tendencies are higher than OTC firms’. Hsinchu and Tauyen firms’ investment tendencies are higher than the middle and southern part of Taiwan firms’. On outside environment of Taiwan, the signals of other Listed and OTC firms’ investment in Mainland China would make electronic firms follow, but the increasing rate decrease gradually. On outside environment of Mainland China, the immediate construction investment of government, local industry, and foreign traders would attract the firms to invest in Mainland China. Mainland China would attract more investments if its relative labor cost is lower. On current situation, The “No haste, Be patient” and “Proactive liberalization with effective management” policy didn’t influence firms’ investment decision obviously, but Asian Financial Crisis did. On important events, Mini-three-links of Kinmen and Matsu increases the investment tendency of the firms in our sample, while SARS does the other way. On time variable, investment decision of electronic firms over the period of list and OTC exists duration dependence, cumalative inertia, and cycle. And the investment tendency of our study objects become lower over time during observation period.
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