| Summary: | 碩士 === 東海大學 === 國際經營與貿易學系 === 105 === Since 1994, the Taiwanese government has promoted the "Program for Economic and Trade Work in Southeast Asia" to enhance cooperation within trade, investment, industry, technology, labor and education among Southeast Asian countries. The new government launched the "New Southward Policy", its main feature is to create a mutually beneficial win-win new cooperation mode. Based on the background of the New Southward Policy, this paper uses the Taiwan Economic News Culture Co., Ltd. database to study the textile industry listed on the stock exchange market and the over-the-counter market OTC in 2015 as the object of the study. First through the variance, the average and the median test, to investigate the differences of the textile industry manufacturers which are going southward and the non- southward going sample group in aspects of international, corporate governance and value creation. Secondly, used the stepwise regression model to estimate the impact of internationalization and corporate governance on value creation. The main findings are summarized as follows(1)Internationalization: the depth of overseas investment (investment amount) and the breadth (the number of branches), found that regardless of the total (total investment and total number of households) or the average, all show the southward going manufacturers are far more internationalized than the non-southward going.(2)Corporate governance: In the six corporate governance aspects: the structure of the board of directors, financial transparency and fair treatment of shareholders are shown that southward going manufactures are relatively better than the non-southward going; the other three aspects, the ownership structure, control deviation, organizational and personnel stability are shown that there are good and bad.(3)Value creation: The average of total revenue, middle investment, added value, added value of total sample revenue, return on shareholders' equity and return on assets and total assets were significantly higher than those of non-South sample groups. Indicating that the value of the southward going manufacturers create significantly greater value than non-South into. By stepwise regression analysis, summarized as follows:
It is seen that the amount of investment in Southeast Asia has a significant effect on the value creation, but the investment amount in the other regions is significantly smaller than that of the non-southward going manufacturers in other regions.
The influence of corporate governance variables and total assets on value creation has both good and bad. Consolidating the empirical results of this paper, shows that before the government’s introduction of New South Policy, Taiwanese textile industry has been ahead on the layout of the Southeast Asian countries. After the United States dropped out from the Transatlantic Partnership Agreement (TPP), the Mainland-led Regional Economic Partnership Agreement (RCEP) will deepen the Asia-Pacific region, the government and industries should pay attention to the effects of political and economic risks.
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