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An Empirical Study of Taiwan Multinational Investment in China
|關鍵字:||Taiwan investment in China|
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China has been the primary investment area since the government permitted Taiwanese multinationals to invest in China; therefore, to understand the determinants that affect Taiwanese multinationals' decision to engage in foreign investment in China is a topic worth exploring. This study analysis the decisive factors that impact on Taiwanese multinationals' intention to invest in China and the choice of investment areas, the amount of investment and the number of invested subsidiaries through Logit Model, Probit Model and Tobit Model, using a sample of 443 Taiwanese listed companies between 2000 and 2008. Furthermore, this study tries to take individual variables, macroeconomic variables and industry dummy variables into account at the same time. From the empirical result, we find that Taiwanese multinationals put more emphasis on the individual factors and the industry factors which include company characteristics, while there is only relative wage in macroeconomic variables that will impact on company's decision to invest in the east of China. On the microeconomic aspect, company performance and company size have a significantly positive effect on no matter which kind of investment decision-making; similarly, company export orientation also makes a strongly positive impact on the investment decisions, yet it has no significant influence on the determination of investing in the west of China. Moreover, company capital, with the exception of having a significantly positive effect on the amount of investment decision-making, is strongly and negatively correlated with any investment determination. In addition, the more western the invested region is, the less possibly Taiwanese multinationals' investment take place, and so does the marginal effect of most of the independent variables to investment possibility.
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