| 摘要: | 全球經貿的發展隨著全球化與自由化，促使更多的企業跨出國界，以多國籍企業的形式，在世界舞台上尋找發揮的空間。台灣的企業，素以堅強的生命力與韌性，加上努力不懈與務實的精神，為台灣經濟開創令人矚目的奇蹟。因此當台灣步入產業結構轉型階段，加上中國大陸經濟的開放雙重的因素下，使得台商毅然投入中國投資之列，期望借助另一個市場的優勢，再創經營的高峰。 在看到廣大市場商機的同時，我們也看到台商為進入大陸投資遭逢一些困境，其中與投資計畫成敗息息相關的資金取得，尤其困擾台商。在台灣半數以上上市櫃公司都已經到大陸投資，產業別涵蓋範圍廣泛的情況下，我們也發現對於不同產業經營模式的台商到大陸投資，融資決策差異之相關研究付之闕如。本研究期望透過不同產業不同經營模式的台商，找出對融資決策的影響，以提供更多台商企業進入大陸進行融資之參考。 本研究透過「個案研究」的方式，先從既有的文獻資料中，整理台商赴大陸投資的資金重要限制，分析台商在大陸可能融資的來源。在這樣的環境背景下，再以實際不同產業別的台商個案進行研究，取樣企業為代表台灣科技產業進入大陸設廠的明基集團，以及代表傳統產業飲料包裝業宏全國際兩家公司，透過個案訪談與資料收集，分別就其大陸經營模式與融資決策進行分析比較。從中了解不同經營模式之下，個案企業融資考慮因素的差異，進而歸納出不同台商經營模式對其融資決策的影響。最後，並以個案公司研究所得結果與過去之專家研究報告相互比較，分析其間的差異。 透過本研究希望提出三項重點： 一、傳統產業與科技產業投資大陸，分別依其投資動機、獲利來源、產銷模式與管理模式建立了不同的經營模式。 二、台商企業不同經營模式對融資決策有所影響，多國性企業以全球市場跨國經營時，擁有資源越多，市場越分散，融資決策的操作彈性就越大，相對也能獲得更高的資金成本效益。 三、台商大陸不同經營模式對其資金來源造成影響，傳統產業採取的是權益性資金為主的融資決策模式，相對地國際性企業採取的則是全球市場最佳化籌資策略，進一步也會影響到其最終的資金成本。 期望透過本研究對此議題的探討，能引發更多人的投入研究，對於台商到大陸投資之融資決策模式，於未來有更進一步的貢獻。 The globalization and liberalization of the world economy had caused more and more enterprises to step out of national boundaries and sought opportunities on a global scale in the form of multi-national enterprises. Taiwan’s enterprises, with its strong sense of survival, diligence and practical spirit, had developed the amazing Taiwan economic miracle that had won the praises of many. Therefore, the re-structuring of Taiwan’s industries and the liberalization of the Chinese economy became a natural process leading to investments in China with expectations of market dominance and business superiority. While seeing vast business opportunities, one also sees many difficulties that Taiwan enterprises face as they invest in China. One major difficulty that determined the success or failure of the investment is closely linked to the enterprises’ ability to obtain financing. In Taiwan, more than half of the publicly listed companies, covering a wide range of industries, already have investments in China. From our research, one can discover that the different business model of Taiwan enterprises that invest in China resulted in different financial policies. This research aims to show how the different business model of different Taiwan industrial enterprises impacted their financial policies; and to provide a source of reference to other Taiwan enterprises wishing to invest in China. This research is based on “Case Studies.” From readily available literature, the major financial limitations of Taiwan enterprises looking to invest in China are determined and their possible sources of financing are analyzed. Based on this background, research is conducted by studying the actual cases of different Taiwan industrial enterprises. Two enterprises are studied: one the BenQ Group, representing the science and technology industry that had set up manufacturing facilities in China, and the other Taiwan Hon Chuan Enterprise Co., Ltd., representing the traditional drink packing industry. Based on information obtained and interviews conducted with the above companies, an analysis on their business model and financial policies are made and compared. From these studies, a conclusion is reached that under different business models there are different financial considerations and how the different business models impact the financial policies of these companies. Finally, a comparison of the readily available literature and the conclusion of this case study are made and the differences analyzed. This research aims to propose three major key points: 1. The difference in the business model of the traditional industries and the business model of the technology industries are based on their investment motives, the sources of their profits and their marketing and management patterns. 2. Multi-national enterprises, because of their global markets and management, enjoy the benefits of more resources and flexible of financial policies, thus, enabling them to also obtain higher benefits from their financial investments. 3. Traditional industries adopt local financing, while multi-national enterprises adopt global financing, which ultimately will affect their cost of financing. Through this research, it is hoped that more people will perform further research into this subject so that it can assist Taiwan enterprises in their financial policy decisions when they invest in China. |
