出口、對外直接投資與生產力：台灣製造業廠商的研究;Exports, Foreign Direct Investment and Productivity: Evidence from Taiwan Manufacturing Industry

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Title:	出口、對外直接投資與生產力：台灣製造業廠商的研究;Exports, Foreign Direct Investment and Productivity: Evidence from Taiwan Manufacturing Industry
Authors:	楊雅婷;Yang, Ya-Ting
Contributors:	經濟學系
Keywords:	出口;對外直接投資;總要素生產力;異質廠商;臺灣製造業
Date:	2020-07-15
Issue Date:	2020-09-02 17:34:22 (UTC+8)
Publisher:	國立中央大學
Abstract:	異質性廠商國際貿易理論強調廠商生產力在出口與對外直接投資扮演重要角色，但實證研究同時考慮廠商生產力對出口與對外直接投資的影響研究仍在少數。臺灣製造業廠商進行出口與對外投資以及同時有出口與對外直接投資的情況十分普遍，本文以總要素生產力衡量廠商異質性，研究生產力對臺灣製造業廠商之出口、對外直接投資與兼具兩種策略的影響。利用股票上市櫃製造業廠商1990-2018年的追蹤資料，並利用panel多項式羅吉特機率模型(panel multinomial Logit model)進行估計，實證結果如下。未考慮其他廠商特性時，生產力最高的廠商同時進行出口與對外直接投資，次之者進行對外直接投資，再次之者僅從事出口，生產力最低的廠商留在國內市場。考慮廠商特性、產業與時間固定效果，結果有所改變。高生產力的廠商同時進行出口與對外直接投資，次之者從事出口；低生產力的廠商進行對外直接投資或留在國內市場，且二者的生產力無顯著差異。此結果並不符合Helpman et al. (2004)的理論，原因在於臺灣的對外直接投資集中在中國。此尋求低生產成本的防禦型投資受惠於中國的優惠政策與雷同的語言和文化，對外投資的沉沒成本較低，故所需的生產力門檻較低。利用三種不同估計方式的TFP進行的估計得到相同結果，獲致實證研究結果的頑強性。;Theories of heterogeneous firms and international trade have emphasized the role of productivity played on decisions of exports and foreign direct investment (FDI), while studies considering how productivity affect both decisions of exports and FDI remain limited. Internationalization strategies of exporting, FDI and both behaviors are prevailing in manufacturing firms in Taiwan. Thus, this thesis examines how total factor productivity (TFP) differentiates firms’ internationalization strategies among exporting, FDI, and both strategies. Based on a firm-level panel dataset of manufacturing firms listed on stock market and adopting the panel multinomial logit model to implement empirical estimations, empirical results are as follows. We find that, without controlling for firm characteristics, highest productivity firms undertaking both exporting and FDI, followed by firms undertaking FDI and firms engaging in exports, whereas lowers productive firms serve only domestic market. After controlling for firm characteristics and industry and time fixed effects, results change moderately. Most productive firms undertake both exports and FDI, followed by firms engaging in exports; while low productivity firms undertake FDI or serve the domestic market and there is no significant difference in TFP in both groups. These findings contradict theoretical arguments in Helpman et al (2004). The possible interpretation is that Taiwan’s FDI concentrate on defensive FDI toward China to exploit low production costs. China government provides various policy instruments, adding share similar language and culture, helping lower sunk costs of FDI. Thus, the productivity threshold of FDI is low, enabling low productivity firms to undertake FDI. Various measures of TFP obtain similar results, ensuring robustness of estimating results.
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