過去的文獻對於地主國經濟政策不確定性對跨國企業海外子公司的整體經營環境的動態影響了解有限。本研究將地主國經營環境視為動態因素，引入動態經濟政策不確定性指標(EPU指數)，並從嵌入程度以及吸收能力的理論角度，探討地主國經濟政策不確定性對跨國企業海外子公司經營績效的影響，以及海外子公司的當地嵌入程度與吸收能力，如何調節地主國政策不確定性的影響。本研究使用2007－2012年間，1,235家台資企業對中國投資資料(共計2,940筆觀察值)，實證結果發現，中國經濟政策不確定性對台資企業當地子公司的經營績效為負向影響，中國子公司的當地嵌入程度會加劇經濟政策不確定性對經營績效的負向影響。本研究結果顯示地主國經濟政策不確定性對跨國企業的海外營運影響至關重要，並提供跨國企業緩解地主國經濟政策不確定性的建議。;Previous literature has limited understanding of the dynamic effects of host country economic policy uncertainty on the overall operational environment of multinational enterprises′ overseas subsidiaries. This study considers the host country′s operational environment as a dynamic factor by introducing a dynamic economic policy uncertainty indicator, the Economic Policy Uncertainty (EPU) index. It explores the impact of host country economic policy uncertainty on the operational performance of multinational enterprises′ overseas subsidiaries and investigates how the subsidiaries′ local embeddedness and absorptive capacity from theoretical perspectives can moderate the effects of host country policy uncertainty.Using a sample of 1,235 Taiwanese firms with a total of 2,940 observations that invested in China between 2007 and 2012, the empirical results reveal that economic policy uncertainty in China has a negative impact on the operational performance of Taiwanese firms′ local subsidiaries. Furthermore, the local embeddedness of Chinese subsidiaries exacerbates the negative effect of economic policy uncertainty on their performance. These findings underscore the significant influence of host country economic policy uncertainty on multinational enterprises′ overseas operations and provide recommendations for mitigating the effects of such uncertainty.
