美中貿易戰從2018年中開始到現在仍未見停歇，不僅影響國際貿易型態也顛覆了科技產業的生產模式，尤其擁有多種核心技術的半導體業者，更是受到了關稅與貿易壁壘的雙重影響，使的半導體台商在中國的布局受到了重大的影響，因此在面對此事件下，了解企業經營策略與海外布局成為目前急需解決的議題。
本研究透過Dunning提出的國際生產折衷理論觀點涵蓋所有權、內部化與區位之優勢，分別解析企業在美中貿易戰前後如何運用此三種觀點，進行海外布局影響因子的考量，並藉由個案研究的方式，選擇四家具代表性的個案，對於半導體業產業鏈內上中下游業者進行深度訪談。
研究顯示企業在進行海外發展策略時有兩個發現，當貿易戰改變了區位優勢，企業將會更關注所有權優勢與內部化優勢的連結，並會依時勢所需尋求新的投資區位，對三種優勢分別採取交互性的考量，而另一發現則為在過去台商多半著重區位擁有的成本優勢，而現今隨著技術不斷發展與國家主義的興起，成本與效率將不再是首要的考量，而是轉以獲取策略性資產的海外布局為主軸，無論回歸母國或是轉向其他國家，多樣化的布局策略才能有效的風散分險。國際生產折衷理論可以說明企業國際化過程的型態有一致性。最後，亦提供未來台商進行海外布局時考量的思維與政府面對大國夾殺時的建議。

The US-China Trade War has not terminated since the middle of 2018. It not only affects the pattern of international trade but has also changes the production mode of the technology industry. As a result, Taiwanese semiconductor firms have also been struggling with tariffs and technical barriers. The business of Taiwanese semiconductor firms in China have also been greatly affected. Therefore, in face of this unexpected incident, understanding the overseas relocation strategy of the companies have become key issues.
In this study, based on the Dunning ’s Eclectic Paradigm including the advantages of ownership, location, and internalization (OLI), the study analyzes how companies react to the US-China Trade War. Four cases studies of representative Taiwanese semiconductor firms based on in-depth interviews, are conducted.
The results indicate that companies have two finding in their oversea expansion. First, the location advantages has been changed after the US-China Trade War, companies will pay more attention to the connection between ownership advantages and internalization advantages. Three advantages are taken into consideration interactively to seek new locations to invest as needed. Another major result is that in the past, Taiwanese semiconductor firms mainly focused on the locations with the cost advantages. Now, with the development of technology and the rise of nationalism, cost and efficiency are no longer the primary considerations of the enterprises; instead, the “Strategic-Asset Seeking FDI” has become the main strategy whether the enterprises are looking to return to the home country or going abroad, for such various location strategies can effectively reinforce risk reduction. The Dunning’s Eclectic Paradigm can conclude the process of enterprises internationalization is consistent. Finally, research provides suggestions for future overseas relocation for Taiwanese semiconductor firms, and policy implications for the Taiwan government to respond to the disputes between the US and China.

摘要 I
Abstract II
致謝詞 III
目錄 IV
圖目錄 VI
表目錄 VII
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究問題與目的 3
1.3 研究流程 4
第二章 文獻探討 6
2.1 美中貿易戰對半導體企業之影響 6
2.1.1 台灣半導體產業概況 6
2.1.2 中國、美國半導體產業概況 9
2.1.3 貿易戰影響的產品範圍 11
2.2 企業海外投資理論 16
2.3 國際生產折衷理論(Eclectic Paradigm) 17
2.4 研究架構 22
第三章 研究方法 25
3.1 個案研究法 25
3.2 個案選擇 26
3.3 資料蒐集 27
3.4 訪談對象 28
第四章 個案分析 29
4.1 A公司 29
4.2 B公司 35
4.3 C公司 43
4.4 D公司 50
4.5 個案貿易戰前後綜合比較 56
4.5.1 貿易戰前個案OLI優勢比較 56
4.5.2 貿易戰後個案OLI優勢比較 58
第五章 結論與建議 60
5.1 結論 60
5.2 建議 61
5.3. 未來研究 62
參考文獻 63

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