近年來，台灣產業日漸重視研發創新，將重要的技術根留台灣，另一方面投資中國大陸，藉以利用中國龐大的物資和人力資源，這種研發和對中國投資同步進行的生產模式成為台灣廠商的發展趨勢。因此在這種生產趨勢之下，必須了解廠商投入研究發展和投資中國這兩項活動對台灣廠商的營運造成何種影響。本篇論文實證分析廠商的投資行為、研發活動和對中國投資彼此之間的相互關係，以及這兩項投資活動對廠商生產力和出口值的影響。
論文中選取台灣經濟新報(TEJ)，台灣電子製造業上市上櫃公司，1992年-2011年的資料，其中台灣經濟新報(TEJ)的大陸投資明細此項目是從2000年開始。運用的實證模型有二元概率模型(Bivariate probit model)、二階段模型（two-steps model）、追蹤資料托賓模型(panel tobit model）和動態追蹤資料模型（dynamic panel model）。
有四項主要的研究結果：第一項，廠商的投資行為具有連續性。第二項，研究發展和投資中國兩者投資活動有替代關係，彼此會互相瓜分投資金額。第三項，單一參與其中一項投資活動的廠商生產力進步最大，同時參與兩項活動反而使得生產力的回報規模被分散了。第四項，研究發展活動對實質出口值有互補正相關，而投資中國大陸對實質出口值則是替代負相關。

In recent years, Taiwan’s industries put more emphasis on research and innovation. On the other hand, Taiwanese firms take advantage of China’s huge materials and human resources to invest in mainland China. The production model that simultaneously executed R&D and investment in China has become the development trend of Taiwanese manufacturers. With this kind of production trends, it is essential to understand how R&D and FDI in China affect operation of the parent firms. This paper addresses this issue by empirically analyzing firms’ investment behavior, the relationship between R&D and FDI in China, and how these two activities affect firms’ productivity and export value.
Based on the data from 1992-2011 Taiwan Economic Journal (TEJ), all the publicly traded companies in the electronic manufacturing industry are included. Bivariate probit model, two-steps model, panel tobit model and dynamic panel model are employed as the estimation method.
There are four main findings in this paper : First, firms will refer the previous investment experience to the decision on the current investment activities. Secondly, the negative interaction effects between the investment amount in R&D and in FDI suggest that R&D and FDI in China act as substitutes in investment relationship. Thirdly, firms that involve a single investment activity have the largest productivity advances, whether firms chose R&D or FDI in China. When firms involve both activities, their returns to scale on productivity will be dispersed. Fourthly, R&D complements exports from parent firms. Conversely, FDI in China substitutes exports from parent firms.

目 錄 iv
圖 表 目 錄 v
第一章 緒論 1
第二章 文獻回顧 8
第一節 海外直接投資（FDI） 8
第二節 研究發展活動（R＆D） 10
第三章 資料、變數、生產力估計 15
第一節 台灣資料 15
第二節 變數的定義 19
第三節 計算廠商生產力 22
第四章 探討影響本期FDI與R&D投資機率的因素 25
第一節 實證模型 25
第二節 實證結果 26
第五章 分析廠商投資行為對其生產力的影響 32
第一節 投資活動的金額與廠商生產力的關係 32
第一項 實證模型 32
第二項 實證結果 34
第二節 四種不同類型的投資廠商生產力的改變 36
第一項 實證模型 36
第二項 實證結果 38
第六章 FDI、R&D和實質出口值的變動關係 43
第一節 追蹤資料托賓模型(Panel Tobit model) 43
第一項 實證模型 43
第二項 實證結果 46
第二節 動態追蹤資料模型（dynamic panel model） 50
第一項 實證模型 50
第二項 實證結果 53
第三節 綜合探討 57
第七章 結論 58
附 錄 表 格 62
參 考 文 獻 64

黃台心 (2005),“計量經濟學: 第十四章 應變數受限制的迴歸分析”,雙葉書廊,初版。

中文文獻
楊志海與陳忠榮 (2002), 「研究發展, 專利與生產力－台灣製造業的實證研究」, 經濟論文叢刊, 30:1 頁28-47. 台大經濟系出版.

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