台商大陆投资涉入程度对母公司绩效的影响研究  

A Study on the Influence of Taiwan Business's Investment in China's Mainland on Parent Company Performance

作　　者：萧小芬 张金婷 邓启明[1] 

机构地区：[1]宁波大学商学院,浙江宁波315211 [2]闽江学院新华都商学院,福建福州350108

出　　处：《浙江金融》2018年第11期65-72,共8页Zhejiang Finance

基　　金：宁波市软科学项目-"新形势下海峡两岸产业互动模式及台商策略选择研究-基于宁波的调查与案例分析"(项目编号:201701HJC01109;项目负责人:萧小芬)

摘　　要：基于2005～2015年997家台湾上市公司投资大陆的面板数据,对母公司绩效相关指标进行因子分析,建立涉入程度-绩效多元回归模型,并参考区域经济理论,研究台商大陆投资的涉入程度及其与母公司绩效的关联性。结果表明,台商大陆投资的涉入程度与母公司绩效,特别与市场价值因子、财务因子和成长因子之间存在显著负向线性相关关系,且进一步发现,子公司EPS贡献度在一定程度上减弱其负向性,证实当子公司税前EPS贡献度为正值,母公司倾向于将盈余留置在子公司;大陆劳动力成本不仅大大降低台商母公司绩效,也使得涉入程度间接下降。Based on the panel data of 997 Taiwan Residents listed companies investing in China's Mainland from 2005 to 2015,factor analysis was performed on the relevant indicators of the parent company's performance,and a muhiregression model of the degree of involvement-performance was established.With reference to regional economic theory,the relevance between the degree of involvement Taiwan Residents investment in China's Mainland and parent company performance was studied.The results show that there is a significant negative linear correlation between the involvement of Taiwan Residents mainland investment and parent company performance,especially with market value factors,financial factors,and growth factors,and it is further found that the contribution of subsidiary EPS to a certain extent Weakened its negative nature,confirming that when subsidiaries'pre-tax EPS contribution is positive,the parent company tends to retain surpluses in subsidiaries;mainland labor costs not only greatly reduce the performance of Taiwan Residents parent companies,but also indirectly reduce the degree of involvement.

关 键 词：涉入程度 绩效 因子分析法 面板数据 

分 类 号：F270.3[经济管理—企业管理]