ECFA對台灣經營績效之影響－－以汽車相關產業為例

The Impact of the ECFA on Firms' Performance in Taiwan - Evidence from Automotive-related Industry

本文探討台灣與中國大陸簽署經濟合作架構協議（Economic Cooperation Framework Agreement，ECFA）後，對於台灣汽車相關產業經營績效的影響。經以Tobin's q及市場價值與帳面價值比兩個不同經營績效替代變數衡量，迴歸結果發現，ECFA生效後有助於提升汽車相關產業經營績效，且兩個經營績效替代變數的研究結果相當一致。本文研究結果，說明台灣為提升產業競爭力，與各國簽訂貿易協定的重要性與迫切性，並支持執政當局先前的評估結果，亦即ECFA施行後的正面效益。

In this study, we investigate the impacts of the ECFA (Economic Cooperative Framework Agreement) on firms' performance in Taiwan's automotive-related industry. By employing two different variables, Tobin's q and the ratio of market value to book value, as the proxies of operating performance, we find the consistent regression results which show that ECFA can improve operating performance of automotive-related industry. Our empirical findings bear important and urgent policy implications for signing trade agreements with other countries in terms of enhancing industrial competiveness, and also support the previous positive evaluation of ruling authorities in Taiwan.