智慧資本如何中介台商赴大陸投資與經營績效之關聯：Ｓ型曲線之實證

How Intellectual Capital Mediates the Relationship between Configuration in China and Operating Performance: The S-Curve Hypothesis

有鑑於中國大陸新興經濟體之崛起，大陸投資之相關議題已蔚為顯學。而台商對外投資普遍係以中國大陸作為首選，過去學者之研究重心旨在探討台商投資動機、投資區位與經營績效之關聯，鮮少探討台商赴大陸投資佈局與經營績效間，可能存在S型曲線關係，且智慧資本附加價值係數可能中介台商大陸佈局與經營績效之關聯，本研究則彌補此方面文獻之不足。本研究以台灣444家上市公司，2005年至2011年間之資料作為樣本，研究結果顯示大陸投資廣度對經營績效之影響呈現非線性之倒S型曲線關係，而大陸投資深度對經營績效之影響則呈現非線性之S型曲線關係。此外，人力資本、結構資本及智慧資本會中介大陸投資廣度與經營績效之關係，而實體資本則扮演大陸投資深度與經營績效關係之中介角色。故台商於進行投資佈局前，應先審慎考量投資區位能否有效蓄積智慧資本，俾有效提升企業之經營績效。

China is the largest emerging economy in the world, and offers the most preferred FDI locations for Taiwanese firms. Previous studies have focused on the association among investment motivation, location, and the performance of Taiwanese firms investing in China. However, most of these studies have overlooked the configuration in China which may have a nonlinear S-curve relationship with operating performance. Besides, the value added intellectual coefficient (VAIC) of a firm may have mediating effects on configuration and performance. The study selected 444 Taiwanese firms that have invested in China between 2005-2011. Our results indicate that the breadth of investment in China has a nonlinear inverted S-curve with operating performance. This relationship is in turn mediated by value added human capital coefficient (VAHU), value added structural capital coefficient (SCVA) and VAIC. Results also indicate that the depth of investment in China has a nonlinear S-curve with operating performance. This relationship is in turn mediated by physical capital. These findings provide managers with valuable insights for strategic advice.