海外投資經驗與會計投資績效：以臺灣上市（櫃）公司投資東協、東南亞及南亞國家為例

Foreign Investment Experience and Accounting Investment Performance: An Empirical Study of Taiwanese Companies Investing in ASEAN, Southeast Asian and South Asian Countries

本研究旨在探討臺灣上市（櫃）公司投資東協、東南亞及南亞國家，其海外投資經驗對會計投資績效之影響。本研究以2015年至2018年，362家臺灣上市（櫃）公司作為研究樣本（共計1,448筆資料），研究結果發現，海外投資經驗愈豐富、研發密集度愈高、行銷密集度愈高，則會計投資績效愈佳。顯見海外投資經驗愈豐富，愈了解當地市場之規章、制度、顧客特質、市場特性、行銷策略及成長機會等，有助於發展跨國組織能力，並成功執行當地市場策略。而研發及行銷支出之投入愈多，愈能提升營運效率及產品品質，降低生產成本，並形塑良好之品牌形象，且與競爭者作有效區隔，進而獲得顧客之青睞，故會計投資績效愈佳。

This paper aims to discuss the foreign investment experience and performance for Taiwanese multinational companies (MNCs) investing in New Southbound countries (including the Association of Southeast Asian Nations (ASEAN), Southeast Asian and South Asian countries). This paper adopts 362 Taiwanese MNCs that were listed on the TWSE or OTC for the period of 2015 to 2018. Precisely, I obtained 1,448 samples to test the hypotheses. The findings show that companies with rich foreign investment experience, high R&D intensity, and high advertising intensity exhibit more favorable performance. This indicated that rich foreign investment experience, high R& D and advertising intensity improve a company to develop transnational competencies and adopt suitable strategies in foreign markets, thereby demonstrating great investment performance. To accumulate foreign investment experience, companies could, before investing, train and recruit appropriate talent using the Taiwanese government’s platform or ‘Contact TAIWAN’ website. After an investment, the building of an international production value chain proactively is the primary focus to optimize knowledge and technology spillovers.