對外直接投資與廠商勞動份額──台灣製造業廠商的研究

OUTWARD FOREIGN DIRECT INVESTMENT AND LABOR SHARES: EVIDENCE FROM TAIWANESE MANUFACTURING FIRMS

本文利用2022-2018年台灣股票上市櫃的製造業公司為研究對象，探討對外直接投資對台灣母公司勞動份額的影響。採用固定效果（fixed effects）模型估計的結果顯示，廠商若由無轉而有進行海外直接投資，或者增加海外設廠家數，皆會使其勞動份額明顯下降。此一效果並且主要是來自赴中國的直接投資，而非至其他國家的投資。此外，出口金額和生產力較高的廠商，其勞動份額也有顯著較低的現象。考慮對外投資為一潛在內生性決策，本文另採用多重處置傾向分數配對法（propensity score matching for multiple treatments）進行分析。實證的結果顯示，對外直接投資會使勞動份額下降，其中以同時對中國與其他國家投資的廠商下降幅度最大，高達37%–39%；其次為僅對中國投資的廠商，和沒有從事對外投資的廠商相比較，其勞動份額並無明顯的差異。

Using Taiwanese data on manufacturingfirms during 2002-2018, this study examines the impact of outward foreign direct investment (OFDI) on labor shares. Controlling forfirmfixed effects, the labor share is lower for afirm undertaking OFDI versusfirms that do not. This effect is, however, driven mainly byfirms’investing in China rather than in other countries. In addition,firms with more exports, higher export intensity, and higher productivity tend to have lower labor shares. Considering the potential endogeneity of OFDI, we adopt propensity score matching (PSM) for multiple treatments PSM. Results show that, relative tofirms that did not engage in OFDI,firms that invest in China and other areas have the lowest labor shares (a reduction of 37%-39%), followed byfirms investing only in China (a reduction of 20%-22%), andfirms investing in other areas only have little differences in labor shares.