創新活動、國際化與公司績效：以臺灣上市公司之國外直接投資檢測

Innovation, Internationalization and Firm Performance: An Examination of Taiwanese Listed Firms’ FDI

本文旨在探討公司的國際化與創新活動是否具有相互的因果關係。創新活動與對外直接投資（FDI）皆屬企業的投資活動，FDI 能幫助創新能力的發展，而創新能力代表公司的特有優勢，亦有助於企業的海外投資。此外，本文也進一步檢測FDI 對於公司績效的影響。本文以台灣上市櫃公司為樣本，實證結果指出本國母公司的FDI與創新活動呈現正向的相互關係。再者，FDI 對於公司績效呈顯著正向的影響，同時創新能力有助於提昇FDI 的獲利性。此外，本文實證結果也發現，相較於先進國家，投資中國大陸對於本國母公司創新能力的提昇較低，然而有較高的績效。表示企業投資中國大陸主要係著重於市場與人力的搜尋，而先進國家則以策略性資產為主。

The purpose of this paper is to explore whether the firms’ internationalization and innovative activities are mutual causality. Innovative activities and foreign direct investment (FDI) both belong to business investment activities. Firms’ FDI can help to develop innovative capabilities which are firm-specific advantages and promote firms’ overseas investments. Furthermore, we examine the impact of FDI on firm performance. Using a sample of Taiwanese listed firms, we find that there is a positive mutual association between FDI and innovative activities for parent firms. We also find that FDI has a positive effect on firm performance; and the higher innovative capabilities enhance the return attributable to FDI. In addition, we find that parent firms’ FDI in china tend to attain a lower innovation development and a higher financial performance than those in developed countries. This suggests that firms primarily aim at market-seeking and labor-seeking in China and strategic-asset seeking in developed countries.