| Summary: | 博士 === 國立中正大學 === 企業管理所 === 96 === Researches on Taiwan manufacturers’ China investment are mainly based on
economics theories and always under the assumptions of maximizing the utility
function to explain the investment decisions. Besides the manufacturer’s utility
function, the decision maker’s utility function is largely ignored by researchers. This
research starts with the decision makers’ cognition of China investment motivations
so as to combine manufacturer’s and decision maker’s utility function. Operationally,
a “perceptual factors” construct is established as an independent variable so that it can
be differentiated from “rational” analysis and the other purpose is that personal
motivations can be taken into consideration.
Based on the past related researches and the statistic data from MOEA on the
China investment motivations, lots of the motivations are environmental factors. For
those who don’t invest in China, they also are under the same environmental factors.
Hence, this research believes environmental factors cannot explain investment
decision, not even the investment intention. Decision makers’ cognitive difference on
the same environment might explain the reason why there are different investment
decisions. Other than external environment construct, this research also survey
internal resource construct and perceptual construct. In order to test the decision
makers’ cognitive difference, Mann-Whitney U-Test, Logistic Regression and
Discriminant Analysis are implemented so as to confirm the empirical result.
Compare with other related researches, this research accentuates more on
personal (decision maker’s) utility function. The larger business size the less decision
influenced by personal utility function (Mindle & Neubourg, 2006). The research
samples are small-medium enterprises in Taiwan so that we can have a closer look of
the effect of personal utility function.
This research takes external environment, internal resource & perceptual factors
as independent variables and studies on investment decision, investment intention &
entry mode. The results are,
􀁺 The cognitive difference on investment motivations between China invested
firms and non-China invested firms is confirmed. The most significant
construct are resource exploitation and capability exploitation. It means
internal resource construct is important on investment decision, investment
intention and entry mode.
􀁺 In all investment sub-constructs, only the 3 sub-constructs of perceptual
factors (personal network, personal motivations and risk attitude) have
significant influence on investment intention. The significance of external
environment and internal resource constructs (6 sub-constructs) turn to be
insignificant when perceptual factors are included in the model. It means the
perceptual factors cannot be ignored when study on China investment.
􀁺 Perceptual factors mediate the effect between external environment and
investment intention and perceptual factors’ direct effect on investment
intention is moderated by internal resource.
􀁺 As to the entry mode, the 3 sub-constructs of perceptual factors (personal
network, personal motivations and risk attitude) have significant influence
on share holding but the effect is mediated by investment intention. The
capability exploitation is also positive related to entry mode.
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