第五章 對外投資對廠商營運的影響
第二節 研究限制與未來展望
本研究範圍涵蓋甚廣，然而還是有資料的限制與不足之處。首先，本研究使 用對外投資的資料係取自投審會「政府核准投資金額」，而非廠商實際投資金額。
這份資料有兩項問題，(一)此份資料並非事前資料，而是事後資料。因此，檢驗 哪些變數影響廠商投資因素時，可能會有內生問題，導致估計的偏誤與不效率。
(二)核准登記投資金額和廠商實際投資金額，此兩者之間的差距也有可能影響估 計結果。其次，本研究並未討論對外投資對廠商「進出口」的影響，故無法更全 面的去檢驗對外投資的影響。
最後，由於本研究使用上市公司母公司財報資料，而非母公司與關係企業的 合併財報資料。因此，雖然實證結果發現，投資中國對台灣母公司產生不利的影 響，但我們無法判定其對整體關係企業的影響。這些都是未來針對此議題進行研 究時，可以再做修正與討論之處。例如，對中國投資部分，使用廠商公佈於財報 的實際投資金額資料、中國官方公佈之台商投資金額資料，以及問卷調查廠商投 資中國的事前資料等。廠商營運部份，則可加入母公司與關係企業的合併財報資 料、進出口資料，以及繳交營利事業所得稅等資料，以期研究此議題時，能以客 觀的角度做更加全面的分析與討論。
然而整體而言，本研究不論使用的資料來源、變數設定，以及以政策改變為 工具變數進行計量模型估計，都具有相當高的正確性，也使得實證結果具有相當 高的可信度。我們希望這份實證結果能使未來廠商投資中國，與政府制定廠商投 資中國的相關配套措施時，都有參考的依據。
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