海外投資既有文獻在資料分析是基於客觀資料收集，而投資決策意向實際上會受到決策者主觀偏好影響。本研究主要目的在探討決策者主觀海外投資結構屬性偏好對海外投資決策意向影響，及決策者主觀海外投資結構屬性偏好是否受到客觀投資動機干擾而對海外投資決策意向產生影響。
本研究探討決策者主觀海外投資結構屬性有「投資區位」、「產業投資結構」、「主要銷售市場」、「採購供應鏈」、「預期投報率」五個構面。客觀海外投資動機為「尋求生產效率」、「尋求海外資源」、「尋求戰略及競爭力」、「尋求國際市場」四個構面。
本研究以投審會(2022)公告上市櫃企業赴海外投資名冊為主要資料收集對象，以結構式問卷調查。分析結果顯示，決策者主觀在海外投資結構屬性「投資區位」、「產業投資結構」、「主要銷售市場」、「採購供應鏈」、「預期投報率」偏好與其海外投資決策意向具顯著影響。「尋求生產效率」、「尋求海外資源」及「尋求戰略及競爭力」動機對「投資區位」及「主要銷售市場」偏好干擾成立。「尋求海外資源」動機對「產業投資結構」偏好干擾成立。「尋求國際市場」動機除了對「主要銷售市場」偏好干擾不成立外，其餘4項皆成立。本研究根據研究結果提出理論及實務意涵建議。
The data analysis of existing outward foreign investment literature is based on objective data collection, while the intention of investment decisions is actually influenced will be affected by the subjective preference of decision-makers. The main purpose is to explore the influence of decision-makers' subjective preference of outward foreign investment structure attributes on outward foreign investment decision-making intentions, and also study to explore whether the subjective preference of outward foreign investment structure attributes of decision-makers is interfered with by objective outward foreign investment motives and has an impact on decision-making outward foreign investment intentions.
This study examines the subjective outward foreign investment structure attributes of decision-makers including five constructions of "investment location", "industrial investment structure", "major sales market", "procurement supply chain" and "expected return rate". Objective outward foreign investment motives include four factors of "seeking production efficiency", "seeking outward foreign resources", "seeking strategy and competitiveness", and "seeking international markets".
This study was based on the listed companies of outward foreign investments announced by the Investment Review Committee (2022) as the collection, and the structured questionnaire survey was used. The analysis results show that the subjective preference of decision makers in outward foreign investment structure attributes "investment location", "industrial investment structure", "major sales market", "procurement supply chain" and "expected return rate" has a significant impact on their outward foreign investment decision-making intentions. The motives of "seeking production efficiency", "seeking outward foreign resources" and "seeking strategy and competitiveness" interfere with decision-makers preference for "investment location" and "major sales market". The motivation to "seeking outward foreign resources" interferes with decision-makers preference for "industrial investment structure". The motivation of "seeking international markets" interferes with the subjective preference of decision-makers in the four outward foreign investment structure attributes in this study, except for the attribute preference of "major sales market". Based on the research results, this study puts forward theoretical and practical implications.
