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| 論文名稱 | Foreign Direct Investment and Downside Risk: Evidence from Taiwan |
| 研討會開始日期 | 2019-02-13 |
| 研討會結束日期 | 2019-02-17 |
| 所有作者 | Li-Hsun Wang, Chu-Hsiung Lin, Hung-Gay Fung, Tzu-Chuan Kao |
| 作者順序 | 第一作者 |
| 通訊作者 | 是 |
| 研討會名稱 | 第14屆NTU經濟金融會計研討會 |
| 是否具有對外公開徵稿及審稿制度 | 是 |
| 研討會舉行之國家 | NATTWN-中華民國 |
| 研討會舉行之城市 | 台北 |
| 發表年份 | 2018 |
| 所屬計劃案 | IBRS10600 |
| 可公開文檔 |
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| 可公開文檔 | |
| 可公開文檔 |
[摘要] :
近年來海外直接投資活動已愈來愈熱門。在海外直接投資行為同時會增加企業營收與風險的前提下，本研究探討海外直接投資將如何影響台灣企業的下方風險。研究結果指出企業的下方風險與海外投資程度呈正向關係，而進一步研究後發現該風險的上升僅發生於非中國大陸地區的投資，與中國大陸地區的海外直接投資無關。本研究所探討之非中國大陸地區案例多涉及避稅港的問題，樣本具有較高的盈餘管理及代理問題，說明為何非中國大陸地區海外直接投資有較高下方風險的現象。最後，本研究證實公司治理可以藉由提升投資決策透明度的方式而降低海外直接投資的下方風險。
[英文摘要] :
Foreign direct investment (FDI) has become highly popular in recent decades. This study investigates how FDI by Taiwanese firms affects downside risk with the fact that FDI firms increase both revenue and the risk in their expedition. The results indicate the downside risk associates positively with their FDI. Further analyses show the downside risks do not change for FDI in China but increases in non-China areas. The FDIs in non-China areas are primarily in tax haven countries, and they are positively related to agency cost and earnings management, all of which give rise to the higher downside risk. In addition, this study provides evidence that corporate governance lowers downside risk by restricting FDI to less opaque markets.
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