自1990年代起，台商因成本和腹地區位選擇考量，積極赴大陸投資。對於台商投資是否有所獲利，眾說紛紜，故本研究旨在探討赴大陸投資台商的獲利績效變異。學理上本研究以產業組織學派、資源基礎理論與制度理論作為分析的基礎。實證模型則採用變異數分析（ANOVA）、變異成份分析（Variance Component Analysis）和階層線性模型（Hierarchical Linear Modeling）。根據三項績效指標：銷售利潤率、總資產報酬率與股東權益報酬率的實證結果，三項績效指標顯示不論使用何種統計模型分析，廠商效果對廠商績效變異的解釋力最大，約13.93%~47.69%；產業效果的解釋力約為0%~15.76%；集團效果的解釋力約為7%；地區效果的解釋力約為0%~2.90%；年效果最小，僅佔0.7%。本研究證實台商赴大陸投資營運績效的差異，主因是廠商運用本身特有的資源所創造的競爭優勢所造成之。地區效果對廠商績效變異有一定的解釋，可支持制度學派理論的觀點，表示台商對大陸投資區位的選擇確實會影響廠商績效。

Based on Industry Organization Theory, Resource-View of Firm and Institutional Theory as our theoretical background, the purpose of this paper is to applied Variance Component Analysis (VCA), Hierarchical Linear Model (HLM), and Analysis of Variance Method (ANOVA) to identify the source of performance variances among Taiwanese firm in Mainland China. Under all performance variables (including ROS, ROA, and ROE), firm effects were found to explain 13.93 to 47.69 percent of variances among Taiwan firms performance in Mainland China. Industry effects accounted for 0 to 15.76 percent of performance differences. Corporate effects accounted for 7 percent of performance variances. Region effects were found to range from 0 to 2.90 percent influence. Year effects are only 0.7 percent. The main finding of this study was that firms’ performance is decided by their own specific, idiosyncratic resource and competences. Besides, region effects have clearly impact on the performance of Taiwanese firms in Mainland China due to the different environment and resource endowment.

中文部分
1. 行政院大陸委員會，海峽兩岸關係紀要，取自http://www.mac.gov.tw/lp.asp?ctNode=5611&CtUnit=3914&BaseDSD=7&mp=1
2. 行政院大陸委員會（2016），兩岸經濟統計月報，第289期，頁2.1-2.13。
3. 何培基(1989)，SAS/PC高等統計，松崗電腦圖書資料有限公司，頁1323-1324。
4. 吳明隆、張毓仁(2011)，SPSS (PASW) 與統計應用分析，五南圖書出版有限公司。
5. 林震岩（2012），大陸投資環境變遷對台商經營影響及因應建議，行政院大陸委員會專案研究報告。
6. 邱政豪(2007)，解析台灣集團企業獲利性變異之研究，國立台灣科技大學企業管理學系碩士論文。
7. 胡少東 (2013)，城市效應、產業效應、母公司效應與大陸台商績效，南大商學評論，第23輯。
8. 高長 (2008)，大陸經改與兩岸經貿，五南圖書出版有限公司，頁。
9. 商訊文化事業股份有限公司 (2009-2016)，大陸台商1000大，頁5-12。
10. 陳正昌、程炳林、陳新豐、劉子鍵(2011)，多變量分析方法：統計軟體應用，五南圖書公司。
11. 陳碧芬（2017），上市公司大陸收益，激增4成。工商時報。取自https://ctee.com.tw/mobile/ViewCateNews.aspx?cateid=tg&newsid=146669
12. 溫福星(2006)，階層線性模式：原理、方法與應用，台北雙葉書廊。
13. 溫福星、邱皓政(2009)，多層次模型方法論：階層線性模式的關鍵議題與試題，台北管理論叢，第19卷第2期，頁263-294。
14. 經濟部投資審議委員會（2015），對中國大陸投資統計月報。取自http://www.moeaic.gov.tw/news.view?do=data&id=1135&lang=ch&type=business_ann
15. 葉文義（2014），獲利停滯，台商面臨生死保衛戰。中時電子報。取自http://www.chinatimes.com/newspapers/20140623000752-260301

英文部分
1. Bain JS. (1951) Relation of profit rate to industry concentration: American manufacturing 1936-40. Quarterly Journal of Economics, 65, 293-324.
2. Bain JS. (1956) Barriers to new competition. Cambridge, MA: Harvard University Press.
3. Barney, J. B. (1991). Firm resources and sustainable competitive advantage. Journal of Management, 17(1), 99-120.
4. Bowman EH, Helfat CE. (2001) Does corporate strategy matter? Strategic Management Journal, 22(1), 1-23.
5. Brush TH, Bromiley P. (1997). What does a small corporate effect means? A variance components simulation of corporate and business effects. Strategic Management Journal, 18(10), 825-835.
6. Chan CM, and Isobe T, Makino S. (2008) Which country matters? Institution development and foreign affiliate performance. Strategic Management Journal, 29(11), 1179-1205.
7. Chang SJ, and Hong J. (2002) How much does the business group matter in Korea? Strategic Management Journal, 23(3), 265-274.
8. Chang SJ, and Singh H. (2000) Corporate and industry effects on business unit competitive position. Strategic Management Journal, 21(7), 739-752.
9. Cohen J. (1988) Statistical power analysis for the behavioral sciences (2nd edn). Hillsdale, NJ: Eribaum.
10. Hawawini G, Subramanian Vand Verdin P. (2003) Is performance driven by industry- or firm-specific factors? A new look at the evidence. Strategic Management Journal, 24(1), 1-16.
11. Hough JR. (2006) Business Segment Performance Redux: A Multilevel Approach. Strategic Management Journal, 27, 45-61.
12. Houthoofd, N., and González, E. (2007) How much do strategic groups matter? An empirical investigation. HUB Research Paper.
13. Houthoofd, N., Desmidt, S., and González Fidalgo, E. (2010) Analyzing firm performance heterogeneity: the relative effect of business domain. Management Decision, 49(6), 996-1009.
14. Houthoofd, N., and Hendrickx, J. (2012) Industry segment effects and firm effects on firm performance in single industry firms. A Focused Issue on Competence Perspectives on New Industry Dynamics, Research in Competence-Based Management, 6, 237 – 264.
15. Lindley DV, and Smith AFM. (1972) Bayes estimates for the linear model. Journal of the Royal Statistical Society, Series B, 34, 1-41.
16. Makino S, Isobe T, and Chan CM. (2004) Does country matters? Strategic Management Journal, 25(10), 1027-1043.
17. Makino S, Isobe T, and Chan CM. (2010) Does subnational region matter? Foreign affiliate performance in the United States and China. Strategic Management Journal, 31(10), 1226-1243.
18. Mauri AJ, Michaels MP. (1998) Firm and industry effects within strategic management: an empirical examination. Strategic Management Journal, 19(3), 211-219.
19. McGahan AM and Porter ME. (1997) How much does industry matter, really? Strategic Management Journal, 18 (Summer Special Issue), 15-30.
20. McGahan AM, and Porter ME. (2002) What do we know about variance in accounting profitability? Management Science, 48, 834-851.
21. Misangyi V, Helms H, Greckhamer T and Lepine J. (2006) A new perspective on a fundamental debate: a multilevel approach to industry, corporate, and business unit effects. Strategic Management Journal, 27(6), 571-590.
22. North DC. (1990) Institutional transitions and strategic choices. Academy of Management Review, 28(2), 275-286.
23. North DC. (1990) Institutions, Institutional Change and Economic Performance. Cambridge University Press: Cambridge, UK.
24. Peng, M.W. (2003) Institutional transitions and strategic choices. Academy of Management Review, 28(2), 275-296.
25. Peng, M.W., Sun Sunny Li, Brian Pinkham, and Chen Hao. (2009) The Institution-Based View as a Third Leg for a Strategy Tripod. Academy of Management Review.
26. Porter M.E. (1979) The structure within industries and companies performance. Review of Economics & Statistics. 61(2), 214-227.
27. Raudenbush SW. (1993) A crossed random effects model for unbalanced data with applications in cross-sectional and longitudinal research. Journal of Educational Statistics, 18, 321-349.
28. Roquebert JA, Phillips RL, and Westfall PA. (1996) Market vs. management: what drives profitability? Strategy Management Journal, 17(8), 653-664.
29. Rumelt RP. (1991) How much does industry matter? Strategic Management Journal, 12(3), 167-185.
30. Schmalensee, R. (1985) Do markets differ much? American Economic Review, 75, 341-351.
31. Scott W.R. (1995) Institutions and organizations. Thousand Oks, CA:Sage.
32. Searle S.R. (1971) Linear Models, New York: Wily.
33. Short JC, Ketchen DJ, Bennett N, Mathilda DT. (2006) An examination of firm, industry and time effects on performance using random coefficients modeling. Organizational Research Method, 9(3), 259-284.
34. Short, JC, Ketchen DJ, Palmer TB, and Hult GT. (2007). Firm, strategic group, and industry influences on performance. Strategic Management Journal, 28(2), 147.