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Author: 謝正乾
Cheng-Chien Hsieh
Thesis Title: 企業海外投資決策與績效評核-以ZMAX公司為例
Enterprise Overseas Investment Decision-Making and Performance Evaluation
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 謝劍平
Joseph C.P. Shieh
陳俊男
Chun-Nan Chen
鄭仁偉
Jen-Wei Cheng
林軒竹
Hsuan-Chu Lin
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2023
Graduation Academic Year: 112
Language: 中文
Pages: 70
Keywords (in Chinese): 全球化供應鏈管理資源基礎理論商業模式九宮格PEST資源缺口決策矩陣淨現值NPVIRR內部投資報酬率全球化供應鏈管理資源基礎理論商業模式九宮格PEST資源缺口決策矩陣淨現值NPVIRR內部投資報酬率
Keywords (in other languages): Globalized, Supplier Chain Management, Resource-Based Theory, Bussiness Model Canvas, PEST Model, Decision Matrix, NPV Net Present Value, IRR Internal Rate of Return, Globalized, Supplier Chain Management, Resource-Based Theory, Bussiness Model Canvas, PEST Model, Decision Matrix, NPV Net Present Value, IRR Internal Rate of Return
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  • 中國企業在現今全球化的競爭環境下,除了持續維持其全球工廠的定位外,隨著科技工藝和生產技術的不斷精進後,企業亦逐漸擴展營運格局朝向全球化的發展為目標,因此亦開始思考在經營的道路上如何做到分散風險‚營運分工‚人才網羅以及供應鏈管理等目標,進而創造企業價值達成全球化經營的目的 , 基於這樣的思考邏輯,投資海外子公司就成了上述目標的一項重要戰略手段。
    而在做海外投資區域評估時,必須深入了解目標市場,包括文化、法律、政治環境和市場機會 等 都需要進行充分的市場研究,以 確定該區域和市場的需求以及是否符合向全球擴展的條件、是否具有競爭格局優勢和最少的潛在風險。此外,了解當地的文化和法律規定對於建立良好的關係和 合 規運營 則 至關重要,如此才能確保長期成功和可持續 的 競爭優勢。
    本研究即以中國企業ZMAX 為例,分別利用資源基礎理論 (Resource Based Theory) 分析企業競爭資源,根據內部資源和能力制定出企業營運策略,同時輔以商業模式九宮格(Business Model 和 PEST 模型分析外部環境以及外部競爭趨勢,根據內部和外部的分析歸納出未來經營海外子公司 時的資源缺口,而該資源缺口即成為決策矩陣的輸入項橫軸,縱軸即為設想的投資地區別,經由企業高層和一級主管依據資源缺口逐步做討論 、 推演,最後決定出海外投資地區的遴選。
    在投資績效上,本研究以實際運營的損益表來分析各項財務指標數據以及考慮貨幣時間價值後的淨現值 NPV 以及 IRR 內部投資報酬率來做為此項投資的績效評核,以期建立一套簡單直覺式的評估程序做為日後其他投資的應用參考範例 。


    In today's globalized competitive environment, China’s enterprise always keep its global manufacturing position and have gradually enforced operation towards worldwide expansion, that’s why they begun to think about how to avoid risks of handling on the way of operation, including labor hiring, talent acquisition and supply chain management, base on the mentioned above to establish overseas subsidiaries becomes an essential strategy to reach objective of global operation.
    To realize a target market that you want to go is always as an key factor to investment project, especially when evaluating overseas operation site whatever local culture, statute restriction, political ecology, of course certainly, market opportunities are must to be deliberated carefully for ensuring success in long term operation and matching advantages of competition.
    The study takes ZMAX’s investment idea as an example who is a China-funded enterprise, respectively, the Resource Based Theory is adopted to analyze the internal competitive resources, formulates the enterprise operation strategy according to what internal resources have, what capabilities owned and analyzes the external environment and external competition trends by the Business Model Canvas and PEST model, then works out and summarizes the resource gap as an key input for considering overseas operation base in the future.
    The resource gap and the region to be selected becomes the input for the decision-making matrix, the process of determination was executed through management board and professional managers in enterprise, they discussed the relationship between resource gap and potential regions step by step, eventually, selection was made by consensus decision.
    In terms of investment performance, the study uses the actual income statement to analyze financial indicators like EPS, ROE and ROA, The Net Present Value NPV and IRR Internal Rate On Return was performed as well through considering the time cost of capital. Our objective is try to establish a simple and intuitive evaluation procedure as a standard model to assess possible investments in the future.

    摘要 I Abstract II 目錄 III 圖目錄 IV 表目錄 VI 第一章、緒論 1 第一節. 背景和動機 1 第二節. 研究方法與目的 2 第三節. 研究流程 4 第二章. 文獻回顧 7 第一節. 資源基礎理論 (Resource-based theory) 7 第二節. 商業模式九宮格分析( Business Model Canvas) 9 第三節. 決策矩陣 11 第四節. 投資績效評核 13 第三章. 公司及技術發展介紹 16 第一節. 公司主要營運業務及產品說明 16 第二節. 公司核心技術及研發概要 22 第三節. 公司未來發展規劃 25 第四章. 企業海外投資決策 ( ZMAX 公司為例 27 第一節. 資源基礎理論分析組織競爭資源 27 第二節. 商業九宮格與PEST分析 31 第三節. 資源缺口與決策矩陣 37 第四節. 投資績效評核 42 第五章. 研究結論與未來研究方向 55 第一節. 研究結論 55 第二節. 未來研究方向 57 參考文獻 58

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