台灣自從開放海外投資限制後，對外投資有日益趨增的現象。而廠商的對外直接投資可能會使，對於國內的產業結構會發生空洞化的現象。在產業空洞化的相關文獻中，廠商對外直接投資究會對國內產業帶來何種影響，目前尚未有一致的結論。大部份文獻乃利用失業率、營業收入或研究支出等指標的變化，來衡量廠商對外直接資是否會引起本國產業空洞化的現象，但既存文,在分析過程中卻忽略了廠商當地化此一主要因素。因此，本文將延續「當地化」這個議題進行探討，相關研究數據取自經濟部投資審議委員在2003年和2004年二年的調查報告之問卷資料和經濟新報資料庫。本文以台商在國內之研究發展支出與國內投資之金額作為指標，檢驗1991年到2005年間，台商在赴中國大陸投資後，是否會因較高的當地化程度，而使台商減少在國內的研究發展支出或降低國內投資金額，導致產業空洞化現象的產生。本文利用Heckman兩階段估計法進行估計，實證結果發現，對外直接投資對國內產業空洞化的影響並不一致。將廠商當地化因素納入考量後就國內研發支出一指標而言；若廠商當地化的程度提高，則對外直接投資將會使國內產業傾向空洞化。但就國內投資此一指標而言，即使當地化的程度提高，對外直接投資是否會使國內產業較容易產生空洞化之狀況則無法明確得知。 Since outward foreign direct investment (FDI) is lifted in Taiwan, outward FDI has been increasing. The firms' FDI might lead to domestic industries hollowing-out. In the literatures related to hollowing out of industry, there is no consistency conclusion on the influence of the firm's FDI on domestic industries hollowing-out. Most of the studies evaluate the effect of firm's FDI on industries by the variation of unemployment rate, revenues of the firms, or research and development (R&D) expenditure but neglect importance the firms' localization. Thus, this paper extended the discussion on “localization” and obtained the related figures from the survey conducted by the Investment Commission, Ministry of Economic Affairs in 2003 and 2004 and database of Taiwan Economic Journal. This study uses Taiwanese firm's expenditure on domestic R&D and domestic investment as the proxy of industries hollowing-out. We examine whether higher level of localization dampens domestic R&D or domestic investment, and leads to Taiwanese's industries hollowing-out after investing in China between the period from 1991 to 2005. The estimation of this paper was based on Heckman's two-step methodology. After including the firms' localization, the empirical results show that the influences of FDI on domestic industries hollowing-out are inconsistent. If the proxy of industries hollowing-out is R&D expenditure, then the empirical results show that higher level of the firms' localization tends to lead to increase the effect of firms' FDI on domestic industries hollowing-out. However, if the proxy of industries hollowing-out is domestic investment expenditure, the effect of firms' FDI on domestic industries hollowing-out is ambiguous, even though the level of the firms' localization is higher.
