實證結果發現，當期進入模式的選擇與前期的進入模式，存在很明顯的狀態依賴(或習慣持續)的效果；且跨國廠商考慮是否調整進入模式是受到母公司的全球計劃與策略的影響。此外，跨國廠商的員工總人數、海外子公司相對規模、技術能力(研發密集度)、子公司技術來自於母公司、子公司與母公司的垂直生產關係、海外投資多角化、關係網路的連結，皆與跨國廠商選擇獨資的機率呈現正相關。另一方面，當跨國廠商的國際經驗增加、子公司產品以當地市場為主，則跨國廠商選擇獨資的機率會減少。 Base on the transaction cost theory, this study provides the first large sample empirical study of entry mode choice between WOSs and JVs for Taiwanese FDI in China. This study departs from previous researches in that it uses panel data and focuses on an analysis of the dynamic binary choice model that controls for state dependence of mode choice.
Empirical evidence suggests a strong state dependence, or habit persistence effect, between current and previous entry modes. Having WOSs in the previous period increases the probability that this entry mode will be chosen in the current period. However, there is also evidence to show that the degree of state dependence decreases if the entry mode in the previous period did not produce good parent firm’s performance. It seems to suggest that the adjustment of entry mode for foreign subsidiaries is related to the MNE’s global plans and strategies, rather than the subsidiary’s performance itself.
The hypothesized effects of transaction cost factors on entry mode choice are supported in a dynamic probit model when the model is appropriately estimated under the assumption of endogenous initial conditions. Specifically, empirical findings indicate that the probability of an MNE’s choice of WOSs is positively associated with the MNE’s total number of employees, relative size of the subsidiary (the amount of investment commitment), and technological capability (R&D intensity) of the entire business. It also increases as there are proprietary technology transfer from parent to subsidiary, vertical parent-subsidiary production relationship, diversification of foreign investment, and relational network connections. On the other hand, the probability of choosing WOSs decreases with an MNE’s international experience and the proportion of the subsidiary’s products sold to the local marke.