Interlocking Global Business Systems: The Restructuring of Industries, Economies and Capital Markets

By Edward B. Flowers; Thomas P. Chen et al. | Go to book overview

Part IV
The Diverse World of Local Economics and Finance

This part focuses on different local and regional business patterns in Taiwan. Yang, Chen and Tu explain the pattern of Taiwan's foreign direct investment in mainland China and Southeast Asia. Kuo and Lin explore the policies of the Taiwanese government designed to help small- and medium-sized business entrepreneurs in both labor-intensive and technology-intensive industries. Sung and Lin analyze the monocentric housing patterns in smaller Taiwanese cities like Taichung.


TAIWANESE CAPITAL REACHES TOWARD MAINLAND CHINA

Yang, Chen and Tu provide a carefully executed empirical study of the sources and reasons for Taiwanese investment in Mainland China and Southeast Asia. It has not been long ago that Taiwan feared a mainland Chinese strategy to attract Taiwanese capital in order to weaken Taiwan's domestic investment, and, at the same time, open up the possibility of holding this investment hostage to the mainland's international policies. This study carefully develops a statistical picture of this investment and helps the reader to more calmly assess the situation. The authors use probit regression analysis to search for statistically significant causal relationships.

Yang, Chen and Tu find that most of these Taiwanese investments were made by parent companies in Taiwan rather than in China. The larger companies provided more capital than the smaller ones although overseas affiliates with higher profit rates found it easier to obtain funds. The Taiwanese affiliates on the mainland relied more often on their parent companies for working capital than did local mainland enterprises. Local enterprises were more likely to have local banking connections and to sell stock to finance their capital investments. The most frequent channels for this investment were Taiwanese banks or third- country banks in Hong Kong.

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