本研究主要在探討外國對美國從事海外直接投資時，採購併或籌建新廠之決定因素。 整體觀之，各國對直接投資之進路策略顯然有脈絡可循。基於文化與地緣環境近似之故，英國積極從事合併及收購；日本及德國則泰半以自建新廠為主。 進入特技變動急劇之產業多採購併方式；由於可能遭受政府反托拉斯法管制及主要競爭廠商強烈反應之故，投資於產業集中度高之產業時則以建設新廠為主。 低美元匯率及低迷美國股市對海外投資進路策略之選擇並無影響。

This study explores the underlying determinants of the entry mode choice when making foreign direct investment, namely: indirectly through mergers/acquisitions or directly by establishing de novo plants. There exist specific patterns of entry strategy for firms from different countries. Due to cultural and geographical proximity, firms from the U.K. are the most active acquirers in the U.S., while the Japanese and the Germans favor de novo entry. Foreign firms with superior managerial and technical capability will take advantage of the economies of scale in both physical capital and human resources by acquisition entry. Those U.S. industries charac-terized by rapid technological changes provide opportunities for the foreign firms adopting acquisition entry. Highly concentrated industries with potential anti-competitive actions from government and oligopolistic reactions by indigenous firms force foreign firms to enter directly by building new plant facilities. This study finds no evidence that low dollar exchange rates or depressed stock market prices in the U.S. industrial sectors influence entry choice.