本文以Gibrat (1931)的成長模型為基礎，加入外人直接投資與財務結構二個構面延展成新的廠商成長模型，應用Koenker and Bassett (1978)的分量迴歸法實證探討680 家台灣資訊電子廠商於2000 年至2004 年間，在不同廠商規模分量下影響廠商成長的因素。實證結果顯示規模愈小、愈年輕及與國外技術差距愈小的廠商成長愈快。在外人直接投資之外溢效果方面，外人直接投資對中、大型規模的被投資廠商有顯著為正的影響，但外資的進駐並未提升本國廠商成長，反而對中、小型規模的廠商產生負的外溢效果。在財務結構方面則顯示無論廠商規模大小，流動比率愈高的廠商成長愈快，但小型規模的廠商若過度舉債將會阻礙成長。

This study combines Gibrat’s model of the process of growth,foreign direct investment (FDI) and financial structure to extend a new firm growth model. This study uses a sample of 680 firms operating in Taiwan Electronic and Information industry during the 2000-2004 periods, and applies quantile regression techniques proposed by Koenker and Bassett (1978) to analyze the marginal effects of the proposed firm growth model given different quantiles of firm size. The empirical results indicate that smaller, younger and smaller technological gap between domestic and
foreign firms tend to grow faster. For the spillover effects from FDI, this study finds that FDI positively affects the growth of the invested middle and large firms, but negatively affects the growth of middle and small domestic firms. For the effects of financial structure, this study shows that maintaining higher liquidity tend to grow faster for any firms, but larger debt overhang would prevent the growth of small firms.