合資進入海外市場是多國籍企業常採用的策略，本文以賽局模型探討多國籍企業合資模式下之最適股權策略，並進而探討最適技術移轉及其最適產出等議題。經由數理推導可得，多國籍企業若以低持股的方式進入海外市場，在無技術外溢的環境中將有誘因引入更多技術移轉，且此文証明外商進入高度市場競爭或技術與母國技術差異愈大的地主國時，其釋股意願愈低，技術移轉意願低，多國籍廠商產能亦低。本文發現許多公司海外合資的實際模式與本文結論可相結合，因此本文所提供多國籍企業合資最適股權的理論依據應具有實用性。

Multinational Enterprises (MNEs) often adopt the joint venture strategy to go into overseasmarket. This paper discusses the best shareholding strategy, the best technology transfer leveland the best outputs through game theory. We get the higher technology transfer and morereleasing shares without regard to technology spillover environment through mathematicsinference. And the conclusions verify the lower releasing shares, lower technology transfer leveland lower outputs for MNEs will be present under the host countries of higher competition orhigher technology difference. This conclusion matches the practice and makes this papereffective.