臺灣博碩士論文加值系統

在資訊科技發達的時代中，市場需求多變、競爭態勢日趨白熱化，廠商面臨著多變的國際經營環境；1997年亞洲金融風暴，不僅對於亞洲市場產生了衝擊，其效應更擴至成為全球金融風暴。因此，在多變的國際經營環境之中，廠商必須有足夠之應變能力以確保營運績效之達成，因此本研究由資源基礎理論進行應變能力、驗證應變能力與海外子公司經營績效之關聯性，並且檢視應變能力於此次亞洲金融風暴之中所扮演角色。
本研究以資源基礎理論探討廠商應變能力，發展十項變數以衡量應變能力，並且透過因素分析發現︰「市場應變性」、「資源調度性」、「環境適應性」、「資訊流通性」與「自主性」此五構面可以用以應變能力之檢視；並經過複迴歸檢定應變能力與海外經營績效之關聯性，實證結果顯示︰應變能力對海外子公司之經營績效有正向且顯著的影響關係。
為了了解亞洲金融風暴對台灣海外子公司營運績效之影響，以及海外子公司應變能力於金融風暴中所扮演的角色，本研究將風暴前後海外子公司營運績效變化狀況分為：「績效惡化」、「績效持平」與「績效提升」此三種類型，並對此三類型進行Ordered Probit Model 進行分析，而自變數包括風暴前五項應變能力構面、風暴前後五項應變能力變化狀況構面以及其他控制變數。
經實證分析後，我們發現在影響海外子公司經營績效變化的主要因素乃是在於「風暴前後應變能力變化狀況」，尤其「市場應變性變化」、「資源調度性變化」、「環境適應性變化」與「資訊流通性變化」此四項變數，在國際經營環境劇烈變動中，此四項應變能力的提升，將會對海外經營績效提升有正面且顯著的功效。綜合上述之實證分析，本研究證實了應變能力對於海外經營績效所扮演的重要角色。

International investments are exposed to a wide range of risks. Miller (1993) classifies potential risks that MNEs would face into six categories: the uncertainty of government policies, macroeconomic situation, resources and services, product market and demand, competition, as well as technology in the industry. Recently, variety of market demands, keen competitions among competitors, and impacts from financial crisis of South East Asia all make international business environment fluctuate more greatly than before. And the higher market volatility would induce more risks in international business environment. If MNEs do not do anything to prevent the risks, the operation performance might fluctuate with them. In order to cope with the volatility, MNEs'' strategies must be flexible. As the reason, operational flexibility would play a crucial role nowadays.
In our research, we follow the definition by Buckley and Casson(1998) and apply resource based theory to conceptualize operational flexibility. We discuss operational flexibility in three ways: flexibility toward external environment, adaptability toward business boundary and mobility within internal organization. To measure operational flexibility, ten items are developed according to the definitions of the three categories. And we apply factor analysis to simplify these ten items. The result shows that five dimensions can be used to evaluate operational flexibility of a foreign subsidiary. These five are "adaptability toward market", "ability of resource allocation"," adaptability toward external environment", "liquidity of market information" and "empowerment of a subsidiary". And these five dimensions are used to exam the relationship between flexibility and FDI performance in our study.
As to examining the relationship between operational flexibility and FDI performance, we apply multiple regression to test it. The empirical result shows these five dimensions of flexibility have positive and significant effects on FDI performance. The result proves the point of views which Buckley and Casson(1998) have carried out.
For the purpose of understanding how financial crisis have impacts on FDI performance and how flexibility works during the period of financial crisis, we collect two periods of data - before and after financial crisis. And this research classifies the changing status of performance- before and after financial crisis- into three categories: "degradation of performance", " maintenance of performance" and " improvement of performance". We use ordered probit model to analysis what reasons affect the changing status of performance. The result shows that "changing of adaptability toward market", "changing of ability of resource allocation"," changing of adaptability toward external environment" and "changing of liquidity of market information" would positively and significantly affect the changing status of FDI performance.
Summarizing the empirical results of this research, we have conceptualized operational flexibility and found five dimensions, which can be used to evaluate operational flexibility. And operational flexibility has been proved to play an important role while evaluating FDI performance.

目 錄
第一章 緒論…………………………………………………1
第一節 研究背景與動機…………………………………1
第二節 研究目的…………………………………………3
第三節 研究範圍…………………………………………4
第四節 研究流程…………………………………………5
第五節 研究內容…………………………………………6
第二章 文獻回顧……………………………………………8
第一節 海外投資之定義…………………………………8
第二節 海外直接投資動機………………………………9
第三節 海外直接投資之相關理論 ……………………10
第四節 廠商知覺國際經營環境變動 …………………15
第五節 不確定性下之海外直接投資與廠商應變能力 17
第六節 資源基礎理論 …………………………………24
第七節 海外直接投資之績效衡量指標 ………………25
第八節 國際投資績效之實證研究 ……………………26
第三章 亞洲金融風暴 ……………………………………33
第一節 亞洲金融風暴發生背景 ………………………33
第二節 亞洲金融風暴蔓延之過程 ……………………34
第三節 亞洲金融風暴之成因 …………………………35
第四節 亞洲金融風暴對台灣經濟之衝擊 ……………38
第四章 研究方法 …………………………………………42
第一節 研究架構 ………………………………………42
第二節 研究假說之說明與建立 ………………………45
第三節 變數衡量 ………………………………………52
第四節 問卷設計與資料收集 …………………………59
第五節 問卷信度與效度分析 …………………………60
第六節 資料分析方法與研究設計 ……………………62
第五章 資料分析與實證結果 ……………………………65
第一節 樣本特性分析 …………………………………65
第二節 應變能力之分析 ………………………………79
第三節 應變能力與海外營運績效 ……………………82
第四節 金融風暴對海外營運績效之影響 ……………94
第六章 結論與建議 ……………………………………102
第一節 研究結論 ……………………………………102
第二節 研究限制與未來研究 ………………………108
第三節 管理意涵與運用 ……………………………109
參考文獻 …………………………………………………111
附錄…………………………………………………………119

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