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研究生:林冶蒔
研究生(外文):Yeh-Shih Lin
論文名稱:美國企業海外新設事業投資宣告效果之研究
指導教授:譚丹琪譚丹琪引用關係
指導教授(外文):Dan-chi Tan
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:68
中文關鍵詞:新設事業海外直接投資
外文關鍵詞:GreenfieldForeign direct investmentannouncement effect
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論文題目:美國企業海外新設事業投資宣告效果之研究
摘要
隨著全球化與國際化的影響,從過去單純的貿易交流到複雜的直接投資形式,企業進行海外直接投資活動呈現越來越盛的情況產生。企業為了維持競爭力以便於在國際的舞台上一展光彩,因此透過海外直接投資的形式,追求更低的成本及接近有潛力的市場,這一切都是為了企業的永續生存與企業股東的權利。

新設事業是海外直接投資的一種形式,利用新設事業可以在生產、技術研發上取得規模經濟與範疇經濟,並且降低不同文化因素的影響。另外,利用新設事業可以避免地主國政府對於國外企業的不信任感,而合資新設事業可以帶來成本的分攤(Pate,1961; Pfeffer & Nowak, 1976; Casseres, 1989)、風險降低(Pennings, 1981; Contractor & Lorange, 1986; Garrigan, 1988; Hennart, 1988)等好處。

雖然新設事業可以在實質面上為企業帶來好處,但是股票市場上是否會反映到公司進行新設事業投資的訊息呢?在過去實證中研究海外直接投資的文獻中,我們並無法從過去研究中獲得一致的結論,因此藉以探討新設事業投資宣告來了解市場有無反應。

本研究利用1989到2000年間美國企業所進行海外新設事業投資事件,得到樣本共278件,在本研究結果中我們發現,市場對於新設事業宣告前一天有正向異常報酬的現象,事件的宣告通常在報紙次一日刊登,所以宣告日前一天為公司投資事件的發生日,這表示市場對於企業進行海外新設事業投資的策略有反應。但是在累積異常報酬中並沒有顯著的情形,研究進行迴歸分析後發現新設事業的所有權因素與宣告金額會影響累積異常報酬;市場對合資新設事業比獨資新設事業有正向異常報酬的情形,投資金額越多代表企業承諾程度越高,因此股票市場在這兩個因素中產生正向累積異常報酬的情形。本研究的貢獻在於第一次以海外直接投資形式之新設事業策略來檢驗市場是否對此投資事件有反應。

關鍵詞:新設事業、海外直接投資、Greenfield、Foreign direct investment
Abstract

With lifting the ban on foreign investment and seeking the cheaper cost of laboring and natural resource, activities of foreign investment are booming now. The companies are doing everything for promoting competitive advantages. And these activities can create value for stockholders.

There are many methods of foreign investment like: export, licensing and foreign direct investment. Greenfield investment is one kind of foreign direct investment. The reasons why companies choose foreign direct investments could be the imperfections of market, different tax, imperfection of factor market and etc.

The companies choose Greenfield investment because it can create value for companies but we wonder the stock market can receive the investment information message of these companies. If the stock market can receive the message, it will judge the values and adjust the stock prices of the companies. That is our main objectives of research.

In the empirical research, we found that the stock market had abnormal return on the day before announcement day. But the cumulative abnormal return (CAR) does not have significance effect in total sample. However, we divided the sample into wholly-owned greenfield investment and joint-venture greenfield. The stock market has positive significance to joint-venture greenfield investment announcement but negative insignificance to wholly-owned. In regression analysis, we found that the ownership structure and the number investment announced by companies have effects on cumulative abnormal return.

Key words: Greenfield、Foreign direct investment、FDI、announcement effect
目錄
頁次
第一章 緒論..................................................1
第一節 研究背景與動機........................................1

第二章 文獻探討..............................................5
第一節 海外直接投資的定義.....................................5
第二節 海外直接投資的類型....................................6
第三節 海外直接投資宣告效果之實證文獻.......................15

第三章 研究設計.............................................21
第一節 研究假設.............................................21
第二節 研究方法.............................................24
第三節 統計檢定.............................................28
第四節 資料來源.............................................34
第五節 研究限制.............................................35

第四章 研究結果.............................................36
第一節 海外新設事業的宣告效果...............................36
第二節 分類樣本分析.........................................45
第三節 海外新設事業宣告效果的影響因素.......................47


第五章 結論與建議...........................................54
第一節 實證研究結論.........................................54
第二節 後續研究建議.........................................55
第三節 對經理人與投資者的建議...............................59

參考文獻
中文文獻…………………………………………………………………60
英文文獻…………………………………………………………………61

附錄一
參考文獻
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