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研究生:毛珀雲
研究生(外文):Mao Po-Yun
論文名稱:企業初次上市對國際化之調節影響
論文名稱(外文):The Moderating Effect of Initial Public Offering on Internationalization
指導教授:鍾憲瑞鍾憲瑞引用關係陳俊忠陳俊忠引用關係
學位類別:碩士
校院名稱:國立暨南國際大學
系所名稱:國際企業學系
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:77
中文關鍵詞:初次上市國際化
外文關鍵詞:Initial Public OfferingInternationalization
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初次上市對企業而言是一件相當重大的事件,將造成組織內、外在環境的大幅變革,企業必調整其策略以因應此項重大的組織變革,而國際化策略是台灣廠商最常採行的一項策略,因此不論是從理論或實務的角度來看,初次上市與國際化之間的關係都是值得加以探討。
本研究納入企業「初次上市」此一權變因子,檢驗過去學者認為會影響企業國際化之因素(廠商績效、國際化經驗、年齡、模仿)與國際化之間的關係,並深入探討初次上市是否會對廠商國際化程度的提高產生強化作用。
本研究期間為民國83年至88年,以紡織、電機、鋼鐵及電子產業之上市公司為研究對象,採用logistic回歸模型進行初次上市對企業國際化之調節影響的實證研究,研究結果發現國際化經驗與國際化程度的提高呈負相關,而廠商年齡與模仿呈正相關;至於初次上市的調節影響,實證研究結果並不顯著,只有廠商國際化經驗此一變項與企業國際化程度的提高呈現正向顯著的關係。寄望本研究提供一些管理意涵給予後續的研究者及實務界的人士。
Initial public offering (IPO) is one of the most important events for corporations. It may cause tremendous change both inner and external environments. Consequently corporations have to adjust their strategies to deal with those changes. This study thus intends to examine the relationship between corporate IPO and internationalization.
The purpose of this study is to examine the moderating effect of IPO on the corporation’s internationalization strategy. This study examines the relationships between internationalization and corporation’s performance, internationalization experiences, ages, and imitation behaviors as well as IPO’s moderating effects on the relationships.
The time period of 1994-1999 is selected, and 158 public companies in textile, electric machinery, steel, and electronic industries were chosen as objects of study. This study uses a logistic regression model to test the hypotheses.
The findings indicate that internationalization experience is negatively related to the increase of corporation’s internationalization degree, while ages and imitation behaviors are positively related to it. As for the moderating effect of IPO, only the relationship between internationalization experiences and internationalization degree is found to be significantly strengthened by corporation’s IPO.
目 次
第一章 緒論
第一節 研究背景與動機………………………………………… 1
第二節 研究問題………………………………………………… 5
第二章 文獻探討
第一節 初次上市………………………………………………… 6
第二節 企業國際化的原因………………………………………16
第三節 企業初次上市與國際化…………………………………22
第三章 觀念架構與研究方法
第一節 觀念架構與研究假說……………………………………35
第二節 研究對象的選取…………………………………………38
第三節 資料蒐集…………………………………………………40
第四節 研究模型與變數衡量……………………………………42
第四章 資料分析與實證結果
第一節 敘述性統計分析…………………………………………53
第二節 模型及假說統計分析結果………………………………55
第五章 討論及結論
第一節 假說結果與討論…………………………………………61
第二節 研究限制…………………………………………………66
第三節 未來研究方向……………………………………………67
參考文獻………………………………………………………… 68
表 目 次
表2-1-1台灣初次上市統計………………………………………… 7
表2-1-2上市審查標準……………………………………………… 8
表2-2-1國際化相關概念……………………………………………17
表2-2-2國際化之衡量指標…………………………………………21
表3-2-1 83年∼88年各產業初次上市家數……………………… 39
表4-1-1敘述統計與相關係數………………………………………54
表4-2-1 logistic回歸分析結果abcd…………………………… 56
表5-1-1假說檢驗結果………………………………………………60
圖 目 次
圖3-1-1 本研究之觀念性架構……………………………………… 36
圖3-4-1 Logistic 回歸中的因變數與自變數關係…………………43
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