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研究生:陳靜宜
研究生(外文):Ching-I Chen
論文名稱:高階管理團隊特質、廠商資源與企業海外投資行為之研究
指導教授:彭玉樹彭玉樹引用關係
指導教授(外文):Yu-Shu Peng
學位類別:碩士
校院名稱:國立東華大學
系所名稱:國際企業研究所
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:80
中文關鍵詞:高階管理團隊廠商資源進入時機進入模式對外直接投資
外文關鍵詞:Top Management TeamFirm ResourceEntry TimingEntry ModeFDI
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本研究提出一個整合性之架構,利用高層理論與資源基礎理論來探討高階管理團隊特質、廠商資源與海外特定地主國進入時機及其模式之關係。過去研究企業海外投資行為之焦點主要放在環境、策略以及交易特性變數等構面,較少把重點放在企業高階管理團隊之影響效果。因此,本研究嘗試引入高層理論之高階管理團隊特質變數,再輔以資源基礎理論之廠商資源要素來進行企業海外投資之進入時機與進入模式選擇之探討,以填補對外投資理論與國際企業理論之缺口,並提供多國企業進入海外市場之實務建議。
本研究主要之重點在於探討(1)高階管理團隊特質(包括平均年齡、平均任期、平均教育程度、平均國際化經驗、年齡異質性等)與(2)廠商資源(包括公司規模、國際化經驗、財務能力與管理能力)對廠商進入海外特定地主國之時機(等候進入海外特定地主國的時間)與進入模式(高涉入程度、低涉入程度)選擇之影響。
以台灣上市公司在中國大陸進行之135筆投資案件為研究對象。假說之驗證分成兩部分進行,首先,利用複迴歸(Multi-Regression)分析高階管理團隊特質與廠商資源對廠商海外特定地主國進入時機之影響;其次,運用二項羅吉斯迴歸(Binomial Logistic Regression)分析廠商資源、海外特定地主國進入時機與海外特定地主國進入模式之關係。實証結果發現高階管理團隊的平均國際化經驗對進入時機具有負向影響,亦即高階管理團隊的平均國際化經驗愈豐富則等候進入海外特定地主國投資之時間愈短;進入時機與進入模式呈現正向的關係,即等候進入海外特定地主國時間愈短之廠商愈可能採取低涉入程度之進入模式;廠商資源的國際化經驗、管理能力對進入模式有正向之影響;而高階管理團隊之平均教育程度、年齡異質性、任期異質性、教育程度異質性以及廠商資源的公司規模、管理能力對於進入時機則無顯著影響;廠商資源的公司規模對進入模式亦無顯著影響。
Based on upper echelons perceptive theory and resource-based theory, this study provides an integrated framework to examine the relationships among top management team (TMT) characteristics, firm resources and choices of entry timing and mode. According to previous researches, we find that researchers tended to focus the effects of the environmental, strategic and transaction dimensions on the FDI behavior of MNCs. These studies neglected the influences of TMT characteristics. Hence, the paper utilizes the characteristics of TMT and the factors of firm resource to investigate the choices of timing and mode of entry to fill the theoretical gap in FDI and IB fields.
The purpose of this dissertation is aimed at discussion the influences of(1)TMT characteristics(average age, average tenure, average educational levels, average international experience and heterogeneous)and(2)firm resources(firm size, international experience, financial capability and organizational capability)on the timing and mode of entry.
The research data includes 135 cases from Taiwanese IPO companies invested in Mainland China. The tests of hypotheses are separated into two parts. First, we use multi-regression analysis to test the relationships among the characteristics of TMT, the factors of firm resources and entry timing. Second, we use binomial logistic regression model to analyze the relationships among the factors of firm resources, entry timing and mode.
The empirical results indicate that the abundance of the international experience of TMT is negatively associated with its entry timing. The entry timing of a firm is negatively associated with its entry mode. Firms that have more international experience and superior organizational capability tend to apply high involvement entry mode. Furthermore, the average educational levels and the degree of TMT heterogeneity, the size and organizational capability of a firm did not significantly affect its entry timing. Besides, the size of a firm is not related to its entry mode.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 4
第三節 相關名詞定義 5
第四節 研究流程與論文架構 7
第二章 文獻探討 9
第一節 高階管理團隊特質與海外特定地主國進入時機 10
第二節 廠商資源與海外特定地主國之進入時機 16
第三節 海外特定地主國之進入時機與進入模式 19
第四節 廠商資源與海外特定地主國進入模式之關係 21
第五節 文獻摘要 24
第三章 個案研究 35
第一節 個案研究方法 35
第二節 個案說明 37
第三節 個案比較分析 42
第四章 研究設計與方法 45
第一節 研究架構 45
第二節 研究假說之建立 47
第三節 變數操作性定義與衡量 48
第四節 研究範圍與樣本 53
第五節 資料分析方法 54
第五章 實証研究結果 57
第一節 樣本描述 57
第二節 研究假說檢定之結果 60
第六章 研究結果與建議 63
第一節 研究結論 63
第二節 理論與實務涵意 68
第三節 研究限制 70
第四節 後續研究建議 71
參考文獻 73
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網頁部分
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