企業國際化的動因與模式，一直都是國際企業研究的重要議題；其中國際化程序理論強調企業國際化係一種學習過程、並採循序漸進的階段模式發展，多數這些研究都是以先進國家的企業為樣本，進行橫斷面的研究，似乎較少對於開發中國家樣本的國際化過程，進行縱斷面與動態發展歷程的追蹤。由於貿易自由化與經濟活動全球化的演進，企業國際化的過程隱含企業企圖心、企業能耐的策略連結與環境資源的槓桿運用，尤其如何透由跨國上市取得財務資源支應其國際化發展更是較少被研究的議題。
本篇論文以個案研究的方式，透由國際化理論，並加入企業核心能耐及企業股票上市等相關研究，試圖針對(1)企業核心能耐發展歷程(建構與延伸)(2)企業成長軌跡與架構(規模經濟與範疇經濟)及(3)企業財務決策，如何影響企業成長與績效做深入分析。經由選定一個單一個案進行多因素之探討與分析，以求顧及時間序列、個案獨特性與豐富性。本研究發現針對個案集團之成長軌跡與歷程可以粗分為三個成長階段(1)創業成長時期(1978~1997)(2)轉型成長時期(1990~現在)(3)購併成長時期(2001~現在)，觀察三個階段之不同成長：包括由製造業橫跨至通路服務業，亦由規模經濟轉型至範疇經濟，管理階層決策之主要考量皆為外部因素考慮。換句話說，其一脈相承之思考重心為追求市場機會並規避市場威脅；再進而調整其內部因素以因應外部因素之變化與要求。

The international business studies have focused on the pattern of internationalization, on the strategies of internationalization, on the phases of internationalization in the past several decades. These studies mainly covered the overseas business risks and uncertainties along with the internationalization procedures in business development. Most of the studies took the well-developed western multi-national corporates as the role model is analyzed with horizontal aspects trying to achieve the common factors out of different internationalization procedures. However, very rare studies could be found to cover multi-national corporates in developing countries to track their internationalization procedures with either horizontal analysis or dynamic analysis. Nevertheless, the core competence, vision, and resources leverage in those multinational corporates of developing countries were even barely been covered and been analyzed. Both rarely been touched was the way and procedures to be internationalized by means of financial strategies like IPOs to further accelerate its internationalization procedures in those multinational corporates.
The thesis took a case study approach, combining with multiple theoretical considerations, including internationalization theory, core competence and initial public offering, to analyze the impact of (1) the development of firms’ core competence; (2) the firms’ growing path and drivers; (3) the firms’ financial strategies toward the firms’ growth and performance. The study has found the growth path can be categorized into three stages (1) entrepreneurial growth; (2) transformative growth; (3) acquisitive growth. By observing the three different stages, this thesis showed how an entrepreneurial firm pursued its growth initially driven by external opportunities and then developed and leveraged its competencies based on scale and scope economics. Strategic implications drawn from this in-depth case study have discussed as well.

第一章 緒論
第一節 研究動機 1
第二節 研究問題 4
第三節 研究目的 5
第四節 研究流程 6
第二章 文獻探討
第一節 企業國際化策略 8
第二節 資源基礎理論 15
第三節 公司股票上市研究 22
第三章 研究方法
第一節 觀念性架構 30
第二節 研究構念定義 32
第三節 研究設計與資料蒐集 34
第四節 研究限制 35
第四章 燦坤集團簡介與發展歷程的
第一節 台灣燦坤公司概況 36
第二節 廈門燦坤公司概況 40
第三節 EUPA International公司概況 43
第四節 集團三階段成長軌跡與歷程 44
第五章 國際成長策略與跨國上市之關係
第一節 創業成長之經濟分析 47
第二節 轉型成長之經濟分析 58
第三節 成長模型與發展歷程 70
第六章 結論與建議
第一節 結論 76
第二節 建議 78
參考文獻 81
附錄一、台灣燦坤資產負債表與損益表 87
圖 次
圖 1-1 研究程序 6
圖 2-1 國際競爭模式 9
圖 2-2 Porter「資源佈局-協調控制」架構 10
圖 2-3 Prahalad & Doz 「整合-回應」架構 12
圖 2-4 全球化策略觀念架構 14
圖 2-5 企業核心競爭力的建立 17
圖 2-6 競爭三階段 20
圖 3-1 本研究觀念性架構 30
圖 5-1 資訊家電通路商類型區分 60
圖 5-2 資訊家電通路業者的策略群組 65
圖 5-3 成長模型與發展歷程 74
圖 6-1 燦坤國際化成長與跨國上市之關聯性 77
表 次
表4-1 台灣燦坤之產品別營收比率 39
表4-2 廈門燦坤簡明財務比率表 41
表5-1 燦坤集團最近年度開發產品項目明細一覽 51
表5-2 燦坤集團最近年度開發產品數量 52
表5-3 最近年度研發費用一覽 52
表5-4 廈門燦坤產品產量與產值明細 54
表5-5 廈門燦坤簡明損益表 55
表5-6 廈門燦坤投入資本報酬率明細 56
表5-7 主要各類型連鎖店的店面數及年營業額 61
表5-8 國內主要資訊家電流通業賣場一覽 64
表5-9 資訊家電流通業成本結構 67
表5-10 營運績效比較 68

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