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研究生:林雅琪
研究生(外文):Ya-Chi Lin
論文名稱:國際多角化、產品多角化與企業績效關係之探討-考慮集團之調節作用
論文名稱(外文):Effects of International Diversification and Product Diversification on the Performance of Multinational Firms-Consider the Moderating Effect of Business Group
指導教授:鍾憲瑞鍾憲瑞引用關係陳俊忠陳俊忠引用關係
指導教授(外文):Hsien-Jui ChungChun-Chung Chen
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:2004
畢業學年度:91
語文別:中文
中文關鍵詞:國際多角化產品多角化績效集團
外文關鍵詞:International DiversificationProduct DiversificationPerformanceBusiness Group
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近年來,對於國際多角化發展與廠商績效關係的研究,已成為學者們多方面關切的主題,而一個進行國際多角化的企業通常也會有產品多角化的策略,但是不同學者的說法與實證結果均出現不一致的現象,因此,尚未有明確的定論產生。從過去的相關文獻中可以發現,研究多角化策略與績效之間的實證文獻非常多,但大部分的研究對象卻多集中於歐、美及日本等先進國家的大型企業,甚少文獻針對新興工業化國家做一深入的探討。故本研究將以新興工業化國家的台灣上市公司做為實證對象,能夠驗證理論是否能夠跨越國界達到一般化。
此外,目前台灣的企業集團化已成為一種趨勢。集團成員可以經由合作網路關係取得網路體系所帶來的經濟利益,因此本研究將以集團為權變因子,檢視其對企業多角化策略與績效關係的影響,探討企業是否會因為歸屬於某一集團,透過網路的聯結取得較多的優勢,進而影響多角化策略與績效之間的關係。
本研究期間為民國88年至90年,以紡織、電機、鋼鐵與電子等四大產業的上市公司作為研究對象,採用複迴歸模型來探討多角化策略與廠商績效之間的關係。研究結果發現以海外市場涉入深度(FSTS) 來衡量的國際多角化程度與廠商績效間的關係所得到的實證結果並不顯著;而以海外市場涉入廣度(Country Scope)來衡量的國際多角化程度與廠商績效間的關係則呈現一先增後減之倒U型的曲線關係;至於以Entropy指標衡量產品多角化程度與績效間的關係亦呈現一先增後減的倒U曲線型關係;最後,由實證結果可知,集團與各變數之間的交互作用項,除集團與FSTS的交互作用項不顯著外,其餘皆呈現顯著,從上述的分析結果可知,屬於集團的企業不論在從事國際多角化或產品多角化的策略時,其績效表現都會比非集團企業來的好。
Researchers have been engaged in the organized analysis of diversification strategies and their effects on firms’ performance levels. But the results of extensive empirical analysis of both product and international diversification effects on performance are inconclusive and contradictory. As international diversification is inevitably critical to business firms’ growth, studies on the diversification strategies of firms from newly industrialized countries such as Taiwan are few. This study modifies theoretical framework about performance effect of diversification strategies, and empirically tests the proposed model using Taiwan’s public companies.
Moreover, to form a business group in Taiwan has become a trend. Business group members can get many benefits from networks connections. The main purpose of this study is to consider the moderating effect of business group on the relationship between product and/or international diversification and firm performance.
The time period of 1999-2001 is selected, and 179 public companies in textile, electric machinery, steel, and electronic industries were chosen as sample. This study uses a multiple regression model to test the hypotheses. The findings indicate that the scale of international diversification (FSTS) does not have a significant effect on firm performance; the scope of international diversification (Country Scope) has an inverted U-shaped relationship with performance. And product diversification also has an inverted U-shaped relationship with firm performance. Finally, according to the empirical results, the moderating effect of business group is significant.
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
第三節 研究對象與範圍…………………………………………6
第四節 研究流程…………………………………………………7
第二章 文獻探討
第一節 國際多角化相關文獻探討………………………………8
第二節 產品多角化相關文獻探討……………………………...25
第三節 集團相關文獻探討……………………………………...33
第三章 觀念架構與研究方法
第一節 觀念架構與研究假說…………………………………...38
第二節 研究對象的選擇………………………………………...40
第三節 資料蒐集………………………………………………...42
第四節 研究模型與變數衡量…………………………………...44
第四章  資料分析與實證結果
第一節 敍述性統計分析………………………………………...50
第二節 模型及假說統計分析結果……………………………...53
第五章 討論與結論
第一節 假說結果與討論………………………………………...59
第二節 管理意涵與應用……………………………...................64
第三節 研究限制與未來研究方向……………………………...66
參考文獻……………………………………………………………….68
表 目 次
表2-1-1:Sullivan之國際多角化程度衡量指標分類………….......…..12
表2-1-2:國際多角化程度與企業績效之實證結果比較……………...17
表2-1-3:國際多角化程度與廠商績效關係之相關研究……………...22
表3-3-1:樣本分佈狀況………………………………………………...43
表4-1-1:敘述統計與相關係數……………...………………………....51
表4-1-2:台灣上市公司不同產業別之基本資料的平均值比較……...52
表4-2-1:國際多角化、產品多角化與企業績效關係之迴歸分析實證
結果……………………………………….............................54
表5-1-1:研究假說之實證結果彙總……………………………..…….58
圖 目 次
圖1-4-1:研究流程圖…………………………………………………….7
圖3-1-1:本研究之觀念架構圖………………………………………...38
參考文獻
一、中文文獻
1.丁錦鳳 (2000),「台灣廠商國際化發展與績效關係之研究」,國立暨南國際大學國際企業學系碩士論文。
2.中華徵信所(2000),「台灣地區集團企業研究」,台北:中華徵信所。
3.吳思華 (2001),「策略九說-策略思考的本質」,台北:臉譜出版社。
4.梁文貴 (2000),「產品多角化、國際擴張與廠商績效之關係-台灣資訊電子之實證」,國立臺灣大學商學研究所博士論文。
5.喬友慶、于卓民、林月雲 (2001),「國際化程度與產品差異化能力對廠商績效之影響-台灣大型製造廠商之實證研究」,管理學報,第十九券,第五期,pp. 811-842。
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