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研究生:蕭瑞子
研究生(外文):Ruei-Tzu Hsiao
論文名稱:國際多角化與企業績效關聯性及其影響因素之研究
論文名稱(外文):A Study on the Performance and Influential Factors ofInternational Diversification in Taiwan
指導教授:孫梅瑞孫梅瑞引用關係
指導教授(外文):Mei-Ruei Sun
學位類別:碩士
校院名稱:銘傳大學
系所名稱:國際企業學系碩士班
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:2004
畢業學年度:92
語文別:中文
論文頁數:103
中文關鍵詞:國際多角化超額價值企業風險
外文關鍵詞:International diversificationFirm risk.Unrelated diversificationRelated diversificationExcess value
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本研究針對1996-2000年間共122個新設的國際多角化投資案為研究對象,所謂國際多角化本研究定義為企業在台、澎、金、馬以外地方投資,即投資地區為台灣以外其他國家並且投資與本業不同的行業。在企業績效與風險影響因素方面,本研究剖析國際多角化程度、類型及企業╱投資案特性這三個構面,並加入被投資國家特性、景氣及產業別控制變數,根據相關理論推導出研究假說,透過多元迴歸模式實證研究瞭解其中的關聯性。同時,本研究更進一步探討企業在1996-2000年間,從事國際多角化投資後的績效與風險對在2002年底前再次進行國際多角化的影響,並使用Logistic迴歸模式分析進行實證研究。
  本研究發現企業從事國際多角化投資確實能提升企業績效,但企業風險也相對提高;企業選擇相關國際多角化,可提高企業績效,但無法分散本業風險,相反的非相關國際多角化則可分散本業風險,但企業績效較差;當台灣企業規模愈大、經營能力愈佳、在中所得國家投資、負債比率愈低、文化距離較高、無形資產愈多、管理者持股比率愈低及新設事業資本支出愈高,則企業從事國際多角化的績效會增加;雖然進行國際多角化投資風險不減反增,但是當台灣企業規模愈小、管理者持股比率愈低、在低所得且低風險國家投資、景氣較差、文化距離較大及負債比率愈低情況下,則企業從事國際多角化的風險會較低。
This study examines if international diversification can really improve the performance and reduce the risk for the firms in Taiwan, through 122 new international diversification cases from 1996 to 2000. Further, we discuss the influential factors of the corporate performance of the international diversification, such as the levels and types of the diversification, the characteristics of the firm and the investment. We add some control variables, such as the characteristics of the invested country, economy boom, and industry effect variables.
In this empirical study, we use the multi-regression model to examine how the influential factors affect the corporate performance and risk after conducting international diversification. Finally, we use multinomial logistic regression to test the relationship between performance, risk and the following international diversification decision of the company. The results show the international diversification generally can improve their performance but no risk reduction. The related diversification can improve performance, but the firms can get lower risk by the unrelated diversification. The firm with larger size, better operational ability, lower debt ratio, more intangible assets, higher managerial ownership, more capital expenditure of new international diversification and when investing in middle income country, with higher culture differences, have better performance. Although the international diversification raise no risk reduction, but the firms with smaller size, lower managerial ownership, lower debt ratio, when investing in low income country, with higher culture differences during depression, have negatively affected their risk.
第壹章 緒論
第一節 研究背景與動機
第二節 研究目的
第三節 研究範圍與流程
第四節 論文結構
第貳章 文獻探討
第一節 多角化相關理論
第二節 國際多角化相關理論
第三節 國際多角化相關實證文獻
第參章 研究設計
第一節 研究架構
第二節 研究假說
第三節 變數的操作性定義
第四節 研究方法
第五節 資料來源與樣本選擇
第肆章 實證結果與分析
第一節 樣本資料敘述統計
第二節 國際多角化及其因素對企業績效與風險之關係驗證
第三節 企業績效與風險對國際多角化之關係驗證
第伍章 結論與建議
第一節 研究結論
第二節 研究限制
第三節 研究建議
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