(100.26.179.251) 您好!臺灣時間:2021/04/14 06:49
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:吳淑女
論文名稱:獲利差異係產業效果或廠商效果?-臺灣製造業之實證研究-
論文名稱(外文):Is the difference of profitability owing to industry effects or firm effects? An empirical examination on Taiwan''s manufacturers.
指導教授:魏上淩魏上淩引用關係
學位類別:碩士
校院名稱:實踐大學
系所名稱:貿易經營研究所
學門:商業及管理學門
學類:貿易學類
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:81
中文關鍵詞:產業效果廠商效果變異成份分析
外文關鍵詞:industry effectfirm effectvariance component analysis
相關次數:
  • 被引用被引用:0
  • 點閱點閱:235
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
近年來資訊電子工業的獲利及成長相當驚人,一般人直接的想法便是所處產業所帶來的效應,但真的是所處產業所帶來的利益嗎?或是該公司經營管理者獨具慧眼及承擔不確定風險而得到的利潤?關於這一部份的研究,國內早在民國69年時就有學者針對「台灣產業的市場結構與績效關係」議題進行研究,不過該研究還是把影響企業獲利放在產業面上,而國外部份早在1956年代就有學者在探討影響企業利潤率的因素分析。
本研究中重新探討產業經濟與策略管理研究領域一直以來的典型問題,即年、產業和廠商效果對企業獲利變異的相對重要性。本研究從臺灣經濟新報資料庫中,以製造業中的14種產業計555家上市公司的財務次級資料來探討產業效果與廠商效果對企業獲利影響的相對重要性。研究期間從民國75年至91年止,刪除掉72筆極端值後,總觀察值計7,477筆。其次,藉由變異數成份模型去檢定各效果因子對廠商獲利影響的大小;其次藉由Panel Data的迴歸分析,找出影響廠商獲利率的關鍵因子。
研究結果如下:
一、 廠商效果對企業獲利的影響較產業效果來得大,其獲利變異百分比高達產業效果的10.5倍;表示廠商效果是影響臺灣製造業廠商獲利程度最大的因子,也證明廠商效果的重要性;而在交叉效果中,產業和年的交叉效果也具有一定的影響力,其獲利變異百分比也達6.27%,本研究將歷年來產業的平均獲利率與臺灣近17年來實質GDP成長率相比較,發現兩者呈現亦步亦趨的關係,足以證明景氣循環因子對獲利率的影響程度。
二、 廠商獲利與廠商的「垂直整合程度」、「外銷比率」、「總資產週轉率」及「營業外收入」這四個變數有相當大的關係,達0.01的顯著水準,且是正相關。而「廣告支出率」與「研究發展支出率」雖然與利潤率也有一定的顯著水準,但與直覺有所不同,與利潤率間呈負相關,本研究認為可能原因是發生遞延效果,亦即當期該項支出率的變動並不會立即反應在當期的獲利上,因此本研究再次進行Panel Data分析,將遞延效果考慮進來,結果發現「廣告支出率」與「研究發展支出率」的迴歸係數都是正的,與利潤率間呈現正相關。
The profitability and growth on electronics industry is very surprising recently. General immediate opinion is industry effect and a number of empirical studies have examined the relative importance of firm and industry factors over the last decade. Taiwan’s research is initial from 1980 about market structure and profitability on Taiwan industry, but it is emphasize on industry effects. Different from Taiwan, since 1956 of abroad researchers have works on profitability for factor analysis.
In this paper, we revisit the typical debate between industrial organization economics and the field of strategic management concerning the question of the importance of year, industry and firm effects on the profitability of corporations. This study use the TEJ TAIWAN DB’s secondary financial data to examine the importance of industry and firm effects on the profitability of corporations. Our sample includes 555 public firms operating in a total of 14 different industries of manufacturer between 1986 to 2002. The final selection of firms and industries was made after refining the initial data and delete 72 outliers. We count on 7,477 observations. Therefore, this study adopts variance component model to test the influence of each factor on profitability. Secondary, we use regression analysis of Panel data to find key factor on profitability. In this empirical study, we get the conclusions:
1. Firm effect contribute importantly to variation in profitability, and firm effect is 10.5 times higher than industry effect. Therefore, firm effect is stronger in Taiwan manufacturing activities. The interaction effects between industry and year will also have a certain significance and total interaction effects represents 6.27% of the profitability variance. This study compared with past average profitability and real GDP growth rate for 17 years. The results find they appear blindly follow suit relationship and have a certain significance between business cycle and profitability.
2. The study finds that vertical integration, export ratio, turnover ratio and non-operating revenue have significant positive correlation with profitability of business and have 1% significant level. Advertisement expenditure ratio and R&D ratio also have significant correlation with profitability of business. Different with our intuition, the results have negative correlation with profitability. This study think the reason is deferred effect, in other words, current expenditure ratio do not reflect on current profitability immediately. Therefore, this study reuse panel data analysis and consider deferred effect. The results find advertisement expenditure ratio and R&D ratio’s regression coefficient are positive correlation with profitability of business.
Key word: industry effect、firm effect、variance component analysis、
industrial organization economics view、resource-based view
目 錄
第一章 緒 論………………………………………………………….1
第一節 研究背景與動機……………………………………………..1
第二節 研究目的……………………………………………………..3
第三節 研究範圍……………………………………………………..3
第四節 研究流程……………………………………………………..3
第二章 文獻探討……………………………………………………..5
第一節 產業經濟觀點………………………………………………..5
第二節 資源基礎觀點……………………………………………….13
第三節 實證研究…………………………………………………….23
第三章 研究方法…………………………………………………….50
第一節 研究資料與樣本…………………………………………….50
第二節 統計方法與實證模型……………………………………….51
第三節 變數說明…………………………………………………….57
第四章 實證結果分析……………………………………………….60
第一節 變異成份分析結果………………………………………….60
第二節 Panel Data模型迴歸分析結果…………………………….69
第五章 結論與建議………………………………………………….73
第一節 結 論……………………………………………………….73
第二節 研究限制與未來研究建議………………………………….75
參考文獻…………………………………………………………………77
圖表目錄
圖1-1 研究流程圖……………………………………………………………..4
圖2-1 產業組織分析架構……………………………………………………..8
圖2-2 競爭五力的結構性決定因素………………………………………….12
圖4-1 臺灣近四十年來實質GDP成長率……………………………………..66
圖4-2 國內製造業平均獲利率與實質GDP成長率之比較………………..67
表2-1 資源類型的分類……………………………………………………….17
表2-2 資源基礎與企業績效相關性的實證研究…………………………….19
表2-3 動態能力定義之彙整表……………………………………………….22
表2-4 Rumelt的樣本A與Schmalensee的獲利變異比較……………………28
表2-5 Schmalensee, Rumelt及Roquebert et. al獲利變異比較………………..30
表2-6 實證文獻比較之彙整表……………………………………………….44
表4-1 敘述性統計…………………………………………………………….60
表4-2 變異數成份估計結果………………………………………………….61
表4-3 變異數成份比較(一)……………………………………………….63
表4-4 敘述性統計比較……………………………………………………….64
表4-5 變異數成份比較(二)……………………………………………….64
表4-6 歷年各產業平均獲利率(%)…………………………………………68
表4-7 Panel Data估計結果(一)……………………………………………..70
表4-8 Panel Data估計結果(二)……………………………………………..72
一、中文部份
1. 林惠玲(1982),台灣地區大規模企業之訂價行為,企銀季刊,第五卷第四期。
2. 林惠玲(1980),台灣民營企業利潤率之決定因素,台銀季刊,第三十卷第一期,118-129。
3. 邱皓政(2004),量化研究與統計分析:SPSS中文視窗版資料分析範例解析,五南圖書出版,台北市。
4. 吳思華(2000),策略九說,3版,臉譜出版,台北市。
5. 陳建宇(2003),台灣中小企業創業導向、組織資源與能力對企業績效影響之研究,成功大學管理學院高階管理碩士在職專班(EMBA)未出版碩士論文。
6. 陳漢忠(1998),臺灣製造業者獲利因素分析之實證研究,台灣科技大學管理技術研究所未出版碩士論文。
7. 陳朝彬(1983),台灣廠商利潤率因素之影響分析,中興大學企業管理研究所未出版碩士論文。
8. 張淑英(1993),探討廠商財務因素與經濟條件對營運績效之影響──以臺灣上市公司製造業為對象,淡江大學管理科學研究所未出版碩士論文。
9. 彭文祺(1986),臺灣紡織工業市場結構與企業績效之實證研究,淡江大學管理科學研究所未出版碩士論文。
10. 湯明達(1985),產業利潤表現與產業結構──臺灣製造業之橫斷面分析,中興大學經濟學研究所未出版碩士論文。
11. 童振東(1991),產業特質、市場結構與產業績效關係的研究,中國文化大學企業管理研究所未出版碩士論文。
12. 謝凱宇 林舒柔(2001),現代策略管理-觀念技巧應用,科大文化事業股份有限公司。
二、英文部份
Aaker, D.(1989) “Managing Assets and Skills:The Key to a Sustainable Competitive Advantage.” California Management Review, 31(2), pp.91-105.
Adelman, M. A. (1955) Concept and Statistical Measurement of Vertial Intergration. In Stigler, G.J. ed., Business Concentration and Price Policy, Princeton, N.J.:Princeton University Press.
Adner, R, and C. E. Helfat (2003), “Corporate Effects and Dynamic Managerial Capabilities.” Strategic Management Journal, 24, 1011-1025.
Bain, J. (1956) Barriers to New Competition. Harvard University Press, Cambridge, MA.
Bain, J. (1959) Industrial Organization. Wiley: New York.
Barney, J. (1986) “Strategic factor markets: Expectations, luck and business strategy.” Management Science, 32:10, 1231-1241.
Barney, J. (1991) “Firm Resources and Sustained Competitive Advantage.” Journal of Management, 17:1, 99-120.
Baumol, WJ. (1967) Business Behavior, Value and Growth. Harcourt Brace Jovanovich:New York.
Bercerra, M. (1997) How Much do MNC Corporate Headquarters Matter? Working Paper, Michigan State University.
Boulton, R. E. S., B. D. Libert and S. M. Samek (2000) Cracking the Value Code:How Successful Business are Creating Wealth in the New Economy. HarperCollins Publishers Inc., USA
Bowman, E. H. and Helfat C. E. (2001) ”Does Corporate Strategy Matter?” Strategic Management Journal, 22:1, 1-23
Brush, T. H. and P. Bromiley(1997) “What Does a Small Corporate Effect Mean? A Variance Components Simulation of Corporate and Business Effects.” Strategic Management Journal, 18:10, 825-836.
Brush, T. H., P. Bromiley and M. Hendrickx (1999) “The Relative Influence of Industry and Corporation on Business Segment Performance: An Alternative Estimate.” Strategic Management Journal, 20:6, 519-547
Carroll, G. R. (1993) “A Sociological View on Why Firms Differ.” Strategic Management Journal, 14:4, 237-249.
Caves, E. E. (1972) American Industry: Structure, Conduct, and Performance (3rd edn). Prentice-Hall: Englewood Cliffs, NJ.
Chandler, A. (1962) Strategy and Structure:Chapters in the History of the American Industrial Enterprise. MIT Press, Cambridge, MA.
Chang, S. and H. Singh (1997) Corporate and Industry Effects on Business Unit Competitive Position. Working paper, University of Pennsylvania.
Chang, S. and H. Singh (2000) “Corporate and Industry Effects on Business Unit Competitive Position.” Strategic Management Journal, 21, 739-752
Collis, D. J. and C. A. Montgomery (1995) “Competing on Resources:Strategy in the 1990s.” Harvard Business Review, 73(4), pp.118-128.
Conner, K. R. (1991) “A Historical Comparison of Resource-Based Theory and Five Schools of Thought within Industrial Organization Economics: Do We Have a New Theory of the Firm?” Journal of Management, 17:1, 121-154.
Dierickx, I. and K.Cool (1989) “Asset Stock Accumulation and the Sustainability of Competitive Advantage.” Management Science, 35:2, 1504-1511.
Dillman, D. (1978) Mail and Telephone Surveys: The Total Design Method. Wiley, New York.
Enrique, C., M. Jose and Juan, T. (2002) “Firm and Industry Effects on Firm Profitability:A Spanish Empirical Analysis.” European Management Journal, 20:3, 321-328.
Fisher, F. and J. McGowan (1983) “On the Misuse of Accounting Rates of Return to Infer Monopoly Profits.” American Economic Review, 73:1, 82-97.
Fox, I., S.Srinivasan and P. Vaaler (1997) Some Constructive Skepticism about the Origins of Profit. United States Federal Trade Commission, Bureau of Economics Line of Business Paper Series, Washington, DC.
Gabriel, H., S. Venkat and V. Paul (2003) “Is Performance Driven by Industry-or Firm-Specific Factors? A New Look at the Evidence.”Strategic Management Journal,1:24,1-16.
Ghemawat, P. (1994) Nucor at A Crossroads: Teaching Note. Harvard Business School, Boston, MA.
Ghemawat, P. and Ricart i Costa JE. (1993) “The Organizational Tension Between Static and Dynamic Efficiency.” Strategic Management Journal, Winter Special Issue 14, 59-73.
Grant, R. (1991) ”The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation.” California Management Review, 33, 114-135.
Hall, M. and L. W. Weiss, (1967) “Firm Size and Profitability.” Review of Economics and Statistics, 49:8, 319-331.
Hansen, G. S. and B. Wernerfelt(1989) “Determinants of Firm Performance:The Relative Importance of Economic and Organizational Factors.” Strategic Management Journal, 10(5), pp.399-411.
Harcourt, G. C. (1965) The Accountant in A Golden Age. Oxford Economic Papers, 17(March),65-80.
Hay, D. A. and D. J. Morris (1991) Industrial Economics and Organization. Oxford University Press:Oxford.
Hoskission, R.E., CWL. Hill and H. Kim. (1993) “The Multidivisional Structure: Organizational Fossil or Source of Value?” Journal of Management, 19, 269-298.
Bain, J. S. (1968) Industrial Organization, 2nd ed., (N. Y.: John Wiley & Sons, Inc.
John, E. P., A. K. Kohli and N. Venkatraman (1986)“The Market Share-Profitability Relationship:An Empirical Assessment of Major Assertions and Contradictions” Strategic Management Journal,7,377-394.
Kessides, IN. (1987) Do Firms Differ Much? Some additional evidence. Working paper, University of Maryland.
Kessides, IN, (1990) “Internal Versus External Market Conditions and Firm Profitability: An Exploratory Model.” The Economic Journal, 100, 773-792.
Koch, J. V. (1974) Industrial Organization and Prices. Prentice-Hall: Englewood Cliffs, NJ.
Lars-Hendrik Roller, Bernard Sinclair-Desgagne (1996)“Industrial Organization and Business Strategy on the Heterogeneity of Firms.” European Economic Review, 40, 531-539.
Mahoney, J. and J. Pandian (1992) “The Resource-Based View within the Conversation of Strategic Management.” Strategic Management Journal, 13, 363-380.
Mann, HM. (1966) “Seller Concentration, Barriers to Entry, and Rates of Return in Thirty Industries, 1950-1960.”, Review of Economics and Statistics, 48, 296-307.
Martin, S. (1993) Advanced Industrial Economics. Blackwell:Oxford.
Mason, ES. (1939) “Price and Production Policies of Large Scale Enterprises.” American Economic Review, Supplement 29, 61-74.
Mauri, A. J. and M. P. Michaels (1998) “Firm and Industry Effects Within Strategic Management: An Empirical Examination” Strategic Management Journal, 19:3, 211-219.
McGahan, A. M. (1997) The Influence of Competitive Position on Corporate Performance. Working Paper, Harvard Business School.
McGahan, A. M. and M. E. Porter(1997) “How Much Does Industry Matter, Really?” Strategic Management Journal, 18(Summer Special Issue), 15-30.
McGahan, A. M. and M. E. Porter (1998) What do We Know about Variance in Accounting Profitability? Working paper, Harvard Business School.
Nelson, R. R. (1991) “Why Do Firms Differ and How Does It Matter?” Strategic Management Journal, 12(Winter Special Issue), 61-74.
Penrose, E. (1959) The Theory of the Growth of the Firm. Oxford: Basil Blackwell.
Porter, M. E. (1980) Competitive Strategy:Techniques for Analyzing Industries and Competitors. Free Press, New York.
Porter, M. E. (1985) Competitive Advantage:Creating and Sustaining Superior Performance. Free Press, New York.
Powell, T. C. (1996) “How Much Does Industry Matter? An Alternative Empirical Test.” Strategic Management Journal, 17:4, 323-334.
Peteraf, M. (1993) “The Cornerstones of Competitive Advantage: A Resource-Based View.” Strategic Management Journal, 14, 179-191.
Rumelt, R. P. (1991) “How Much Does Industry Matter?” Strategic Management Journal, 12:3, 167-185.
Roquebert, J. A., R. L. Phillips and P. A. Westfall (1996) “Markets vs. Management: What ‘Drives’ Profitability?” Strategic Management Journal, 17:8, 653-664.
Scherer, F.M. (1970) Industrial Market Structure and Economic Performance, Ill: Rand McNally.
Schmalensee, R. (1985) “Do Markets Differ Much?” American Economic Review, 75:3, 341-351.
Stephen, N., N. Daphne and D. Neil (1997) “What Makes Firms Perform Well?” European Economic Review, 41,783-796.
Teece, D., G. Pisano., and A. Shuen (1997) “Dynamic Capabilities and Strategic Management.” Strategic Management Journal, 18:7, 509-533.
Wernerfelt, B. (1984) “A Resource-Based View of the Firm.” Strategic Management Journal, 5, 171-180.
William, G. S. (1979) The Economics of Industrial Organiztion, N. J.:Prentice-Hall, Inc.
Wernerfelt, B., C. Montgomery (1988) “Tobin’s q and the Importance of Focus in Firm Performance.” American Economic Review, 78, 246-251.
Spanos,Y.E., S., G. Zaralis and S. Lioukas (2004) “Strategy and Industry Effects on Profitability: Evidence from Greece.” Strategic Management Journal, 25,139-165.
連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔