臺灣博碩士論文加值系統

本研究建構多國籍企業財務應變能力的架構，以衡量財務應變能力對營運績效之影響。財務應變能力由三個構面組成：(1)全球化能力； (2)融資能力； (3)變現能力。本文研究期間為1999-2003年，研究對象中有100家台灣資訊科技公司及167家非資訊科技公司。實證結果發現：(1)外銷比率、發行海外可轉換公司債、自發性短期融資比率和速動比率對營運績效有顯著正向影響；(2)外國資產比率對營運績效有顯著負向影響；(3)發行海外存託憑證和大陸投資對營運績效無顯著影響。

This research constructs a framework to measure a multinational enterprise’s financial flexibility containing three dimensions: (1) globalization ability, (2) financing ability, and (3) liquidity ability. We then build a panel dataset of 100 information technology firms and 167 non-information technology firms in Taiwan during 1999-2003. Our major findings are as follows: (1) Export ratio, debts from foreign countries, spontaneous short-term debt ratio, and quick ratio have significantly positive effects on operational performance. (2) Foreign assets ratio has a significantly negative effect on operational performance. (3) Equity from foreign countries, mainland China investment, and external short-term debt ratio have no significant effects on operational performance.

Contents
誌謝辭 Ⅰ
中文摘要 Ⅱ
Abstract Ⅲ
Contents Ⅳ
List of Figures Ⅵ
List of Tables Ⅶ
1. Introduction 1
1.1 Background and Motivation 1
1.2 Research Purposes 5
1.3 Research Framework and Process 5
2. A framework for Measuring Financial Flexibility 7
2.1 Globalization Ability 7
2.2 Financing Ability 10
2.3 Liquidity Ability 12
2.4 Control Variables 13
3. Data and Empirical Method 14
3.1 Data 14
3.2 Variables 14
3.3 Model 15
4. Result and Discussion 18
4.1 Descriptive Statistics Analysis 18
4.2 Multicollinearity Test and Correlation Analysis 21
4.3 Empirical Results 23
4.4 Discussion 29
5. Conclusion and Further Research 31
References 33

List of Figures
Figure 1-1: Framework and Process of this Research 6
Figure 2-1: A Framework for Financial Flexibility and Operational Performance 7
Figure 2-2: The Number of Mainland China Investment Cases from Taiwan 9
Figure 2-3: Amount of Mainland China Investment from Taiwan (Unit: US$) 10

List of Tables
Table 3-1: Operational Definition of Variabs 16
Table 3-2: Testing Criteria for Modeling 18
Table 4-1: Descriptive Statistics of Whole Samples 19
Table 4-2: Descriptive Statistics of IT and NIT Industry20
Table 4-3: Multicollinearity Test 22
Table 4-4: Correlation Coefficients of Variables 24
Table 4-5: Results of the Fix-Effect Model for Whole Samples 26
Table 4-6: Results of the Random-Effect Model for the IT industry 27
Table 4-7: Results of the Random-Effect Model for the NIT industries 28

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