跳到主要內容

臺灣博碩士論文加值系統

(35.173.42.124) 您好!臺灣時間:2021/07/26 14:17
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:洪于婷
研究生(外文):Yu-Ting Hung
論文名稱:國際化、集團效果、所有權結構與績效關係之研究-以台灣多國籍企業為例
論文名稱(外文):A study on the relationship between internationalization, Conglomerate Effect, Ownership Structure and performance:Illustrated by Taiwan’s MNCs
指導教授:何啟銘何啟銘引用關係
指導教授(外文):Chi-Ming Ho
學位類別:碩士
校院名稱:南台科技大學
系所名稱:財務金融系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:6
中文關鍵詞:國際化多國籍企業集團效果所有權結構
外文關鍵詞:InternationalizationMultinational CorporationConglomerate EffectOwnership Structure
相關次數:
  • 被引用被引用:4
  • 點閱點閱:179
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
長久以來國際化與企業績效之間關係的議題,一直廣為學者研究探索,但兩者間的關係並沒有一致的定論,可見國際化並非單一影響企業績效的因素,由於台灣在經濟自由化及國際化的衝擊下,企業紛至海外拓展,以追求績效成長,中小企業在國際化的過程中,逐漸發展為集團企業型態,跨足到不同產業。過去對國際化企業績效的研究,較少針對所有權結構做討論,實際上,所有權結構代表企業控制權與管理權的掌控,對企業的決策選擇有重要的關聯,進而影響公司治,而優秀的公司治理也對企業的績效與價值的提升有所幫助。故本研究不僅考量國際化程度對企業績效的影響,更將集團效果以及所有權結構納
入考量,企圖找出影響企業績效的關鍵因素。
本研究以2000 年至2005 年之時間序列資料,以台灣上市之多國籍企業為研究對象,進行多元迴歸之後,為使實證結果更具穩健性,再進一步以Newey-West 迴歸來做穩健性分析,得到以下三點結論: (1)台灣多國籍企業國際化程度愈高,績效表現愈佳。(2)台灣多國籍企業並不存在集團效果,與績效呈現負向相關。(3)台灣多國籍企業所有權結構愈集中,績效表現愈佳。
關鍵字:國際化、集團效果、所有權結構、多國籍企業
The relationship between internationalization and corporate performance has wildly discussed but there is no consistent conclusion. This could refer that internationalization is not the only factor to influence the corporate performance.Therefore, this study considers not only internationalization but also conglomerate effect and ownership structure as influential factors. It attempts to verify the key factors determine the corporate performance.
This study investigates the listed Taiwan Multinational Corporations from 2000 to 2005 and utilizes regression to analyze the empirical result. Also, it utilizes Newey-West regression analysis to test the robustness of the result. It comes out with
three conclusions: (1) The higher degree internationalization of the Taiwanese Multinational Corporations, the better the performance. (2) Taiwan Multinational Corporations has no conglomerate effect. It has negative relationship with the corporate performance. (3) The more concentrated the ownership structure of a Taiwanese Multinational Corporations is, the better the company performed.
摘要 i
英文摘要 ii
目次 iii
表目錄 v
圖目錄 vi
第一章 序論 1
1.1 研究背景與動機 1
1.2 研究目的 3
1.3 研究流程 3
第二章 文獻探討 5
2.1 國際化 5
2.1.1 國際化定義 5
2.1.2 國際化與績效 6
2.2 集團效果 10
2.2.1 集團企業定義 10
2.2.2 集團企業與績效 14
2.3 所有權結構與績效 16
第三章 研究設計 18
3.1 資料蒐集和樣本選擇 18
3.1.1 研究期間及對象 18
3.1.2 資料來源 19
3.1.3 樣本選取標準 20
3.2 變數衡量 21
3.2.1 企業績效衡量 21
3.2.2 國際化之衡量 21
iv
3.2.3 集團效果之衡量 22
3.2.4 所有權結構之衡量 22
3.2.5 控制變數 23
3.3 研究假說 24
3.4 資料分析方法 25
3.4.1 多元迴歸模型 25
3.4.2 穩健性分析之計量方法 27
第四章 實証研究與結果 29
4.1 樣本基本統計分析 29
4.2 多元迴歸分析結果 32
4.3 穩健性分析 36
第五章 結論與未來研究方向 39
5.1 多元迴歸分析結果 39
5.2 對學術與實務貢獻 41
5.3 對後續研究者之建議 41
參考文獻 42
附錄1 集團清單 51
參考文獻
1.李健民(2001),台灣廠商國際化之策略、營運組織與協調機制之研究-以台達電子和宏碁電腦為例,台灣大學國際企業學研究所
2.林助育(1992),臺灣地區集團企業多角化策略形成動機、分類模式與財務績效之實證研究,國立成功大學企業管理研究
3.陳明俊(1993),台灣國際市場進入模式與組織調適,國立政治大學企業管理研究所
4.郭信宏(1992),多角化策略對風險和報酬關係之實證研究-以集團企業內部上市公司為例,淡江大學管理科學研究所
5.葉銀華(1999),家族控股集團之股票報酬特性,輔仁大學管理學院個案及研究報告系列叢書
6.蔡介士(1990) 我國產業進入國際化策略之研究-以我國資訊硬體業為例,國立政治大學企業管理研究所
7.賴明政(1993),集團企業之策略性組織關聯研究,國立中興大學企業管理研究所
8.Agrawal, A. and Knoeber, C. R. (1998). Managerial compensation and the threat of takeover, Journal of Financial Economics, 47, 219-239.
9.Ang, J., Cole, R. and Lin, J. (2000). Agency costs and ownership structure, Journal of Finance, 55, 81-106.
10.Annavarjula ,M.G. and Beldona, S. (2000). Multinationality performance relationship: a review and reconceptualization, International Journal of Organizational Analysis, 8(1), 48–67.
11.Barkema, H.G., Shenkar, O., Vermeulen F., and Bell, JHJ. (1997). Working abroad, working with others:how firms learn to operate international joint ventures, Acad Manage J, 40(2), 426– 42.
12.Barkema, H.G. and Vermeulen, F. (1998). International expansion through start-up or acquisition: a learning perspective, Acad Manage J, 41(1), 7– 26.
13.Belkaoui, A. R. (1991). Diversification Strategy and Economic Performance of French Firms, Advances in International Accounting, 5, 163-171.
14.Berle, A. A. and Means, G. C. (1932). The Modern Corporation, Macmillan, New York.
15.Carpenter and Sanders (2004). The Effects of Top Management Team Pay and Firm Internationalization on MNC Performance, Journal of Management, 30(4), 509–528.
16.Cho, M. H. (1998). Ownership structure, investment, and the corporate value, An empirical analysis, Journal of Financial Economics, 47, 103– 121.
17.Claessens, S. S., Djankov, J. F. and Lang, H. P. (2000). The separation of Ownership and Control in East Asian Corporation, Journal of Financial Economics, 58,81-112.
18.Contractor, F. J., Kundu, S. K. and Hsu, C.C. (2003). A three-stage theory of international expansion: the link between multinationality and performance in the service sector, J Int Bus Stud, 34(1), 5–18.
19.Daniels, J. D., Robert, A. P. and Marietta, J. T. (1984). Strategy and structure of U.S. multinationalities: an exploratory study, Academy of Management Journal, 27(2), 292-307.
20.Delios, A. and Beamish, P. W. (1999). Geographic Scope, Product Diversification, and the Corporate Performance of Japanese Firms, Management Internaionsl Review, 20(8), 711-727.
21.Demsetz, H. and Villalonga, B. (2001). Ownership Structure and Corporate Performance, Journal of Corporate Finance, 7, 209-233.
22.Douglas, E. T. (2005). International diversification and firm performance in Mexican firms:A curvilinear relationship? Journal of Business Research, 59, 501 – 507
23.Fama, E. F. and French, K. R. (1995). Size and book-to-market factors in earnings and returns, Journal of Finance, 50, 131-156.
24.Fiol, C. M. and Lyles, M. A. (1985). Organizational learning. Acad Manage Rev, 10(4), 803–13.
25.Fisher, N. and Hall, J. R. (1969). Risk and Corporate Rate of Return, Quarterly Journal of Economics, 83, 79-92.
26.Galbraith, J. K. (1967). The New Industrial State, New American Library, New York.
27.Gatignon, H. and Anderson, E. (1988). The Multinational Corporation’s Degree of Control Over Foreign Subsidiaries: An Empirical Test of a Transaction Cost Explanation, Journal of Law, Economics, and Organization, 4, 305-336.
28.Geringer, J. M., Beamish, P. W. and daCosta, R. C. (1989). Diversification Strategy and Internationalization:Implications for MNE Performance, Strategic Management Journal, 10, 109-119.
29.Geringer, J., Tallman, S. and Olsen, D. (2000). Product and international diversification among Japanese multinational firms, Strategic Management Journal, 21, 51-80.
30.Gerlach, M. L. (1992). Alliance Capitalism : The Social Organization of Japanese Business, University of California Press.
31.Gerpott, T. J. and Jakopin, N. M. (2005). The Degree of Internationalization and the Financial Performance of Mobile Network Operators, in: Telecommunications Policy, 29, 635-661
32.Ghoshal, S. and Barlett, C. A. (1990). Innovation processes in multinational corporations, Strategic Management Journal, 11, 499-518.
33.Gordon, R. A. (1940). Ownership and Concentration as Incentive to Corporate Executives, Quarterly Journal of Economics, 54.
34.Grant, R. M. (1996). Toward a knowledge-based theory of the firm, Strateg Manage J, 17, 109-22.
35.Grossman, S. and Hart, O. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration, Journal of Political Economy, 94(4), 691–719.
36.Hall, M. and Weiss, L.(1967). Firms size and profitability, The Review of Economics and Statistics, August, 319–331.
37.Han, K.C., Lee, S.H. and Suk, D. Y. (1998). Multinationality and firm performance, Multinatl Bus Rev, 6(2), 63– 70
38.Wagner, H. (2004). Internationalization speed and cost efficiency:evidence from Germany, International Business Review, 13, 447–463.
39.Hermalin, B. E., and Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance, Financial Management, 20, 101-112.
40.Herman, E. S. (1981). Corporate Control, Corporate Power.New York:Cambridge University Press.
41.Hitt, M. A., Hoskisson, R. E. and Kim, H. (1997). International diversification: effects on innovation and firm performance in product-diversified firms, Acad Manage J, 40(4), 767– 98.
42.Hitt, M. A., Hoskisson, R. E. and Ireland, R. D. (1994). A Mid-Range Theory of the Interactive Effects of International and Product Diversification on Innovation and Performance, Journal of Management, 20(2), 297-326.
43.Hudson, C. D., Jr.Jahera, J. S. and Lloyd, W. P. (1992). Further evidence on the relationship between ownership and performance, Financial Review, 27, 227-239.
44.Hymer, S. (1976). The international operations of national firms: a study of direct foreign investment. Cambridge, MA’ MIT Press.
45.Jensen, M. C. and Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3(4), 305-360.
46.Jensen, M. and Ruback, N. (1983). The Market for Corporate Control:The Scientific Evidence, Journal of Financial Economics, 11, 5-50.
47.Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review Papers and Proceedings, 76, 323-329.
48.Johanson, J. and Wiedersheim, P. F. (1975). The internationalization of the firm – four Swedish cases, The Journal of Management Studies, 305-322
49.Kesner,(1987). Directors’ stock ownership and organizational performance:An Investigation of Fortune 500 companies, Journal of Management, 13, 499-507.
50.Tarun, K. and Krishna, P. (1999). The Right Way to Restructure Conglomertaes in Emerging Markets,Harvard Business Review, 6(8), 125-134.
51.Tarun, K.. and Rivkin W. (2001). Estimating the Performance Effects of Business Groups in Emerging Markets, Strategic Management Journal, 22, 45-47.
52.Uhlenbruck, K. (2004). Firm Behavior in the Face of Government Corruption, presented at the Academy of International Business conference, Stockholm, Sweden.
53.Kogut, B. (1985). Designing global strategies: profiting from operational flexibility. Sloan Management Review, 27, 27–38.
54.Kogut, B. and Zander, U. (1993). Knowledge of the firm and the evolutionary theory of the multinational corporation, J Int Bus Stud , 24(4), 625– 45.
55.Koka, B. and Prescott, J. (2002). Strategic alliance as social capital: A multidimensional view, Strategic Management Journal, 23(9), 795-816.
56.Kotabe, M., Srinivasan, S. S. and Aulakh, P. S. (2002). Multinationality and firm performance: the moderating role of R&D and marketing capabilities, Journal of International Business Studies, 33(1), 79–97.
57.Kumar, M. S. (1984). Comparative analysis of UK domestic and international firms, J Econ Stud, 11, 26– 42.
58.Leland, H. E. and Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation, Journal of Finance, 32, 371-387.
59.Lall, S. and Siddharthan, N. S. (1982). The Monopolistic Advantages of Multinationals:Lessons from Foreign Investment in the U.S., The Economic Journal, 92, 668-683.
60.La Porta, Lopez-de-Silanes and Shleifer (1998). Law and Finance, Journal of Political Economy, 106, 6.
61.Lu, J.W. and Beamish, P. W. (2004). International diversification and firm performance: the scurve hypothesis. Acad Manage J, 47(4), 598– 609.
62.Singh, M. and Nejadmalayeri, A. (2003). Internationalization, capital structure, and cost of capital:evidence from French, Harvard Business Review, 11, 119-125.
63.Marris, R. (1964). The Economic Theory of Managerial Capitalism, Macmillan, London, 34.
64.Mason, E. S. (1958). The Apologetics of Managerialism, Journal of Business, 31.
65.Michel, A. and Shaked, I. (1986). Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics, Journal of International Business Studies, 18(3), 89-100.
66.Mikkelson, W. H., Partch, M. M. and Shah, K. (1997). Ownership and operating performance of companies that go public, Financial Economics, 44, 281-307.
67.Milgrom, P. and Roberts, J. (1992). Economics, Organization and Management, Upper Saddle River, New Jersey:Prentice-Hall, Inc.
68.Miller, J. C. and Prass, B. (1980). The effects of multinational and export diversification on the profit stability of US Corporations, South Econ J, 46(3), 792– 805.
69.Henry, M. (1998). Covert Leadership: Notes on Managing Professionals, Harvard Business Review, November-December.
70.Modigliani, F. and Miller, M. H. (1963). Corporate income taxes and the cost of capital, American Economic Review, 433-443.
71.Monsen, R. J. and Downs, A. (1965). A Theory of Large Managerial Firms, Journal of Political Economy, 73.
72.Morck et al.,Management Owner-ship and Market Valuation: an Empirical Analysis,Journal of Financial Economics,20,293-31542.
73.Newey, W. and West, K. (1987). A Simple Positive Semi-definitive Heteroskedasticity and Autocorrelation Consistent Covariance Matrix, Econometrica, 55, 703-708.
74.Olusoga, S. A. (1993). Market Concentration Versus Marker Diversification and Internationalization: Implications for MNE Performance, International Marketing Review, 10(2), 40-59.
75.Pfeffer, J. and Salancik, G. R. (1978). The External Control of Organizations: A Resource Dependence Perspective, Harper and Row, New York, 41.
76.Qian, G. (1997). Assessing product-market diversification of US firms, Management International Review, 37(2), 127–149.
77.Qian, G. and Li, J. (2002). Multinationality, global market diversification and profitability among the largest US firms, J Bus Res, 55(4), 325– 35.
78.Ramaswamy, R. (1993). Multinationality and performance: an empirical examination of moderating effects of configuration, Academy of Management, Best Papers Proceedings.
79.Riahi-Belkaoui, A. (1996). Internationalization, Diversification Strategy and Ownership Structure: Implications for French MNE Performance, International Business Review, 5(4), 367-376.
80.Riahi-Belkaoui, A. (1998). The effects of the degree of internationalization on firm performance, International Business Review, 7(3), 315–321
81.Roth, K. (1992). International configuration and coordination archetypes for mediumsized firms in global industries, J Int Bus Stud, 23(3), 533– 49.
82.Rugman, A. M. (1986). European Multinationals: An International Comparison, in Klaus, M. and Staehle, W. H. (Eds), European Approaches to International Management, 16-22.
83.Ruigrok, W, Wagner H. (2003). Internationalization and performance: an organizational learning perspective, Manag Int Rev, 43(1), 63– 83.
84.Sambharya, R. B. (1995). The combined Effect of International Diversification and Product Diversification Strategies on the Performance of U.S.-Based Multinational Corporations, Management International Review, 35(3), 197-218.
85.Siddharthan, N. S. and Sanjaya, L. (1982). The recent growth of the largest US multinational, Oxford Bulletin of Economics & Statistics, 44(1), 1-13.
86.Silva et al.(2006). Family ties, interlocking directors and performance of business groups in emerging countries: The case of Chile, Journal of Business Research, 59, 315- 321
87.Steiner, T. L. (1996). A Reexamination of the Relationships between Ownership Structure, Firm Diversification, and Tobin’s Q, Journal of Business and Economics, 35, 39-48.
88.Stulz, R. M. (1988). Managerial Discretion and Optimal Financing policies, Journal of Finance Economics, 20, 25-54
89.Tallman, S. and Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms, Academy of Management Journal, 39(1), 179-196.
90.Thomas, D. E. and Eden, L. (2004). What is the shape of the multinationality performance relationship? Multinatl Bus Rev, 12(1), 89 – 110.
91.Turnbull, P. W. (1987). A Challenge To The Stages Theory Of The Internationalization Process, Managing Export Entry And Expansion, New York:Prayer Publishers.
92.Krivogorsky, V. (2006). Ownership, board structure and performance in continental Europe, The International Journal of Accounting, 41, 176–197.
93.Walker, E. and Lefort, F. (1999). Pension Reform and Capital Markets: Are There Any (Hard) Links? Working Paper, Universidad Católica de Chile.
94.Yeh, Y. H. and Tracie W. (2005). Commitment or Entrenchment? Controlling Shareholders and Board Composition, Journal of Banking and Finance, 29, 1857-1885.
95.Zaheer, S. (1995). Overcoming the liability of foreignness, Acad Manage J, 38(2), 341 –63.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
1. 陳舜文(1999)。仁與禮:台灣民眾的家庭價值觀與工作態度。應用心理研究季刋,4,205-227。
2. 羅國英(2000)。母親教養期望與親職壓力及青少年親子關係知覺的關聯─兼談學業成就於其中的角色。東吳社會工作學報,6,35-72。
3. 謝秀芬(1997)。現代婦女的家庭價值觀與家庭期待之研究。東吳社會工作學報,4,1-46。
4. 蔡秋雄(2002)。現代家庭價值觀之傳遞與父母因應之道。教師之友,43(2),41-47。
5. 蔡典謨(1997)。價值觀與孩子的發展。資優教育季刊,63,13-17。
6. 廖鳳瑞(1994)。幼教課程研究的趨勢—生態系統理論的應用。家政教育,12(6),22-34。
7. 黃春枝(1988)。青少年親子關係適應與父母管教態度之研究。教育與心理研究,9,85-96。
8. 章英華(1994)。台灣的家庭研究:從家戶組成到家人關係。社區發展季刊,86,35-40。
9. 陳芳茹、柯澍馨(1999)。中國傳統家庭觀念在代間差異之研究。生活科學學報,5,75-90。
10. 陳立人、鄭宇樑(1994)。國小五、六年級學童之親子關係適應、班級人際關係與自我觀念之相關研究。臺南師院學生學刊,15,1-18。
11. 許心華(1983)。親子關係。高雄文獻,13,201-262。
12. 高強華(1995)。青少年的情緒調整與教育。北縣教育,6,23-27。
13. 馬傳鎮(1982)。少年犯的親子關係、家長社經地位、家庭背景及學校背景之調查研究。教育與心理研究,5,177-224。
14. 翁慧圓(1996)。從家庭系統理論探討國中少年中途輟學行為。社區發展季刊,73,63-72。
15. 姜得勝(1998)。社會變遷中「親子關係」的反省與重建。臺灣教育,567,6-11頁。