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研究生:陳志成
研究生(外文):Jimmy Chan
論文名稱:企業進行縮編與其營運績效之關聯性研究
論文名稱(外文):The Association Between Enterprise Downsizing And Operating Performance
指導教授:洪崇文洪崇文引用關係
指導教授(外文):Chung-wen Hung
學位類別:碩士
校院名稱:南台科技大學
系所名稱:會計資訊系
學門:商業及管理學門
學類:會計學類
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
中文關鍵詞:企業縮編
外文關鍵詞:Downsizing
相關次數:
  • 被引用被引用:2
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  • 下載下載:60
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本研究之目的主要為了探討企業進行縮編後與其營運績效之關聯性,因為企業通常會藉由縮編之方式來改善不良之績效。本研究選取了四十一家在1996年至2002年進行縮編之公司,觀察其宣告縮編前四年與後四年營運績效之變化,並使用三種評估營運績效之方式進行分析,分別為「原始績效」、「同業調整績效」、和「對照樣本調整績效」三種,進而觀察其營運績效是否在縮編後能獲得改善,之後再以事件研究法觀察企業宣告縮編對其股價之影響。
實證結果發現進行規模縮編的公司,企業其在宣告縮編前營運績效是下滑的,爾後本研究比較企業縮編前後其如何改善其營運績效,結果發現銷管費用、薪資費用、研發費用的改善進而使企業績效提昇。接著本研究進行迴歸分析,尋求影響縮編績效之主要因素。過去文獻在探討企業縮編皆無使用事件研究法來探討異常報酬,因此本研究針對此一部分加以補強。在事件研究法方面,本研究探討公司各項構面與其異常報酬之關係,構面分別以為公司規模、流通在外股數、財務槓桿度、營業收入淨額、董監持股率、大股東持股率、盈餘股份偏離差率、以及法人持股。
台灣企業在過去成長階段,不斷的招募員工、購置資產而到了後期階段企業實體上充斥著閒置資源而造成企業績效的下滑。本研究結果可提供企業在考量進行縮編時之參考依據,使得企業在縮編後能夠有效的改善營運績效。
Because of downsizing is the primary method for most companies who want to improve their performance, therefore, the purpose for this research is to find out the relationship among downsizing and operating performance. We used 41 corporations who used downsizing method during 1996 to 2002 as our sampling population, and the empirical results will be used to assess the discrepancies between back and forth four years of each observing point. We used "raw performance," "industry-adjusted performance" and "matched-firm-adjusted performance," as our primary research methods to examine the consequences of each downsizing event, and then we use "event study" as the subsequence to examine the influence of stock price.

We found out that the operating performance were getting better off after using downsizing method, and we found out that the improvement of expenditures of sales, labors, and R&D will increase corporations’ operating performance as well. Thereafter, we used regression method to find out the influential factors of downsizing results. For the event-study section, we argued the relationship between company’s structures and abnormal return.

Companies in Taiwan were continuously recruiting new employees, and purchasing new properties in the past decades, afterwards, they often got many idle resources which would decrease their competitiveness. This research is to generate useful information on improving operating performance while facing downsizing situation.
摘要 ii
英文摘要 iii
目次 iv
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 4
1.3 研究流程 5
第二章 基本理論與文獻整理 6
2.1 訊號發射理論 6
2.2 相關文獻之整理 7
2.2.1 縮編相關文獻 7
2.2.2 公司治理相關文獻 9
第三章 研究方法 14
3.1 績效之評估與樣本之選取 14
3.1.1 研究樣本選取與時間 15
3.2 研究方法 16
3.2.1績效之衡量 16
3.2.2 迴歸模式變數與操作定義 17
3.3 事件研究法 20
3.3.1 事件研究法步驟 20
3.3.2 事件方法之檢定 23
第四章 實證結果與分析 26
4.1績效之評估 26
4.1.1 樣本特性 26
4.1.2 敘述性統計 27
4.1.3 三種衡量績效方法 29
4.1.4 年度績效間變化比較 31
4.1.5 影響縮編因素之探討 32
4.1.6 迴歸分析 35
4.2 事件研究法 39
4.2.1 檢測之結果 39
4.2.2 分群分析之結果 39
4.2.3 公司治理與異常報酬 43
4.2.4 調整後股價報酬率 44
第五章 結論 46
參考文獻 50
附錄
A、本研究樣本資料 53
B、樣本宣告縮編之日期 55
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