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研究生:賴正益
研究生(外文):Cheng-yi Lai
論文名稱:台灣集團企業績效影響因子之研究—集團企業型態之干擾效果
論文名稱(外文):A STUDY ON DETERMINANTS OF PERFORMANCE FOR BUSINESS GROUPS IN TAIWAN—THE MODERATING EFFECT OF TYPES OF BUSINESS GROUPS
指導教授:李賢哲李賢哲引用關係
指導教授(外文):Hsien-che Lee
學位類別:碩士
校院名稱:大同大學
系所名稱:事業經營學系(所)
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
畢業學年度:95
論文頁數:125
中文關鍵詞:集團企業多角化資本結構績效
外文關鍵詞:business groupsdiversificationcapital structureperformance
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在資本市場蓬勃發展趨勢下,企業均走向大型組織經營模式,這些企業在不斷成長情形下,組織往往另創一些活用其核心能力的相關企業,彼此之間的經營策略與營運決策間往往有著密不可分的關聯性,進而演變成「集團企業」。造成這個現象的原因是由於企業受到產業環境的經濟自由化及國際化的衝擊,企業想要朝向全球化發展;因此,多角化和資本結構成為企業成長上重要議題。
在複雜資本結構和多角化下,集團企業在舉債程度和多角化運用上是否適當;集團企業管理者在財務槓桿和多角化策略運用上,是否可以為企業創造績效,這些問題都是引發本研究探討的動機。
本研究運用中華徵信所2006年出版的台灣地區集團企業研究,共計191家集團企業為研究對象,針對集團企業來探討多角化、資本結構、規模、設立年數對經營績效之影響,並進一步探討集團企業型態是否會干擾多角化、資本結構、規模、設立年數與經營績效之關係。本研究以SPSS 14.0統計軟體驗證研究假設。研究結果發現:(1)多角化對經營績效呈正向關係;(2)資本結構對經營績效呈負向關係;(3)規模對經營績效呈正向關係;(4)設立年數對經營績效呈負向關係;(5)集團企業型態具有干擾效果。
Under the booming development of the capital market, enterprises move toward large scale operation. These enterprises are growing constantly, and often create some core relevant businesses. The relevant businesses have close relationship in managerial tactics and operational decisions for each other, and then develop into business groups. The reason of developing the business groups is to meet challenges of the global competitive environment. Enterprises wanting to be globalized must expand size of organizations, develop new products, and reach new market. So, capital structure and diversification is the key way to growth of firm.
Under complicated capital structure and diversification, the matching of the financing policy and diversification is an important topic. Do financial leverage and diversification strategy make contribution to the performance of enterprise? These problems are worthy to make a further study.
The objects of this research are the 191 business groups in Taiwan. This study focuses on the effect of diversification, capital structure, size of firm, and years of establishment on performance. Furthermore, the study analyzes the moderating effect of types of business group on the relationship of diversification, capital structure, size of firm, and years of establishment on performance. We use the SPSS 14.0 statistical software to do statistical analysis. The results indicate that (1) Diversification is positively related to performance. (2) Capital structure is negatively related to performance. (3) Size of firm is positively related to performance. (4) Years of establishment are negatively related to performance. (5) Type of business groups plays a moderating role.
ABSTRACT IN CHINESE........................................ i
ABSTRACT IN ENGLISH....................................... ii
ACKNOWLEDGEMENT........................................... iv
LIST OF TABLE............................................. vii
LIST OF ILLUSTRATION..................................... viii
CHAPTER
I. INTRODUCTION.............................................1
Research Background and Motives.............................1
Research Objectives.........................................3
Research Procedure ..........................................5
II. LITERATURE REVIEW.......................................6
Business Groups.............................................6
Diversification.............................................9
The Motives for Diversification.............................10
Diversification Classification..............................13
Relationship between Diversification and Performance........16
Types of Business Groups....................................19
Capital Structure...........................................22
Capital Structure and Performance...........................28
Size of Firm................................................29
Years of Establishment......................................29
III. RESEARCH METHODOLOGY...................................31
Research Framework ..........................................31
Research Hypotheses.........................................31
Operational Definition of Variables and Measurement.........34
Research Object and Data Collection.........................37
Statistical Method ..........................................38
IV. DATA ANALYSIS AND DISCUSSION............................39
Descriptive Statistical Analysis............................39
Correlation Analysis........................................40
Regression Analysis.........................................41
V. CONCLUSIONS AND SUGGESTIONS..............................45
Conclusions.................................................45
Managerial Implications.....................................48
Research Limitations........................................50
Future Research Suggestions.................................50
BIBLIOGRAPHY................................................52
VITA........................................................58
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