本文針對跨國營運對大陸型、島國型企業之企業獲利能力及風險的影響來做探討，以海外銷售比率及海外資產比率為衡量跨國營運的指標，並以聯合國每年所出版的“World Investment Report”中前100大跨國企業為樣本挑選的依據，所挑選出來的樣本企業在依所屬之國家類型粗略分為大陸型企業及島國型企業，本文的研究期間為2003年~2008年，並建立兩條迴歸式以三階段最小平方法做為分析檢驗跨國運與企業獲利能力及風險之間的互動關係。實證結果發現，當海外銷售比率越高時，企業的獲利能力也越高，至於企業海外資產比率則對企業的獲利能力無顯著的影響，在風險上，海外銷售率與風險有著顯著的正向關係，代表企業風險會隨著海外銷售的增加而跟著提升，至於海外資產率與風險之間並無任何顯著的影響。至於在國家類型上，大陸型企業進行跨國營運有助於企業獲利能力的提升，至於島國型企業的獲利能力與海外銷售及海外資產之間則無顯著關係。在風險上，無論是大陸型企業或者是島國型企業的風險皆與海外銷售率及海外資產率之間無任何顯著影響，表示此兩種國家型態企業的風險並不會受到跨國營運的影響。

The objective of the study is to investigate how the cross-border operation influenced continental-type and island-type firms’ profitability and risk. The cross-border operation is measured by the foreign sales ratio and the foreign assets ratio. The data source is the World Investment Report, from 2003 to 2008, published by United Nations. A simultaneous equation system was established to analyze the reaction relationship between the firms’ profitability and risk. The empirical results estimated by the three stage least squares method show that the foreign sales ratio yielded a positive effect on the profitability of firms while the foreign assets ratio did not have a significant effect. In the equation of risk, the foreign sales had a significant impact on firms’ risk, but the foreign assets did not. As for the results about the country type, the cross-border operation would enhance continental firms’ profitability, while effects of the foreign sales and foreign assets were not significant. Finally, both foreign sales and foreign assets did not have significant effects on either continental-type or island-type firms’ risk.

表目錄、圖目錄 v
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構 5
第貳章 文獻回顧 8
第一節 跨國營運的形式 8
第二節 跨國企業定義與國際化程度衡量 10
第三節 跨國營運與企業獲利能力之探討 13
第四節 跨國營運與企業營運風險之探討 15
第参章 研究假說與模型 18
第一節 研究假說 18
第二節 研究模型 21
第肆章 研究方法與樣本選擇 26
第一節 研究方法 26
第二節 樣本選擇 30
第伍章 實證結果與分析 31
第一節 敘述性統計分析 31
第二節 跨國營運對企業獲利能力及風險之影響 42
第三節 大陸型、島國型企業迴歸分析 45
第陸章 結論與建議 49
第一節 研究結論 49
第二節 研究限制 51
第三節 後續研究建議 51
參考文獻 52
附錄 56

(1)中文部分
1.杜相如，2002，「臺灣地區銀行業市場結構、行為與績效之研究」，朝陽
科技大學財務金融系碩士論文。
2.林仕昆，2004，「多國籍企業在不同市場策略下之營運績效探討」，國立
中山大學財務管理學系(研究所)碩士論文。
3.許勝武，2001，「美國單國籍與多國籍企業之財務機向、結構暨風險探
討」，國立成功大學會計研究所未出版碩士論文。
4.廖芳群，1997，「多國籍與單國籍企業在財務績效暨風險之探討」，國立
成功大學會計研究所未出版碩士論文。
5.鄭學淵，2000，「我國上市公司-多國籍與單國籍企業在財務績效暨風險
之探討」，國立成功大學會計研究所未出版碩士論文。
6.羅俊雄，1994，「多國籍企業與本國企業資本結構之研究-台灣地區上市
製造業之實證」，中國文化大學國際企業管理研究所未出版碩士論文。
7.陳冠宇，1992，「企業對外投資之資本結構與績效之研究」，國立中山大
學財務管理研究所未出版碩士論文。
(2)英文部分
1.Burgman,Todd., 1996,“An empirical examination of multinational capital Structure,” Journal of International Business Studies, 27, 553-570.
2.Brett Olsen and B. Elango, 2005,“Do Multinational Operations Influence Firm Value? Evidence from the Triad Regions,”International Journal of Business and Economics, Vol. 4, No. 1, 11-29
3.Bettis, R. A. and H. Thomas, 1985, “Risk, Strategy, and Management,” Greenwich, CT：JAI Press.
4.Christophe, S. E. and R. J. Pfeiffer, Jr., 2002, “The Valuation of MNC International Operations during the 1990s,” Review of Quantitative Finance and Accounting, 18, 119-138.
5.Christophe, S. E., 1997, “Hysteresis and the Value of the U.S. Multinational Corporation,” Journal of Business, 70, 435-462.
6.Dash Mihir and Chopra Archica, 2009, “Enterprise Risk Management In The India Information,” http://www.ssrn.com/abstract=1424508.
7.Daniels, John and Jeffrey Bracker , 1989, “Profit Performance: Do Foreign Operation Make a Difference, ”Management International Review, vol.29 , 46-56.
8.Errunza, V. R. and L. W. Senbet, 1981, “The Effects of International Operations on the Market Value of the Firm: Theory and Evidence,” Journal of Finance, 36, 401-417.
9.Fatemi, Ali M., 1984,“Shareholder benefit from international diversification,”Journal of Finance, 39, 1325-1344.
10.Kim, W. S. and E. O. Lyn, 1986, “Excess Market Value, the Multinational Corporation, and Tobin’s Q Ratio,” Journal of International Business Studies, 17,119-125.
11. Kim, W. C., Hwang, P. and Burgers, W. P., 1989,“Global Diversification Strategy and Corporate Profit Performance,”Strategic Management Journal, Vol. 10 NO. 1, 45-57
12.Kogut, B., 1983,“Foreign direct investment as sequential process In C.Kindleberger & D. Andretsch （Eds）, The multinational corporation in the 1980s （pp.38-56）.”Cambridge, MA：The MIT Press.
13. Lee, Kwang Chul, and Chuck C. Y. Kwok, 1989,“Multinational Corporations v.s. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure,”Journal of International Business Studies, 195-217.
14.Mishra, C. S. and D. H. Gobeli, 1998, “Managerial Incentives,Internalization, and Market Valuation of Multinational Firms,” Journal of International Business Studies, 29, 583-598.
15.Miller, K. D., 1992,“A Framework for integrated risk management in international business,” Journal of International Business Studies, 29（3）583-597.
16.Michael, Allen and Israel Shaked, 1986,“Multinational Corporations v.s. Domestic Corporations: Financial Performance and Characteristics,”Journal of International Business Studies, 89-100
17.Olusoga. S. A., 1993“Market Concentration Versus Market
Diversification and Internationalization : Implications for MNE Performance International.”
18.Philip G. Berger and Eli Ofek, 1995,“Diversification’s effect on firm value,”Journal of Finance, 37, 39-65.
19.Phatak A. V., 1992“International Dimension Management 3rd, ed,” Balmont California：Wads Worth Press
20.Qian, C., 2000,“Performance of U.S. FDI in different world regions,” Asia Pacific Journal of Mangement, 67-83.
21.Reeb, David M., Chuck C.Y. Kwok, and H. Young Baek, 199“Systematic Risk of Multinational Corporation, ”Journal of International Business Studies, 263-279.
22.Robinson, R. D., 1984“Internationalization of business,”An introduction. Chicago：The Dryden Press.
23.Sullivan,D., 1994,“Measuring the Degree of Internationalization of a Firm, Journal of International Business Studies, 25(2), 325-342.
24.Shapiro, Allin C., 1998,“Financial Structure and the Cost of Capital in the Multinational Corporation,”Journal of Financial and Quantitative Analysis , 211-P266.
25.Sharpe, W. F., 1990, “Quantifying the market risk premium phenomenon for investment decision making,” Charlottesville, VA：Institute for Chartered Financial Analysts.
26.Wang, Chun-Cheng., 1988,“International Diversification, industrial diversification and firm performance of Hong Kong MNCs,” Asia Pacific Journal.
(3)參考書籍、網站
1.黃台心，1999，「計量經濟學(二版)」，台北新陸書局股份有限公司發行。
2.Jeffrey M. Wooldridge 著，胥愛琦 譯，「計量經濟學(三版)」，東華書局出版。
3.財星雜誌，2010/07，F-15~F20。
4.經濟部統計處 。
http://2k3dmz2.moea.gov.tw/gnweb/PublicService/wFrmMain.aspx
5.中央銀行。 http://www.cbc.gov.tw/mp1.html
6.台灣經濟新報資料庫(TEJ)。
7.UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT.
(2008). Transnational Corporations and the Infrastructure Challenge OVERVIEW.
http://www.unctad.org/en/docs/diaeiia20083_en.pdf
8.UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT.
(2009).WORLD INVESTMENT REPORT 2009: TRANSNATIONAL
CORPORATIONS, AGRICULTURAL PRODUCTION AND DEVELPOMENT.
http://www.unctad.org/en/docs/diaeiia200910a5_en.pdf
9.UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT.
(2010).UNCTAD Handbook of statistics.
http://www.unctad.org/en/docs/tdstat34_enfr.pdf