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研究生:林憶彣
研究生(外文):Yi-Wen Lin
論文名稱:兩岸資訊電子業全球佈局與經營績效之研究
論文名稱(外文):The Global Configuration and Performance of Information Electronic Companies in Taiwan and China
指導教授:孫梅瑞孫梅瑞引用關係
指導教授(外文):Mei-Jui Sun
學位類別:碩士
校院名稱:銘傳大學
系所名稱:國際企業學系碩士班
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
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:76
中文關鍵詞:投資分散程度國際化經驗經營績效全球佈局產業競爭程度
外文關鍵詞:Industry CompetitivenessInvestment DispersionInternational ExperienceGlobal ConfigurationOperating Performance
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  本研究針對台灣與中國大陸資訊電子業共320家上市公司在2006至2010年間756件的全球佈局案例為研究對象,探討影響兩岸資訊電子業全球佈局的因素與經營績效之關聯性。由於本研究所採用的資料為橫斷面與混合時間數列的資料,故使用追蹤型資料之二階段最小平方法分析,經由F-test、LM test及Hausman test驗證顯示,各模型均適用以固定效果模型作為實證分析之依據。實證結果顯示企業特性、企業全球佈局特性與經營績效三者彼此間互相影響,具有內生性效果。首先,在企業特性與企業全球佈局之關聯性方面,實證結果發現企業的國際化經驗、外資持股比率與產品多角化程度顯著影響兩岸資訊電子業各項全球佈局特性指標。再者,在企業全球佈局特性與經營績效之關聯性方面,實證結果則發現兩岸資訊電子業獨資比率較高、投資於已開發國家比率較低與投資地區分散程度較高者,其績效較佳;在干擾變數方面,研究結果顯示兩岸資訊電子業產業競爭程度會顯著強化合資比率、投資於已開發國家比率對經營績效之負向影響;及投資地區分散程度對經營績效之正向影響。
  此外,經由差異性檢定結果顯示,兩岸資訊電子業企業從事全球佈局皆會進一步提升其經營績效。最後,經由兩岸經營績效平均數之差異性檢定比較結果顯示,台灣資訊電子業全球佈局後三年之總資產報酬率(ROA)顯著優於中國大陸;而中國大陸資訊電子業全球佈局後三年之Tobin’s Q則顯著優於台灣。
This paper examines 756 new overseas investing cases of the 320 listed information electronic companies in Taiwan and China from 2006 to 2010. The study investigates the impact on the performance and the factors affecting the global configuration activities. This study applies two-stage least squares regressions (2SLS) for panel data models. Furthermore, F-test, LM-test and Hausman test to determine Endogeneity and decides to apply the fix-effects models. Not only the corporate characteristics, the global configuration, and the corporate performance are dependent, but also the other exogenous variables, such as dividend payout ratio. The results show the characteristics of the global configuration are significantly affected by the international experience, foreign ownership, and the product diversification degree. The companies with the higher degree of wholly owned and investment dispersion or investing less in developed countries have the better performance. In respect of the moderator variable, the results show that the industry competitiveness of information electronic companies in Taiwan and China can strengthen the degree of wholly owned and the effects on operating performance based on the investment in developed countries and investment dispersion.
In addition, the results of the Paired-Samples T Test show that the global configuration will enhance the operating performance of the companies. The t-test of the average operating performance determined that Taiwan companies are superior to China companies in the ROA of the global configuration in later three years. On contrary, China companies show better Tobin’s Q of the global configuration in later three years.
Keywords: Global Configuration; Operating Performance; International Experience; Investment Dispersion; Industry Competitiveness.
目 錄
目錄 Ⅰ
圖目錄 Ⅲ
表目錄 Ⅳ
第壹章 緒論
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究範圍與流程 4
一、研究範圍 4
二、研究流程 4
第貳章 文獻探討
第一節 兩岸資訊電子業概況 5
一、台灣 5
二、中國大陸 6
第二節 國際化理論 7
一、國際化的定義 7
二、國際化相關理論 8
第三節 進入模式相關理論 10
一、自行建立 11
二、併購 12
第四節 區位相關理論 13
第五節 相關實證文獻探討 15
一、多國籍企業績效之相關文獻 15
二、影響企業全球佈局績效因素之相關文獻 16
三、產業競爭程度與經營績效關係之相關文獻 21
第參章 研究設計
第一節 研究假說 25
一、資訊電子企業特性對企業全球佈局特性之影響 25
二、產業競爭程度對資訊電子企業全球佈局特性與經營績效之影響 27
第二節 研究架構 29
第三節 變數操作性定義 30
一、資訊電子企業特性 30
二、資訊電子企業全球佈局特性 31
三、資訊電子企業經營績效 32
四、控制變數 33
五、干擾變數 34
第四節 研究方法 35
一、敘述性統計 35
二、共線性檢定 35
三、迴歸分析 36
第五節 資料來源與樣本選擇 38
一、資料來源 38
二、樣本選取 39
第肆章 實證結果分析
第一節 樣本資料敘述性統計 40
一、全球佈局活動的年度分佈狀況 40
二、全球佈局活動的投資地區分析 43
三、敘述性統計 44
四、最適之panel data模型檢測 47
第二節 資訊電子企業特性對企業全球佈局特性之關係驗證 48
一、共線性檢定 48
二、資訊電子企業特性對企業全球佈局特性之追蹤型資料2SLS分析 49
第三節 資訊電子企業全球佈局特性對經營績效之關係驗證 53
一、共線性檢定 53
二、資訊電子企業全球佈局特性對經營績效之追蹤型資料2SLS分析 54
三、資訊電子企業全球佈局前後經營績效之差異性檢定 58
第四節 假說彙整 60
第伍章 結論與建議
第一節 研究結論 61
一、兩岸上市資訊電子企業特性對企業全球佈局特性之影響 61
二、兩岸上市資訊電子企業全球佈局特性對經營績效之影響 62
第二節 研究限制 63
第三節 研究建議 63
參考文獻 65
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