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研究生:吳敏仙
研究生(外文):Wu Min Hsien
論文名稱:董事經驗對海外投資所有權決策之影響
論文名稱(外文):The Effect of Director Experience on the Ownership Policy of Foreign Direct Investment
指導教授:陳麗宇陳麗宇引用關係
指導教授(外文):Chen Li-Yu
口試委員:賴蓉禾王昱凱
口試委員(外文):Lai Jung-HoWang Yu Kai
口試日期:2014-07-14
學位類別:碩士
校院名稱:東吳大學
系所名稱:企業管理學系
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:2014
畢業學年度:102
語文別:中文
論文頁數:49
中文關鍵詞:董事經驗股權結構資源依賴理論代理理論
外文關鍵詞:Director ExperienceOwnership StructureResource Dependence Theory
相關次數:
  • 被引用被引用:0
  • 點閱點閱:144
  • 評分評分:
  • 下載下載:10
  • 收藏至我的研究室書目清單書目收藏:2
本研究目的係探討董事經驗對於海外投資時所有權決策的影響,主要檢視企業董事擁有國際購併的經驗及目標公司國家購併的經驗是否會選擇高股權的方式進入海外市場。本研究樣本為美國上市企業進行的國際購併案件,樣本期間自2001 年1 月1 日至2012 年12 月31 日底,透過迴歸的方式進行實證研究。實證結果顯示,企業董事擁有國際購併的經驗會選擇高股權的方式進入海外市場;企業董事擁有目標公司國家購併的經驗亦會選擇高股權的方式進入海
外市場。根據本研究結果建議企業應該善用董事的經驗,以協助企業進行海外投資之決策。
The purpose of this study is to explore the effect of the international acquisition experience of the director of on the ownership structure. In other words, this study examines whether firms with the board’s experience of
international acquisition and board’s experience of international acquisitions for the host country will choose higher ownership structure into overseas markets.
The study sample use cases of foreign acquisitions of America public firms during January 1, 2001 to December 31, 2012, via the analysis of linear regression model.The empirical results show that firms with directors that have international acquisition experience and international acquisition in the target country will choose higher ownership structure into overseas markets. The study recommends that companies should make use of the experience of directors to reduce the risk faced by overseas investments in order to increase their competitiveness and to assist them undertaking the decisions of oversea investments.
表目錄............................................................. V
圖目錄............................................................. VI
第一章 緒論......................................................... 7
1.1 研究背景 .................................................... 7
1.2 研究動機及目的 .............................................. 9
1.3 研究流程 ................................................... 10
第二章 文獻探討與假設建立.......................................... 12
2.1 企業海外投資模式類型與風險 ................................. 12
2.2 董事與海外投資 ............................................. 15
2.3 董事經驗對海外投資所有權決策的影響 ......................... 18
第三章 研究方法.................................................... 22
3.1 資料來源與樣本選取標準 ..................................... 22
3.2 董事篩選條件 ............................................... 23
3.3 研究方法 ................................................... 24
第四章 實證結果.................................................... 27
4.1 樣本資料敘述說明 ........................................... 27
4.2 相關係數矩陣分析 ........................................... 31
4.3 迴歸分析 ................................................... 34
第五章 研究結論.................................................... 37
5.1 研究結論 ................................................... 37
5.2 實務意涵 .................................................. 378
5.3 研究限制與後續研究建議 ..................................... 39
參考文獻........................................................... 40

中文部分:
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何玉婷,(2009),國際合資績效與董事經驗關聯性之探討,國立臺北商業技術學院財務金融研究所論文。
李文瑞,(2000),廠商海外投資股權模式關鍵影響因素之研究-台商赴東南亞投資之實證分析. 管理評論, 19(3), 25-49。
林宇騰,(2005),企業海外投資進入模式選擇之研究—以台灣製造業廠商赴歐洲投資為例,國立東華大學國際企業學系碩士論文。
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高長、陳威如,(1998),台商赴大陸投資所有權進入模式決定因素的分析. 管理學報, 15(3), 393-418。
張旨華,(2002),企業國際化程度、最高階管理者之薪酬與組織績效。國立成功大學企業管理學系碩士論文。
曹海濤、葉日崧,(2008),中國大陸企業海外直接投資之分析. 中國大陸研究,51(1), 31-63。
楊國彬、陳書平,(2007),台灣集團企業海外直接投資進入模式之研究: 組織學習觀點. 臺大管理論叢, 18(1), 151-181。
廖千儀,(2009),董事經驗能否增進企業海外投資之績效?--以美國企業海外獨資新設事業宣告為例,國立臺北商業技術學院財務金融研究所論文。
趙維穎,(2003),董事會屬性,董事會功能與企業經營績效之關聯性研究。中原大學企業管理研究所碩士論文。
鄭秀錦,(2012),董事會特性對產品多角化之影響-以台灣上市電子業為例,國立高雄第一科技大學財務管理研究所碩士論文。
謝彩鳳,(2006),「新設或併購?由企業績效與投資動機探討海外子企業之設立模式」,成功大學國際企業研究所碩士論文。
謝錦堂,(2003),董事會的功能構造與結構特徵,全國律師,7(9),76-87。
謝錦堂,(2009),董事會功能理論模型之驗證: 台灣上市公司董監事的觀點. 管理學報, 26(2), 127-144。
韓文軒,(2011),企業國際化程度對企業治理之影響,銘傳大學國際企業學系碩士論文。
蘇家宏,(2006),董事會功能之研究,國立臺北大學企業管理學系碩士論文。

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1. 石素娟,(2006),海外直接投資型態之決策模型. 科技管理學刊, 11(2), 127-153。
2. 石素娟,(2006),海外直接投資型態之決策模型. 科技管理學刊, 11(2), 127-153。
3. 李文瑞,(2000),廠商海外投資股權模式關鍵影響因素之研究-台商赴東南亞投資之實證分析. 管理評論, 19(3), 25-49。
4. 李文瑞,(2000),廠商海外投資股權模式關鍵影響因素之研究-台商赴東南亞投資之實證分析. 管理評論, 19(3), 25-49。
5. 洪榮華、陳香如、柯璟瑩,(2005), 從代理理論的角度探討董事會特性, 股權結構與負債之關聯性. 管理與系統, 12(4), 33-53。
6. 洪榮華、陳香如、柯璟瑩,(2005), 從代理理論的角度探討董事會特性, 股權結構與負債之關聯性. 管理與系統, 12(4), 33-53。
7. 高長、陳威如,(1998),台商赴大陸投資所有權進入模式決定因素的分析. 管理學報, 15(3), 393-418。
8. 高長、陳威如,(1998),台商赴大陸投資所有權進入模式決定因素的分析. 管理學報, 15(3), 393-418。
9. 曹海濤、葉日崧,(2008),中國大陸企業海外直接投資之分析. 中國大陸研究,51(1), 31-63。
10. 曹海濤、葉日崧,(2008),中國大陸企業海外直接投資之分析. 中國大陸研究,51(1), 31-63。
11. 楊國彬、陳書平,(2007),台灣集團企業海外直接投資進入模式之研究: 組織學習觀點. 臺大管理論叢, 18(1), 151-181。
12. 楊國彬、陳書平,(2007),台灣集團企業海外直接投資進入模式之研究: 組織學習觀點. 臺大管理論叢, 18(1), 151-181。
13. 謝錦堂,(2003),董事會的功能構造與結構特徵,全國律師,7(9),76-87。
14. 謝錦堂,(2003),董事會的功能構造與結構特徵,全國律師,7(9),76-87。
15. 謝錦堂,(2009),董事會功能理論模型之驗證: 台灣上市公司董監事的觀點. 管理學報, 26(2), 127-144。