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研究生:江政勳
研究生(外文):Jiang,Cheng-Syun
論文名稱:國際化、投資效率與企業生命週期
論文名稱(外文):Internationalization、Capital Investment Efficiency and Firm Life Cycle
指導教授:陳俞如陳俞如引用關係
口試委員:陳俞如吳明政謝存瑞
口試日期:2017-06-08
學位類別:碩士
校院名稱:國立彰化師範大學
系所名稱:財務金融技術學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:66
中文關鍵詞:企業國際化資本投資效率企業生命週期
外文關鍵詞:InternationalizationCapital investment efficiencyFirm life cycle
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本研究主要在分析國際化對資本投資效率的影響,同時討論企業生命週期之調節效果,本文以2005年至2015年台灣上市櫃公司為研究對象,共有12990筆樣本資料。首先探討國際化與投資效率之關係,以海外子公司跨越國家數與海外子公司數為國際化衡量變數,實證結果發現,企業在國際化的情況下,投資效率較佳,也較不易發生過度投資或是投資不足的情形。本文再進一步探討企業生命週期階段的不同對於國際化與投資效率的影響是否會有差異,結果顯示企業在成熟期的國際化對投資效率的影響較明顯。
This paper aims to explore how firm internationalization influences capital investment efficiency and investigates the moderating effects of corporate life cycle. We selected 12,990 samples of Taiwanese listed companies ranging from 2005 to 2015. First we examine how firm internation-alization influences capital investment efficiency, with the measure of internationalization by the number of countries where the overseas subsidiaries located in and the number of overseas subsidiaries respectively. Our results suggested that internationalization contributed to capital investment efficiency, indicating that companies with higher degree of internationalization lead less to over-investment or under-investment. This paper also further investigated corporate life cycle effects. The findings suggested that the impact of internationalization on capital investment efficiency is more pronounced when a company was in the life cycle of mature stage.
摘要.......................I
Abstract..................II
目錄.....................III
表目錄....................IV
第壹章 緒論...............1
第貳章 文獻探討與假說發展...4
一、國際化的資本投資策略.....4
二、企業生命週期............6
第參章 研究方法...........9
一、樣本選取................9
二、投資效率的衡量..........12
三、國際化的衡量............13
四、企業生命週期的衡量......13
五、控制變數................17
六、實證模型................18
第肆章 研究結果............19
一、敘述性統計與相關分析......19
二、迴歸結果分析.............24
第伍章 敏感性測試..........48
第陸章 結論與建議..........53
參考文獻....................55
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1. 王育偉、鄭揚耀 (2013),公司治理、資本支出與公司價值,管理與系統,20卷4期,頁665-695。
2. 吳孟玲、張書陶、李泊諺 (2015),國際化、多角化、下方風險與企業社會責任之關係探討,會計與財金研究,8卷1期,頁95-112。
3. 林美鳳、吳琮璠、吳青松 (2008),資訊科技投資與企業績效之關係 – 從企業生命週期論析,資訊管理學報,15卷2期,頁155-183。
4. 邱垂昌、洪福讚 (2008),在不同企業生命週期下智慧資本與企業價值關聯性之研究,當代會計,9卷2期,頁201-236。
5. 柯勝揮、陳瑞呈 (2014),企業國際化對經營績效影響之探討 – 以台灣電子業為例,全球管理與經濟,10卷2期,頁79-93。
6. 曹壽民、紀信義、陳光政 (2006),企業生命週期對商標權價值攸關性之影響,企業管理學報,69期,頁39-72。
7. 陳俞如、林卓民、陳衍佑 (2013),代理問題、資訊揭露和資本投資現金流量敏感性,管理與系統,20卷3期,頁583-609。
8. 陳俞如、金成隆、謝存瑞 (2009),海外投資與盈餘品質:資訊不對稱的觀點,管理學報,26卷4期,頁353-376。
9. 曾綺貞、溫育芳 (2009),國內上市櫃公司資本投資行為之研究 – 採展望理論之觀點,創新與管理,6卷2期,頁39-68。
10. 黃政仁、闕伶倫 (2014),企業創新能力與國際化程度對創新績效及企業績效之影響:以台灣電子資訊業為例,會計評論,59期,頁107-147。
11. 劉俊儒、劉若蘭、許佳新 (2014),企業生命週期與私募股票溢折價關係之研究,商管科技季刊,15卷2期,頁185-222。
12. 鄭哲惠、王兼善、張嘉文 (2015),現金流量資訊衡量電子業的企業生命週期之概況:兼論其對盈餘攸關性之影響,東吳經濟商學學報,91期,頁61-80。
13. 謝存瑞、陳俞如、葉日崧 (2011),國際化與創新表現:吸收能力與區位選擇之調節效果,管理與系統,18卷4期,頁607-632。
14. 謝劍平 (1995),以公司托賓Q比率預測股價對公司投資變動的反應,管理評論,14卷1期,頁33-46。
 
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