本論文擬透過檢視台灣中小企業發起的外部活動，來觀察此類活動為中小企業所帶來的實質經濟綜效，並透過營運績效溢酬來衡量實質綜效，且將營運績效分為財務績效與創新績效來觀察。本論文之樣本為台灣在2000年至2014年之間有進行外部交易之企業，並使用台灣經濟新報資料庫(TEJ)蒐集財務資料，剔除無財務資料之樣本後，總樣本數共1,091筆，其中特別針對中小企業樣本進行實證分析，其樣本數共276筆。
　　實證結果顯示，就外部交易是否為中小企業創造營運績效而言，藉由進行外部交易活動，中小企業得以在相近規模之同業中，取得較優勢之營運績效溢酬。而相較於同樣進行外部交易活動之大型企業，中小企業進行外部交易所創造的績效溢酬，即使不足以超越大型企業，但確有機會縮小因規模效應所導致之績效差距。
　　就影響中小企業外部交易績效的因素而言，外部交易的活動型態在創新績效上具有顯著影響。再者，境外交易並未替中小企業產生顯著的財務績效溢酬，反而使技術資本效用降低，對創新績效造成了傷害。產業關聯式的外部交易，有助於增加中小企業的財務績效溢酬，尤其以提高資產周轉率效益最為顯著。但在創新績效溢酬上則相反，異業結合型的外部交易，更能發展中小企業成長的潛能。
　　就影響家族型中小企業外部交易績效的因素而言，家族型的中小企業藉由外部交易所獲得之財務績效改善，明顯較非家族中小企業為多，此結果支持所有權之誘因理論。但誘因理論僅侷限於財務優勢，對於以外求方式取得創新績效，中小企業仍採相對保守態度。非家族型中小企業進行外部交易的對象若為境外企業，有助於藉由資源共享來控制營業成本的耗費，但對家族型中小企業來說，外部交易對象為國內企業，較能以其家族網絡規模達到節省成本的效果。家族型中小企業，尤其是屬於知識密集產業的家族型企業，不適合再以內部成長的模式來面對產業轉型的衝擊，除了以合資方式進行，其他型態之外部交易皆有助於家族型中小企業獲得技術資本效率，以提高其於知識密集產業中之競爭力。

This paper examines how SMEs create the economic synergy from starting external deals. The economic synergy is measured by operating performance, which can be divided into two parts, financial performance and innovation performance. After deleting the sample without financial data in TEJ database, we totally collect 1,091 external deals in Taiwan covering the period 2000 to 2014. Then, we focus on the SMEs, conducting the empirical analysis of them. The sample size is 276.
Regarding whether external deals are creating operating performance for SMEs, the empirical results show that SMEs are able to obtain superior operating performance premiums in similar industries. Then, compared with large-scale firms that also conduct external deal, the performance premium created by SMEs for external deals is not enough to exceed the large-scale firms, but it does have the opportunity to reduce the performance gap caused by economies of scale.
Moreover, in terms of the factors affecting the external deal performance of SMEs, the type of external deals has a significant impact on innovation performance. Furthermore, cross-border deal does not have significant financial performance premiums for SMEs, but instead of reducing the technology capital efficiency and making innovation performance worse. Industrial-relatedness deal helps increase the financial performance premiums of SMEs, and in particular, the efficiency of asset turnover is most significant. However, in contrast to innovation performance premium, cross-industry cooperation can develop the potential of SME growth.
In terms of factors affecting the external deal performance of family SMEs, the financial performance of family SMEs obtained through external exchanges is significantly higher than that of non-family SMEs. This result supports the incentive theory of ownership. However, incentive theory is limited to financial advantages, and SMEs still adopt a relatively conservative attitude towards achieving innovative performance through external approaches. Non-family SMEs who conduct cross-border external deals, which helps to control the operating costs through resource sharing. But to the family SMEs, it will be easier to have the cost-saving effect through the scale of family network if they conduct the external deals with domestic firms. Moreover, family- SMEs, especially those belonging to knowledge-intensive industries, are not suitable to face the impact of industrial transformation with the internal growth model. In addition to joint ventures, external deals of other types contribute to family SMEs.

第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 2
1.3 研究架構 3
第二章 文獻回顧 5
2.1 交易績效 5
2.1.1 市場績效 5
2.1.2 營運績效 6
2.2 中小企業外部交易之營運績效 7
2.3 影響交易績效的因素 9
2.3.1 交易型態 10
2.3.2 跨境交易 11
2.4 家族型中小企業之外部交易 12
第三章 研究設計 14
3.1 樣本選擇 14
3.2 被解釋變數 14
3.2.1 財務績效 16
3.2.2 創新績效 17
3.3 解釋變數 21
3.3.1 交易型態變數 21
3.3.2 交易特性相關變數 22
3.4 控制變數 23
3.5 研究方法 25
第四章 實證結果分析 29
4.1 樣本敘述統計 29
4.2 外部交易之長期營運績效 31
4.3 影響外部交易績效因素之探討 39
4.3.1 大型企業vs中小企業 39
4.3.2 交易型態對營運績效溢酬的影響 41
4.4 相關係數分析 46
4.5 迴歸實證結果 46
4.5.1 中小企業樣本之實證結果 46
4.5.2 家族型中小企業vs非家族型中小企業之實證結果 49
第五章 結論與建議 52
5.1 結論 52
5.2 建議與限制 54
參考文獻 56

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