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研究生:陳冠妤
研究生(外文):CHEN,GUAN-YU
論文名稱:台灣南進紡織業國際化、公司治理與價值創造之研究
論文名稱(外文):An Empirical Study among Internationalization,Corporate Governance and Value Creation of Taiwan 's Textile Industry on South Forward
指導教授:林灼榮林灼榮引用關係
指導教授(外文):LIN, JWU-RONG
口試委員:彭作奎劉正
口試委員(外文):PENG, TSO-KWEILIU, JENG
口試日期:2017-04-30
學位類別:碩士
校院名稱:東海大學
系所名稱:國際經營與貿易學系
學門:商業及管理學門
學類:貿易學類
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:52
中文關鍵詞:新南向政策國際化公司治理價值創造
外文關鍵詞:New Southward PolicyInternationalizationCorporate GovernanceValue Creation
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我國政府自1994年起推動「加強對東南亞地區經貿工作綱領」,推動與東南亞國家間貿易、投資、產業、科技、勞工、教育等各合作;新政府上任再推出「新南進政策」,其主要特色為創造互利共贏的新合作模式。基於新南向政策之時空背景,本文利用台灣經濟新報文化事業股份有限公司資料庫,以2015年的上市上櫃的紡織業為研究對象,首先透過變異數、平均數及中位數檢定,探討南進紡織業廠商在國際化、公司治理與價值創造上,是否與非南進樣本群有所差異;其次,利用逐步迴歸模型,推估國際化及公司治理對價值創造之衝擊效應。茲將主要發現歸納如下:(1)國際化構面:就海外投資深度(投資額)及廣度(分公司家數),發現無論總計(總投資額及總家數)或平均值,皆顯示南進廠商之國際化程度遠高於非南進。(3)公司治理構面:在公司治理六構面中,董事會結構、財務透明度及公平對待股東等三構面,南進相對優於非南進;而在股權結構、控制權偏離、組織及人事穩定度等三構面,顯示南進與非南進互有消長。(3)價值創造構面:南進樣本群之平均總營收、中間投入、附加價值、附加價值占總營收百分比、股東權益報酬率及資產報酬率及總資產,皆顯著大於非南進樣本群,顯示南進廠商之價值創造顯著大於非南進。經由逐步迴歸分析,歸納如下:看出南進廠商東南亞投資金額對價值創造有顯著影響,但是南進廠商在其他地區投資金額顯著小於非南進廠商在其他地區投資金額,顯示南進廠商與非南進廠商互有消長;南進與非南進廠商公司治理變數與總資產對於價值創造的影響互有好壞。整合本文實證結果,顯示政府在推出新南向政策前,台灣紡織業已提前佈局東南亞國家;在美國退出跨太平洋夥伴協定(TPP)後,由大陸所主導區域全面經濟伙伴協定(RCEP),將更加深化亞太地區,政府及業者宜注意政經風險提高之後續效應。
Since 1994, the Taiwanese government has promoted the "Program for Economic and Trade Work in Southeast Asia" to enhance cooperation within trade, investment, industry, technology, labor and education among Southeast Asian countries. The new government launched the "New Southward Policy", its main feature is to create a mutually beneficial win-win new cooperation mode. Based on the background of the New Southward Policy, this paper uses the Taiwan Economic News Culture Co., Ltd. database to study the textile industry listed on the stock exchange market and the over-the-counter market OTC in 2015 as the object of the study. First through the variance, the average and the median test, to investigate the differences of the textile industry manufacturers which are going southward and the non- southward going sample group in aspects of international, corporate governance and value creation. Secondly, used the stepwise regression model to estimate the impact of internationalization and corporate governance on value creation. The main findings are summarized as follows(1)Internationalization: the depth of overseas investment (investment amount) and the breadth (the number of branches), found that regardless of the total (total investment and total number of households) or the average, all show the southward going manufacturers are far more internationalized than the non-southward going.(2)Corporate governance: In the six corporate governance aspects: the structure of the board of directors, financial transparency and fair treatment of shareholders are shown that southward going manufactures are relatively better than the non-southward going; the other three aspects, the ownership structure, control deviation, organizational and personnel stability are shown that there are good and bad.(3)Value creation: The average of total revenue, middle investment, added value, added value of total sample revenue, return on shareholders' equity and return on assets and total assets were significantly higher than those of non-South sample groups. Indicating that the value of the southward going manufacturers create significantly greater value than non-South into. By stepwise regression analysis, summarized as follows:

It is seen that the amount of investment in Southeast Asia has a significant effect on the value creation, but the investment amount in the other regions is significantly smaller than that of the non-southward going manufacturers in other regions.
The influence of corporate governance variables and total assets on value creation has both good and bad. Consolidating the empirical results of this paper, shows that before the government’s introduction of New South Policy, Taiwanese textile industry has been ahead on the layout of the Southeast Asian countries. After the United States dropped out from the Transatlantic Partnership Agreement (TPP), the Mainland-led Regional Economic Partnership Agreement (RCEP) will deepen the Asia-Pacific region, the government and industries should pay attention to the effects of political and economic risks.

中文摘要 I
英文摘要 II
圖目錄 V
表目錄 V
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究流程與章節架構 3
第二章 文獻回顧 4
第一節 國際化與價值創造 4
第二節 公司治理與價值創造 6
第三章 研究設計 8
第一節 資料處理與變數衡量 8
第二節 兩個母體之差異性檢定 11
第三節 逐步迴歸法 13
第四節 待證假說 15
第四章 實證結果分析 16
第一節 敘述性統計 16
第二節 國際化差異性檢定 20
第三節 公司治理差異性檢定 22
第四節 價值創造差異性檢定 26
第五節 營運規模差異性檢定 27
第六節 共線性分析 29
第七節 逐步迴歸推估結果 32
第五章 結論與建議 41
第一節 研究結論 41
第二節 管理意涵 43
第三節 研究限制 43
參考文獻 43
一、 中文文獻 43
二、 英文文獻 44

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