台灣電子產業多角化與國際化對經營績效之探討

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林欣潔(HSIN-CHIEH LIN) 查詢紙本館藏

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財務金融學系在職專班

論文名稱

台灣電子產業多角化與國際化對經營績效之探討

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摘要(中)

本研究以2010~2020年間台灣上市電子產業為研究樣本，探討國際化、產品多角化程度是否會影響企業財務經營績效，以及對公司價值之影響。透過多元迴歸分析，設定控制變數，含公司成立年限、規模、負債、資本支出及研發變數進行實證研究，結果發現，以國際化、產品多角化個別對經營績效及公司價值做迴歸時，結果呈現負向關係，與Lang and Stulz(1994)；Palich, Cardinal and Miller(2000)；Geringer, Tallman and Olsen(2000)等研究相同。代表多角化策略實施過程中，面對新產品、新事業的擴展，市場層出不窮問題及環境的變化，所需付出的營運成本(含生產成本、銷售通路、廣宣等成本)接近或大於獲利，使績效不如預期。國際化與產品多角化兩者交互作用時，對公司經營績效與公司價值之間有正向幫助，企業在規劃未來發展時，可能已經看到某項產品的商機、與國內、外客戶洽談合作案甚至接收到訂單，且企業評估該產品開發有助於未來發展，逐漸向國外投入通路、生產、廣宣及研發等相關成本，造成投入初期產品多角化或國際化對績效皆呈現負向，當產品順利研發及生產、通路佈置完善，則在國際化與產品多角化交叉時，成本將逐漸回收，對企業績效轉為正向幫助，顯示當企業已累積多角化經驗後，一旦向國際化發展，績效表現較好。

摘要(英)

This study uses the listed electronics industry in Taiwan from 2010 to 2020 as a research sample to explore whether the degree of internationalization and product diversification will affect the financial performance of enterprises, as well as the effect on company value. Three multiple regression analysis model are built, and their control variables are set to be: company years, scale, liabilities, capital expenditures, and R&D, for conducting empirical analysis. It is found that when internationalization and product diversification are individually regressed on business performance and company value, their effect are negative relationship. These results are identical with Lang and Stulz(1994); Palich, Cardinal and Miller(2000); Geringer, Tallman and Olsen(2000).Representing the expansion of new products and new businesses in the process of implementing the diversification strategy for facing endless market problems and changes in the environment, the required operating costs (including production costs, sales channel, advertisement cost) are close or greater than the actual profits, resulting in lower performance than expected. When internationalization and product diversification interact, there is a positive relationship between the company′s operating performance and company value.

關鍵字(中)

★ 多角化
★ 國際化
★ 公司績效
★ 公司價值

關鍵字(英)

★ Diversification
★ Internationalization
★ Performance

論文目次

摘要 i
Abstract ii
致謝 iii
第一章緒論 1
1.1 研究動機 1
1.2 研究目的 3
1.3 研究架構 3
1.4 研究流程 4
第二章文獻探討 5
2.1 多角化定義 5
2.2 國際化 9
2.3 國際化對財務經營績效之影響 11
2.4 企業國際化與產品多角化程度的交互影響 13
第三章研究方法 14
3.1 樣本選取與資料來源說明 14
3.2 研究架構 15
3.3 實證模型設計與變數說明 16
3.4 研究假說 21
第四章實證結果分析 22
4.1 敘述性統計 22
4.2 相關係數分析 24
4.3 國際化與產品多角化對公司經營績效影響 26
4.4 國際化與產品多角化對公司價值影響 29
4.5 國際化與產品多角化交互影響 30
第五章研究結論 31
5.1 研究結論 31
5.2 研究限制 33
參考文獻 34

參考文獻

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指導教授

徐政義李韋憲

審核日期

2022-6-28

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