 |
|
|
|
以作者查詢圖書館館藏 、以作者查詢臺灣博碩士 、以作者查詢全國書目 、勘誤回報 、線上人數：33 、訪客IP：3.135.190.232
姓名 陳德侑(Te-You Chen) 查詢紙本館藏 畢業系所 產業經濟研究所 論文名稱 台灣非金融上市櫃公司之產業集中度變化對公司獲利及營運效率性的影響 檔案 [Endnote RIS 格式]
[相關文章]
[文章引用]
[完整記錄]
[館藏目錄]
[檢視]
- 本電子論文使用權限為同意立即開放。
- 已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
- 請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。
摘要(中) 本文為探討台灣非金融上市櫃公司之產業集中度變化對公司獲利及營運效率性的影響，使用TEJ資料庫中1981年至2019年台灣所有非金融的上市上櫃公司來進行分析，本研究採用最小平方法及固定效果模型與似不相關迴歸模型(seemingly unrelated regression model)來進行分析。本研究的結果顯示台灣的 Herfindahl – Hirschman index(HHI)是不斷走高的，並發現產業集中度越高的產業，其企業的盈利能力越差，盈利能力較差的原因來自於經營效率降低，這原因可能是產業集中度高使得市場競爭變弱，導致企業忽略經營效率，進而影響盈利能力，我們觀察了各期間的狀況發現這種負面情況主要發生在 1981 年到 2006 年間，不過 2000 年後台灣產業集中度越高的產業，其企業的盈利能力越強，且其原因來自於經營效率提升，這可能是因為 2000 年後，台灣企業去中國設廠，在中國生產能大幅降低成本，也因此企業有了較好的經營效率，進而
影響企業的盈利能力。此外我們還發現併購產業集中度越高的公司並不會有超額的併購利益。而 2000 年後主要公司的營收佔比越高的產業企業的經營效率、產業的經營效率越好，最後我們使用產業集中度高低形成之投資組合進行分析，發現並無法經由此投資方式獲得超額報酬。摘要(英) To explore the impact of changes in industry concentration on profitability and operational efficiency of non-financial listed companies in Taiwan, we use TEJ database to analyze all non-financial listed companies in Taiwan from 1981 to 2019. In this research, the minimum square method, fixed effect model, and the seemingly unrelated regression model were used. The results of this research show that Taiwan′s Herfindahl-Hirschman Index (HHI) is continually rising, and it is found that the higher the industrial concentration, the worse the profitability of the enterprise. The reason for the poor profitability is that the low operational efficiency, which may be due to the weak market competition caused by the high industrial
concentration. Therefore, if the enterprise ignores its operational efficiency, its profitability will be affected. We looked at each period and found that the negative situation mainly occurred between 1981 and 2006. However, after 2000, the industry whose industrial concentration is higher than others in Taiwan has the greater strength of profitability because of management efficiency. After 2000, Taiwanese enterprise set up factories in China, and greatly reduced its production costs, so its operating efficiency was improved, which also affected its strength of profitability. In addition, we also found that it won’t have excess profits after merging or acquiring a company with higher industry concentration. After 2000, when the major companies had higher revenue ratio, its operational efficiency was also
greater. Finally, we use the investment portfolio formed by the level of industrial concentration to analyze, and find that it is impossible to obtain excess returns through this investment method.關鍵字(中) ★ 產業集中度 關鍵字(英) 論文目次 目錄
中文摘要.................................................................................................................................................. i
ABSTRACT............................................................................................................................................ ii
致謝........................................................................................................................................................ iii
目錄........................................................................................................................................................ iv
圖目錄..................................................................................................................................................... v
表目錄.................................................................................................................................................... vi
一、緒論................................................................................................................................................. 1
1-1 研究背景及動機........................................................................................................................... 1
1-2 研究目的及問題........................................................................................................................... 2
二、文獻回顧......................................................................................................................................... 3
第三章、資料與研究方法..................................................................................................................... 5
3-1 資料來源與變數定義................................................................................................................... 5
3-2 產業集中度總體趨勢變化........................................................................................................... 6
3-3 實證產業集中度的變化............................................................................................................... 9
3-4 台灣企業的盈利能力與壟斷力及經營效率總體趨勢.............................................................12
3-5 實證模型 .....................................................................................................................................15
四、實證結果........................................................................................................................................22
4-1 數據統計表 .................................................................................................................................22
4-2 產業集中度對盈利能力的影響..................................................................................................26
4-3 產業集中度對壟斷力與資產利用率之影響..............................................................................29
4-4 加入資本支出變數用以考量經濟利潤......................................................................................36
4-5 產業集中度與併購利益..............................................................................................................44
4-6 主要企業的盈利能力分析..........................................................................................................46
4-7 產業集中度投資組合之超額報酬..............................................................................................52
五、結論................................................................................................................................................54
附錄一................................................................................................................................................56
v
參考文獻............................................................................................................................................58參考文獻 Autor, D., Dorn, D., Katz, L. F., Patterson, C., and Van Reenen, J., 2017. The fall of the labor
share and the rise of superstar firms. IZA Institute of Labor Economics Discussion Paper
Series No. 10756.
Baumol, W. J., 1982. Contestable markets: an uprising in the theory of industry structure,
American Economic Review 72, 1–15.
Bittlingmayer, G., 1992. Stock returns, real activity, and the trust question. Journal of Finance
47, 1701-1730
Barber, B. M., and Lyon, J. D., 1996. Detecting abnormal operating performance: the
empirical power and specification of test statistics. Journal of Financial Economics 41,
359-399.
Gorman, L., and Weigand, R. A., 2009. Measuring alpha based performance: Implications for
alpha focused, structured products. SSRN Working Paper.
Grullon, G., Larkin, Y., and Michaely, R., 2019. Are US industries becoming more
concentrated? Review of Finance 23, 697-743.
Irvine, P. J. ,and Pontiff, J., 2009. Idiosyncratic return volatility, cash flows, and product
market competition. Review of Financial Studies 22, 1149-1177.
Loecker, J. D., and Eeckhout, J., 2018. Global market power. NBER Working Paper 24768.
Loecker, J. D., Eeckhout, J., and Unger, G., 2020. The rise of market power and the
macroeconomic implications. Quarterly Journal of Economics 135, 561-644
Schwartzman, D., 1959. The effect of monopoly on price. Journal of Political Economy 67,
352-362.
Sutton, J. , 1991, Sunk Costs and Market Structure, The MIT Press, Cambidge, Massachusetts
Spierdijk , L., and Zaouras, M., 2017. The Lerner index and revenue maximization. Applied
Economics Letters 24, 1075-1079.指導教授 蔡明宏 蔡偉德(Min-Hung Tsay) 審核日期 2021-7-27 推文 plurk
funp
live
udn
HD
myshare
netvibes
friend
youpush
delicious
baidu
網路書籤 Google bookmarks
del.icio.us
hemidemi
facebook
twitter
google
reddit