光通訊產業競爭程度、產品多角化及公司治理對企業價值與經營績效之影響

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謝寧韶(Ning-Shao Hsieh) 查詢紙本館藏

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會計研究所企業資源規劃會計碩士在職專班

論文名稱

光通訊產業競爭程度、產品多角化及公司治理對企業價值與經營績效之影響
(The Interaction Effect between Industry Competition, Product Diversification and Corporate Governance on Enterprise Value as well as Performance in Optical Communication Industry)

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摘要(中)

本研究有兩大主軸：一是探討「產業競爭程度」對於企業價值及經營績效之影響；二是探討「產品多角化程度」及「公司治理機制」在不同競爭程度下的效用發揮。「產業競爭程度」為主要變數，「產品多角化」及「公司治理」為調節變數，研究對象鎖定台灣光通訊產業，以結合時間序列與橫斷面資料的Panel Data建構三組多元線性迴歸模型進行實證分析，透過不同模型設定下的估計結果，逐項驗證並推導出變數間的相關性及互動效果。

實證結果顯示：光通訊產業的競爭程度與企業價值及經營績效呈現顯著負向關係，表示處於越競爭的環境，企業價值越低，經營績效也越差；產品多角化方面，不論是淨效果或是與競爭程度的交互影響，對公司價值及經營績效的關係皆呈現負相關，顯見產品多角化策略並非是台灣光通訊產業創造價值或是改善經營績效的良方；在公司治理的部分，公司治理品質越好，企業價值越高，經營績效也越佳，且產業越競爭，公司治理的調節效果就越強，對於企業價值提升與經營績效改善的正面影響更加顯著。

摘要(英)

There are two main themes to this study. One is to explore the impact of "Industry Competition" on enterprise value and business performance, and the other is to explore the effectiveness of "Product Diversification Degree" and "Corporate Governance Mechanism" under different levels of competition. "Industry Competition" is the main variable, "Product Diversification" and "Corporate Governance" are the moderator variables. The research take Taiwan Optical Communication Industry as an object in order to conduct empirical analysis with three multiple linear regression models constructed by Panel Data. Verifying and deducing the correlation and interaction effect between independent variables through the estimated results under different model settings.

Our results show that the degree of competition in the Optical Communication Industry has a significant negative relationship with enterprise value and business performance, which means that in a more competitive environment, the lower the enterprise value and the worse the business performance is. In terms of product diversification, whether it is an individual effect or an interactive effect with the level of competition, there is a negative correlation between the company′s value and business performance. It is obvious that product diversification strategy is not a good choice for Taiwan Optical Communication Industry. In terms of corporate governance, the better the quality of corporate governance, the higher the corporate value, and the better the business performance is. In a more competitive environment, the moderation effect of corporate governance is stronger, so that the positive impact of value enhancement and business improvement is even more pronounced.

關鍵字(中)

★ 光通訊
★ 產業競爭程度
★ 產品多角化
★ 公司治理

關鍵字(英)

★ Optical Communication
★ Industry Competition
★ Product Diversification
★ Corporate Governance

論文目次

目錄
第一章緒論 P.1
1-1 研究背景與動機 P.1
1-2 研究目的 P.2
1-3 研究流程與架構 P.3
第二章文獻探討 P.4
2-1 光通訊產業簡介 P.4
2-2 台灣光通訊產業發展現況 P.5
2-3 產業競爭程度相關文獻探討 P.6
2-4 產品多角化相關文獻探討 P.7
2-5 公司治理相關文獻探討 P.8
第三章研究方法 P.10
3-1 研究假說 P.10
3-2 資料來源與樣本篩選 P.13
3-3 研究變數定義 P.14
3-4 研究模型 P.19
第四章實證結果與分析 P.22
4-1 敘述性統計分析 P.22
4-2 相關性分析 P.25
4-3 多元迴歸分析 P.29
第五章結論與建議 P.38
5-1 研究結論 P.38
5-2 研究限制與建議 P.40
參考文獻 P.41
一、中文文獻 P.41
二、英文文獻 P.42

參考文獻

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指導教授

徐之強(Chih-Chiang Hsu)

審核日期

2022-6-15

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