| dc.contributor.advisor | 譚丹琪 | zh_TW |
| dc.contributor.author (Authors) | 劉少縈 | zh_TW |
| dc.creator (作者) | 劉少縈 | zh_TW |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 8-Dec-2010 01:52:14 (UTC+8) | - |
| dc.date.available | 8-Dec-2010 01:52:14 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Dec-2010 01:52:14 (UTC+8) | - |
| dc.identifier (Other Identifiers) | A2010000436 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/48877 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營與貿易研究所 | zh_TW |
| dc.description (描述) | 89351007 | zh_TW |
| dc.description (描述) | 91 | zh_TW |
| dc.description.abstract (摘要) | 台灣加入WTO後，國際化已經成為不得不然的趨勢，企業國際多角化有的是為了求生存，有的是想降低成本以獲得更高的報酬，公司在海外擴張時雖享有規模經濟、範疇經濟、學習曲線、租稅利益、研發或製造的改進、建立組織優勢的好處，但好處不一定會實現，而且會面臨到不同國家間匯率風險、政治風險、文化差異、法令差異、資訊不對稱以及代理問題，所以企業在國際化時有收益也有成本，究竟國際化會使的公司營運風險上升或下降？是否有干擾變數會影響公司國際多角化與營運風險的關係，這是本研究要探討的主題。 本研究在相關的文獻探討後，以公司的營運特性以及國際化策略兩個層面，來探討企業國際多角化與風險的關係，並提出6個假設，首先先看公司國際多角化與公司營運風險是否有相關，公司的負債比例和公司的營運風險是否為正向關係，再來看公司的負債比例、研發支出比例、到開發中國家投資比例、國際化涉入程度對公司國際化與營運風險之關係的影響。 本研究以日本製造業有從事海外擴張活動的廠商為例，來進行實證研究，研究期間為1996年到2000年，去除貿易公司和資料不全的樣本，最後剩下288家廠商，資料分析方法是採回歸分析，以公司的資產報酬的變異作為迴歸分析的依變項，公司國際化程度、負債比例為自變項，而公司的研發支出比例、負債比例、到開發中國家投資的擴張程度、國際化涉入程度會與國際化程度有調節關係，公司規模與公司年齡為控制變數，來探討國際多角化與公司營運風險的關係。 研究結果顯示公司的負債比例會增加公司的營運風險，這是因為公司的負債比例越高，破產風險越大，公司的營運風險也會增加，而公司的規模和年齡越大，公司的營運風險則越小，公司的負債比例會使得公司國際多角化對營運風險的影響降低，所以當公司的負債比例較多時，可以利用不同國家間匯率、租稅的差異，來達到減少利息支出或是節稅的效果。公司去開發中國家擴張的比例要適中，才能使公司國際化對營運風險的影響降到最小，如此利用彼此景氣循環的不同、產品及要素市場的差異，來增加公司營運彈性以及分散風險。而當企業在負債比例、到開發中國家投資比例為0的情況下，公司國際多角化對營運風險有正向的顯著影響。 | zh_TW |
| dc.description.tableofcontents | 謝詞 目錄 摘要 第一章 緒論-----1 第一節 研究背景和動機-----1 第二節 研究問題與目的-----3 第三節 研究流程-----4 第二章 文獻探討-----5 第一節 風險-----5 第二節 企業國際化的好處和成本-----11 第三節 國際化與風險相關性的實證文獻-----20 第三章 研究設計與方法-----43 第一節 研究架構-----43 第二節 研究假說-----44 第三節 樣本選擇-----49 第四節 變數定義與衡量-----50 第五節 資料分析方法-----53 第四章 結果與分析-----54 第一節 樣本基本描述-----54 第二節 研究變數敘述性統計-----56 第三節 國際化與風險的實證結果-----59 第五章 結論與建議-----65 第一節 研究結論-----65 第二節 研究貢獻、研究限制及後續研究建議-----68 第三節 管理意涵-----70 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#A2010000436 | en_US |
| dc.title (題名) | 企業海外擴張與風險之關聯性研究 | zh_TW |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 中文文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 1.于卓民，國際企業：環境與管理，台北：華泰出版社，民國89年9月。 | zh_TW |
| dc.relation.reference (參考文獻) | 2.王健聰，許溪南，〝台灣多國籍企業財務績效與財務特性之實證研究〞，國立成功大學學報第三十四卷人文社會篇，民國88年，頁143-165。 | zh_TW |
| dc.relation.reference (參考文獻) | 3.吳青松，國際企業管理：理論與實務，台北：智勝書局，民國88年。 | zh_TW |
| dc.relation.reference (參考文獻) | 4.曹殿宏，〝國際多角化對企業經營績效的影響研究〞，政治大學國際貿易研究所未出版碩士論文，民國83年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 5.陳昭維，〝企業對外投資與系統風險影響之研究〞，國立交通大學科技管理研究所未出版碩士論文，民國86年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 6.許勝武，〝美國單國籍與多國籍企業之財務績效、結構暨風險探討〞，國立成功大學會計研究所未出版碩士論文，民國90年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 7.廖芳群，〝多國籍與單國籍企業在財務績效暨風險之探討〞，國立成功大學會計研究所未出版碩士論文，民國86年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 8.鄭學淵，〝我國上市公司-多國籍與單國籍企業在財務績效暨風險之探討〞，國立成功大學會計研究所未出版碩士論文，民國89年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 英文文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 1.Agmon, T., and Lessard, D. (1977). Investor recognition of corporate international diversification. Journal of Finance, 32:1049-1055. | zh_TW |
| dc.relation.reference (參考文獻) | 2.Amit, R. and Wernerfelt, B. (1990). Why do firms reduce business risk? Academy of Management Review, 33: 520-533. | zh_TW |
| dc.relation.reference (參考文獻) | 3.Barkema, H. G., Bell, John H. J. and Pennings, J. M. (1996). Foreign entry, cultural barriers, and learning. Strategic management Journal, 17: 151-161. | zh_TW |
| dc.relation.reference (參考文獻) | 4.Bartov, E., Bodnar, G., and Kaul, A. (1996). Exchange rate variability and the riskiness of US multinational firms: evidence from the breakdown of Bretton Woods. Journal of Financial Economics, 42: 105-132. | zh_TW |
| dc.relation.reference (參考文獻) | 5.Bane, W. T., and Neubauer, F. (1981). Diversification and the failure of new foreign activities, Strategic Management Journal, 2(3): 219-233. | zh_TW |
| dc.relation.reference (參考文獻) | 6.Bowman, E. H. (1980). A risk/return paradox for strategic management. Sloan Management Review, 21: 17-31. | zh_TW |
| dc.relation.reference (參考文獻) | 7.Burgman, Todd. (1996). An empirical examination of multinational capital structure. Journal of International Business Studies, 27: 553-70. | zh_TW |
| dc.relation.reference (參考文獻) | 8.Campa, J. M. (1994). Multinational investment under uncertainty in the chemical processing industries, Journal of International Business studies, 3: 557-575. | zh_TW |
| dc.relation.reference (參考文獻) | 9.Cave, R. E. (1982). Multinational enterprise and economic analysis. Cambridge University Press. | zh_TW |
| dc.relation.reference (參考文獻) | 10.Cave, R.E. and Mehra, S. K. (1986). Competition in global Industries, Boston: Harvard Business School Press. | zh_TW |
| dc.relation.reference (參考文獻) | 11.Collins, J. M. (1990). A market performance comparison of U.S. firms active in domestic, developed and developing country. Journal of International Business studies, 2: 271-287. | zh_TW |
| dc.relation.reference (參考文獻) | 12.Czinkota, M. R., Rivoli, P., and Ronkainen, I .A. (1992). International Business, Chicago: Dryden Press. | zh_TW |
| dc.relation.reference (參考文獻) | 13.Dumas, B., and Solnik, B. (1991). The world price of risk, Working paper, Group HEC. | zh_TW |
| dc.relation.reference (參考文獻) | 14.Dunning, J. H. (1993). The Globalization of Business, New York: Routledge. | zh_TW |
| dc.relation.reference (參考文獻) | 15.Eun, C., and Resnick B. (1988). Exchange rate uncertainty, forward contracts, and international portfolio selection. Journal of finance, 43:197-215. | zh_TW |
| dc.relation.reference (參考文獻) | 16.Fatemi, A. M. (1984). Shareholders benefits from corporate international diversification, Journal of Finance, 39: 1325-1344. | zh_TW |
| dc.relation.reference (參考文獻) | 17.Geringer, J., Beamish, P. and daCostra, R. (1989). Diversification strategy and internationalization: implications for MNE performance. Strategic Management Journal, 10: 109-119. | zh_TW |
| dc.relation.reference (參考文獻) | 18.Hamel, Gary and Prahalad, C.K. (1985). Do you really have a global strategy? Harvard Business Review, 63(4): 139-148. | zh_TW |
| dc.relation.reference (參考文獻) | 19.Hennart, J. F. (1988). A transaction costs theory of equity joint ventures, Strategic Management Journal, 9: 361-374. | zh_TW |
| dc.relation.reference (參考文獻) | 20.Hughes, J., Logue, D., and Sweeney, R. (1975). Corporate international diversification and market assigned of risk and diversification, Journal of Financial and Quantitative analysis, 10: 627-637. | zh_TW |
| dc.relation.reference (參考文獻) | 21.Killing, J. Peter. (1982). How to make a global joint venture work, Harvard Business Review, 60(3): 120-127. | zh_TW |
| dc.relation.reference (參考文獻) | 22.Kim, W. C., and Mauborgne, R. A. (1988). Becoming an effective global competitor, Journal of Business Strategy, 9(1): 33-37. | zh_TW |
| dc.relation.reference (參考文獻) | 23.Kim, W. C., Hwang P. and Burgers, W. P. (1993). Multinationals’ diversification and the risk-return trade-off, Strategic management Journal, 14: 275-286. | zh_TW |
| dc.relation.reference (參考文獻) | 24.Kim, W. C., Hwang P. and Burgers, W. P. (1989). Global diversification strategy and corporate profit performance, Strategic management Journal, 10: 45-57. | zh_TW |
| dc.relation.reference (參考文獻) | 25.Knight, F.H. (1921). Risk, Uncertainty, and Profit. Houghton Mifflin; reprint, Chicago: University of Chicago, 1971. | zh_TW |
| dc.relation.reference (參考文獻) | 26.Kogut, B. (1985). Designing global strategies: profiting from operating flexibility, Sloan Management Review, 26: 27-38. | zh_TW |
| dc.relation.reference (參考文獻) | 27.Kogut, B. (1988). Joint venture: Theoretical and empirical perspectives, Strategic Management Journal, 9: 319-332. | zh_TW |
| dc.relation.reference (參考文獻) | 28.Kogut, Bruce and Kulatilaka, Nalin. (1994). Operating flexibility, global manufacturing, and the operating value of a multinational network. Management Science, 40(1): 123-135. | zh_TW |
| dc.relation.reference (參考文獻) | 29.Kwok, Chuck C. Y. and Reeb, David M. (2000). Internationalization and firm risk: An upstream-downstream hypothesis, Journal of International Business Studies, 31(4): 611-629. | zh_TW |
| dc.relation.reference (參考文獻) | 30.Kwok, Chuck C. Y., Reeb, David M. and Baek, H. Y. (1998). Systematic risk of the multinational corporation, Journal of International Business Studies, 29(2): 263-279. | zh_TW |
| dc.relation.reference (參考文獻) | 31.Lane, H.W., and Hildebrand, T. (1990). How to survive in U.S. retail markets, Business Quarterly, 54(3): 62-66. | zh_TW |
| dc.relation.reference (參考文獻) | 32.Lee, K. and Kwok, C. (1988). Multinational corporations vs. domestic corporations: international environmental factors and determinants of capital structure. Journal of international business studies, 19:195-217. | zh_TW |
| dc.relation.reference (參考文獻) | 33.Lubatkin, M. (1983). Mergers and the performance of acquiring firm. Academy of Management Review, 8(2): 218-225. | zh_TW |
| dc.relation.reference (參考文獻) | 34.Madura, Jeff. (1992). International Financial Management, 3rd edition, St. Paul, MN: West Publishing Company. | zh_TW |
| dc.relation.reference (參考文獻) | 35.Mahajan, Arvind. (1990). Pricing risk of expropriation, Financial Management, 19:77-86. | zh_TW |
| dc.relation.reference (參考文獻) | 36.McConnell, J. J. and Nantell, T. J. (1985). Corporate combinations and common stock returns: the case of joint ventures, Journal of Finance, 40(2): 519-536. | zh_TW |
| dc.relation.reference (參考文獻) | 37.Michel, Allen and Shaked, Israel. (1986). Multinational corporations vs. domestic corporations: Financial performance and characteristics, Journal of International Business Studies, 18(3): 89-100. | zh_TW |
| dc.relation.reference (參考文獻) | 38.Miller, J.C., and Pras, B. (1980). The effects of multinational and export diversification on the profit stability of US corporations, Southern Economic Journal, 46: 792-805. | zh_TW |
| dc.relation.reference (參考文獻) | 39.Miles, R.E., and Snow, C.C. (1978). Organizational Strategy, Structure, and Process. New York: McGraw-Hill. | zh_TW |
| dc.relation.reference (參考文獻) | 40.Miller, K. D., and Bromiley, P. (1990). Strategic risk and corporate performance: An analysis of alternative risk measures. Academy of management journal, 33: 756-79. | zh_TW |
| dc.relation.reference (參考文獻) | 41.Miller, K. D. (1992). A Framework for integrated risk management in international business, Journal of international business studies, 2: 311-331. | zh_TW |
| dc.relation.reference (參考文獻) | 42.Milliken, F. J. (1987). Three types of perceived uncertainty about the environment: State, effect, and response uncertainty. Academy of Management Review, 12: 133-43. | zh_TW |
| dc.relation.reference (參考文獻) | 43.Mitchell, W., Shaver J. M., and Yeung B. (1992). Getting there in a global industry: Impacts on performance of changing international presence, Strategic Management Journal, 13: 419-432. | zh_TW |
| dc.relation.reference (參考文獻) | 44.Mitchell, W., Shaver J. M., and Yeung, B. (1994). Foreign entrant survival and foreign market share: Canadian companies’ experience in United States medical sector markets. Strategic Management Journal, 15: 555-567. | zh_TW |
| dc.relation.reference (參考文獻) | 45.Morck, R. and Yeung, B. (1991). Why investors value multinationality. Journal of Business, 64(2): 165-187. | zh_TW |
| dc.relation.reference (參考文獻) | 46.Olusoga, S. A., (1993). Market Concentration Versus Marker Diversification and Internationalization：Implications for MNE Performance, International Marketing Review, 10(2): 40-59. | zh_TW |
| dc.relation.reference (參考文獻) | 47.Palepu, K. (1985). Diversification strategy, profit performance, and the entropy measure. Strategic Management Journal, 6: 239-255. | zh_TW |
| dc.relation.reference (參考文獻) | 48.Prahalad, C. K. (1976). Strategic choice in diversified MNCs, Harvard Business Review, 54(4): 67-78. | zh_TW |
| dc.relation.reference (參考文獻) | 49.Pfeffer, J., and Salancik, G. R. (1978). The External Control of organizations: A Resource Dependence Perspective. New York: Harper and Row. | zh_TW |
| dc.relation.reference (參考文獻) | 50.Qian, G. (1996). The effect of multinationality measures upon the risk-reture performance of U.S. firms. International Business Review, 5(3): 247-265. | zh_TW |
| dc.relation.reference (參考文獻) | 51.Qian, G. (2000). Performance of U.S. FDI in different world regions. Asian Pacific Journal of Management, (17): 67-83. | zh_TW |
| dc.relation.reference (參考文獻) | 52.Shapiro, Alan. (1978). Financial structure and the cost of capital in the multinational corporation, Journal of financial and quantitative analysis,13: 211-66. | zh_TW |
| dc.relation.reference (參考文獻) | 53.Rugman, A. M. (1979). International diversify and the multinational enterprise. Lexington, MA: Lexington Books. | zh_TW |
| dc.relation.reference (參考文獻) | 54.Terpstra, Vern. (1983). Critical mass and international marketing strategy, Journal of Academy of Marketing Science, 11(3): 269-282. | zh_TW |
| dc.relation.reference (參考文獻) | 55.Wan, Chun-Cheong. (1998). International diversification, industrial diversification and firm performance of Hong Kong MNCs, Asia pacific Journal of management, 15: 205-217. | zh_TW |
| dc.relation.reference (參考文獻) | 56.Zaheer, S. (1995). Overcoming the liability of foreignness, Academy of Management Review, 38(2): 341-363. | zh_TW |
