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題名 國際多角化對企業經營績效影響之研究
International Diversification Strategies and Performance作者 曹殿宏
Chao, Tien Hung貢獻者 于卓民
Yu,Chwo Ming
曹殿宏
Chao,Tien Hung關鍵詞 國際多角化
多角化
績效
風險
報酬
International Diversification
Diversification
Performance
Risk
Return日期 1994
1993上傳時間 29-Apr-2016 15:17:10 (UTC+8) 摘要 由於國際經濟情勢的快速轉變，以及國內環境的巨變，國內的企業必須加\r\n速調整其營運的步伐，選擇一適當的國際多角化策略--非相關產品多角化\r\n、國際市場多角化、相關產品多角化，以因應全球競爭的來臨。臺灣企業\r\n應採用何種國際多角化策略，以達到更高的績效呢？目前國內尚無這方面\r\n的實證研究，而本研究以回收的 136封問卷進行分析，檢視國際多角化策\r\n略對於績效(風險與報酬)的影響，並同時考慮產業因素、規模、研發密集\r\n度、廣告密集度以及資本密集度對於績效的影響。本研究有三項主要的結\r\n論：ぇ若相關產品多角化的程度較高，則會導致報酬顯著的降低，且有可\r\n能使風險增加。え若國際市場多角化的程度較高，則會導致報酬顯著的降\r\n低，且同樣會導致風險顯著的降低。ぉ若非相關產品多角化的程度較高，\r\n則有可能使報酬降低，且風險增加。此結論顯示公司層次的產品多角化對\r\n於績效有負面的影響，而以往國內在關係企業層次的實證研究上，顯示相\r\n關產品多角化策略對於報酬有正向的影響，而非相關產品多角化策略可顯\r\n著降低風險。由此觀之，臺灣企業若要進行產品多角化之策略，似乎以形\r\n成關係企業的方式較優 (亦即由各子公司經營不同的產品線)。 參考文獻 1.中華徵信所，「中華民國大型企業排名」， 中華徵信所出版，民國八十二年。\r\n2.中華徵信所，「中華民國大型企業排名」， 中華徵信所出版，民國八十一年。\r\n3.中華徵信所，「中華民國大型企業排名」， 中華徵信所出版，民國八十年。\r\n4. 中華徵信所，「臺灣地區工商業財務總分析」中華徵信所出版，民國八十二年。\r\n5.行政院主計處，「 中華民國行業標準分類」 民國八十一年。\r\n6.邱毅、陳月珠，「 多角化策略之綜論」 台北市銀月刊，第二十一卷，第四期，民國七十九年四月，頁16-29 。\r\n7.吳穎飛， ，「 由企業競爭看多角化策略的本質」 臺灣經濟研究月刊，第十四卷，第十一期，民國入十年十一月，頁17-21。\r\n8.周正浩譯，「TURBO C使用手冊」， 凡異出版社，民國七十六年。\r\n9.周添城， 「台灣地區製造業廠商多角化之測量」 法商學報，第二十三期，民國七十八年一月，頁439-463 。\r\n10.陳佳琪， 「臺灣企業對外投資決策過程之研究」， 政大國貿所碩士論文，民國八十二年六月。\r\n11.黃俊英， 「行銷研究一管理與技街」 華泰書局，民國八十一年。\r\n12.黃俊英， 「多變量分析」， 中國經濟企業研究所，民國八十年。\r\n13.黃俊英、林震岩， 「 SAS 精析與實例」， 華泰書局，民國八十三年。\r\n14.許致中， 「台灣地區企業多角化策略封績效影響之研究」，政大企研所碩士論文，民國七十六年六月o\r\n15.彭昭英， 「SAS 與統計分析」，儒林圖書公司，民國八十一年。\r\n16.蔡文能譯， 「 TURBO C 參考手冊」，凡異出版社，民國七十六年。\r\n17 .劉水深、郭崑謨、黃俊英、司徒達賢，「臺灣地區關係企\r\n業之形成、營運與影響」，企銀季刊，第一卷，第三、四期，民國七十年。\r\n18.羅庚辛，「企業策略、財務政策與績效闖係研究- -台灣製造業實證研究」 政大企研所博士論文，民國七十九年一月。\r\n\r\n\r\n\r\n1. Amit, R. and J. Livnat, “Diversification and the Risk-return Trade-off, “Academy of Management Journal, vol.31, 1988, pp. 154-166.\r\n2. Berry, R.A., “Corporate Growth and Diversification ,” Princeton University Press, 1975.\r\n3. Bettis, R.A., “Performance Difference in Relate and Unrelated Diversified Firms, “Strategic Management Journal, Vol.2 , 1981, pp. 379-393.\r\n4. Bettis , R. A. and W. K. Hall. , “Diversification Strategy, Accounting Determined Risk, and Accounting Determined Return, “Academy of Management Journal , vol.25, 1982, pp. 254-264.\r\n5. Bettis, R. A. and V. Mahajan., “Risk/Return Performance of Diversified Firms , “Management Science, vol.31, 1985, pp.785-799.\r\n6. Booz, Allen and Hamilton., “A Survey of European Chief Executives, “ Booz, Allen and Hamilton, Inc., New York ,1985.\r\n7. Bowman, E. H. ,”A Risk/Return Paradox for Strategic Management, “Sloan Management Review, Spring, 1980, pp.17-31.\r\n8. Caves, R. E., “International Trade, International Investment, and Imperfect Markets, “Special papers in International Economics, no.10, Department of Economics, Princcton University ,November, 1974.\r\n9. Caves, R. E., M. E. Porter, A. M. Spence and J. T. Scott, “Competition in the Open Economy : A Model Applied to Canada,” Harvard University Press , Cambridge, MA, 1980.\r\n10. Chang, Y. and H. Thomas, “The Impact of Diversification Strategy on Risk-Return Performance, “Strategic Management Journal , vol. 10, 1989, pp. 271-284.\r\n11. Christensen, H. K. and C. A. Montgomery., “Corporate Economic Performance: Diversification Strategy Versus Market Structure, “Strategic Management Journal, Vol.2, 1981, pp.327-343.\r\n12. Geringer, J. M. , P. W. Beamish and R. C. daCosta., “Diversification Strategy and Internationalization : Implications for MNE performance, “Strategic Management Journal , vol.10 , 1989, pp. 109-119.\r\n13. Grant, R., A. Jammine and H. Thomas, “The Impact of Diversification Strategy Upon the Profitability of British Manufacturing Firms, “Academy of Management Proceedings, 1986, pp. 26-30.\r\n14. Grant, R. ,A. Jammine and H. Thomas, “Diversity, Diversification, and Profitablility among British Manufacturing Companies, 1972-1984, “ Academy of Management Journal ,vol. 31, 1988, pp.771-801.\r\n15. Hirsch, S. and B. Lev, “Sales Stabilization through Export Diversification, “The Review of Economics and Statistics, August, 1971, pp.258-266.\r\n16. Jacquemin, A. P. and C. H. Berry, “Entropy Measure of Diversification and Corporate Growth,” Journal of Industrial Economics, vol. 27, 1979, pp.359-369.\r\n17. Jahera, J. S., S. L. Oswald and K. McMillan, “The Relationship between the Efficitiveness of Risk Diversification and Corporate Performance, “Journal of Applied Business Research , vol.9, no. 3, 1993, pp.1-11.\r\n18. Jung, Y., “Multinationality and Profitablility, “Journal of Business Research, vol.23, 1991, pp. 179-187.\r\n19. Kamien, M. I. and N. L. Schwartz, “Market Structure and Innovation : a Survey, “ Journal of Economic Literature, Vol.13, March, 1975, pp.1-37.\r\n20. Kim, W. C.,” Developing a Global Diversification Measure, “Management Science, vol. 35, no.3 , 1989, pp. 376-384.\r\n21. Kim, W.C., P. Hwang and W. P. Burgers, “Global Diversification Strategy and Corperate Profit Performance, “Strategic Management Journal , vol. 10, 1989, pp. 45-57.\r\n22. Kim, W. C., P. Hwang and W. P. Burgers, “Multinational’ Diversification and the Risk-Return Trade-off,” Strategic Management Journal, vol.14, 1993, pp.275-286.\r\n23. Kogut, Bruce., “Designing Global Strategy: Profiting from Operational Flexibility, “Sloan Management Review, vol.27, no.1 , 1985, pp.27-38.\r\n24. Lecraw, D. J.,”Diversification Strategy and Performance, “ The Journal of Industrial Economics, Vol.33, 1984, pp. 179-198.\r\n25. Lemelin, A. , “Relatedness in Patterns of Inter-industry Diversification, “Review of Economics and Statistics, 1982, pp. 646-657.\r\n26. Miller, J. C. and B. Pras., “ The Effect of Multinational and Export Diversification on Profit Stability of U.S. Corporations,” Southern Economic Journal , vol.46, January, 1980, pp.792-805.\r\n27. Montgomery, C. A., “The Measurement of Firm Diversification : Some New Empirical Evidence, Academy of Management Journal , Vol.25, 1982, pp.299-307.\r\n28. Montgomery, C. A., “Product-Market Diversification and Market Power, “Academy of Management Journal , vol.28, 1985, pp.789-798.\r\n29. Palepu, K.,” Diversification Strategy , Profit Performance, and the Entropy Measure, “ Strategic Management Journal , vol.6, 1985, pp.239-255.\r\n30. Pitts, R. A. and H. D. Hopkins, “Firm Diversity : Conceptualization and Measurement, “Academy of Management Review, Vol.7, 1982, PP.620-629.\r\n31. Porter, M. E., “From Competitive Advantage to Corporate Strategy, “Harvard Business Review, Vol.65, no.3, 1987, pp.43-59.\r\n32. Ramanujam, V. and P. Varadarajan, “Research on Corporate Diversification: A Synthesis, “Strategic Management Journal , Vol.10, 1989, pp.523-551.\r\n33. Rugman, Alan M.” Inside the Multinationals: The Economics of International Markets, “Croom Helm, London, 1981.\r\n34. Rugman, Alan M. “International Diversification and the Multinational Enterprise, “Helth, Lexington , MA, 1979.\r\n35. Rumelt, R. P.,” Strategy, Structure, and Economic Performance, “Harvard University Press, Cambridge ,MA, 1974.\r\n36. Rumelt, R. P., “Diversification strategy and profitability, “Strategic Management Journal, vol.3, 1982, pp.359-369.\r\n37. Vachani, S., “Distinguishing between related and unrelated international geographic diversification , “ Journal of International Business Studies, second quarter, 1991, pp. 307-322. 描述 碩士
國立政治大學
國際經營與貿易學系
81351003資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002003772 資料類型 thesis dc.contributor.advisor 于卓民 zh_TW dc.contributor.advisor Yu,Chwo Ming en_US dc.contributor.author (Authors) 曹殿宏 zh_TW dc.contributor.author (Authors) Chao,Tien Hung en_US dc.creator (作者) 曹殿宏 zh_TW dc.creator (作者) Chao, Tien Hung en_US dc.date (日期) 1994 en_US dc.date (日期) 1993 en_US dc.date.accessioned 29-Apr-2016 15:17:10 (UTC+8) - dc.date.available 29-Apr-2016 15:17:10 (UTC+8) - dc.date.issued (上傳時間) 29-Apr-2016 15:17:10 (UTC+8) - dc.identifier (Other Identifiers) B2002003772 en_US dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=100169 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 81351003 zh_TW dc.description.abstract (摘要) 由於國際經濟情勢的快速轉變，以及國內環境的巨變，國內的企業必須加\r\n速調整其營運的步伐，選擇一適當的國際多角化策略--非相關產品多角化\r\n、國際市場多角化、相關產品多角化，以因應全球競爭的來臨。臺灣企業\r\n應採用何種國際多角化策略，以達到更高的績效呢？目前國內尚無這方面\r\n的實證研究，而本研究以回收的 136封問卷進行分析，檢視國際多角化策\r\n略對於績效(風險與報酬)的影響，並同時考慮產業因素、規模、研發密集\r\n度、廣告密集度以及資本密集度對於績效的影響。本研究有三項主要的結\r\n論：ぇ若相關產品多角化的程度較高，則會導致報酬顯著的降低，且有可\r\n能使風險增加。え若國際市場多角化的程度較高，則會導致報酬顯著的降\r\n低，且同樣會導致風險顯著的降低。ぉ若非相關產品多角化的程度較高，\r\n則有可能使報酬降低，且風險增加。此結論顯示公司層次的產品多角化對\r\n於績效有負面的影響，而以往國內在關係企業層次的實證研究上，顯示相\r\n關產品多角化策略對於報酬有正向的影響，而非相關產品多角化策略可顯\r\n著降低風險。由此觀之，臺灣企業若要進行產品多角化之策略，似乎以形\r\n成關係企業的方式較優 (亦即由各子公司經營不同的產品線)。 zh_TW dc.description.tableofcontents 圖次…………………………………………………………………………………Ⅲ\r\n\r\n表次…………………………………………………………………………………Ⅳ\r\n第一章 緒論\r\n第一節 研究背景與動機………………………………………………………1\r\n第二節 研究目的………………………………………………………………3\r\n\r\n第二章 文獻探討\r\n第一節 多角化的定義…………………………………………………………6\r\n第二節 產品多角化之相關文獻回顧…………………………………………8\r\n第三節 國際多角化之相關文獻回顧…………………………………………11\r\n第四節 文獻綜合探討………………………………………………………....20\r\n\r\n第三章 研究設計與方法\r\n第一節 研究架構與研究假設…………………………………………………35\r\n第二節 變數的定欺與衡量……………………………………………………37\r\n第三節 問卷設計………………………………………………………………44\r\n第四節 研究對象與資料收集…………………………………………………45\r\n第五節 分析方法………………………………………………………………47\r\n\r\n第四章 研究結果\r\n第一節 樣本描述………………………………………………………………59\r\n第二節 國際多角化策略對績效之影響\r\n------- 產業加權分析………………………………………………..64\r\n第三節 國際多角化策略對績效之影響\r\n------ 差值分析……………………………………………………74\r\n第四節 國際多角化策略對績效之影響\r\n------ 產業加權風險調整迴歸分析………………………………81\r\n\r\n第五章 結論與建議\r\n第一節 結論……………………………………………………………………84\r\n第二節 研究限制………………………………………………………………91\r\n第三節 建議……………………………………………………………………93\r\n\r\n參考文獻與書目……………………………………………………………………..98\r\n\r\n附錄 : 「國際多角化對績效之影響」問卷調查……………………………………10 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002003772 en_US dc.subject (關鍵詞) 國際多角化 zh_TW dc.subject (關鍵詞) 多角化 zh_TW dc.subject (關鍵詞) 績效 zh_TW dc.subject (關鍵詞) 風險 zh_TW dc.subject (關鍵詞) 報酬 zh_TW dc.subject (關鍵詞) International Diversification en_US dc.subject (關鍵詞) Diversification en_US dc.subject (關鍵詞) Performance en_US dc.subject (關鍵詞) Risk en_US dc.subject (關鍵詞) Return en_US dc.title (題名) 國際多角化對企業經營績效影響之研究 zh_TW dc.title (題名) International Diversification Strategies and Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1.中華徵信所，「中華民國大型企業排名」， 中華徵信所出版，民國八十二年。\r\n2.中華徵信所，「中華民國大型企業排名」， 中華徵信所出版，民國八十一年。\r\n3.中華徵信所，「中華民國大型企業排名」， 中華徵信所出版，民國八十年。\r\n4. 中華徵信所，「臺灣地區工商業財務總分析」中華徵信所出版，民國八十二年。\r\n5.行政院主計處，「 中華民國行業標準分類」 民國八十一年。\r\n6.邱毅、陳月珠，「 多角化策略之綜論」 台北市銀月刊，第二十一卷，第四期，民國七十九年四月，頁16-29 。\r\n7.吳穎飛， ，「 由企業競爭看多角化策略的本質」 臺灣經濟研究月刊，第十四卷，第十一期，民國入十年十一月，頁17-21。\r\n8.周正浩譯，「TURBO C使用手冊」， 凡異出版社，民國七十六年。\r\n9.周添城， 「台灣地區製造業廠商多角化之測量」 法商學報，第二十三期，民國七十八年一月，頁439-463 。\r\n10.陳佳琪， 「臺灣企業對外投資決策過程之研究」， 政大國貿所碩士論文，民國八十二年六月。\r\n11.黃俊英， 「行銷研究一管理與技街」 華泰書局，民國八十一年。\r\n12.黃俊英， 「多變量分析」， 中國經濟企業研究所，民國八十年。\r\n13.黃俊英、林震岩， 「 SAS 精析與實例」， 華泰書局，民國八十三年。\r\n14.許致中， 「台灣地區企業多角化策略封績效影響之研究」，政大企研所碩士論文，民國七十六年六月o\r\n15.彭昭英， 「SAS 與統計分析」，儒林圖書公司，民國八十一年。\r\n16.蔡文能譯， 「 TURBO C 參考手冊」，凡異出版社，民國七十六年。\r\n17 .劉水深、郭崑謨、黃俊英、司徒達賢，「臺灣地區關係企\r\n業之形成、營運與影響」，企銀季刊，第一卷，第三、四期，民國七十年。\r\n18.羅庚辛，「企業策略、財務政策與績效闖係研究- -台灣製造業實證研究」 政大企研所博士論文，民國七十九年一月。\r\n\r\n\r\n\r\n1. Amit, R. and J. Livnat, “Diversification and the Risk-return Trade-off, “Academy of Management Journal, vol.31, 1988, pp. 154-166.\r\n2. Berry, R.A., “Corporate Growth and Diversification ,” Princeton University Press, 1975.\r\n3. Bettis, R.A., “Performance Difference in Relate and Unrelated Diversified Firms, “Strategic Management Journal, Vol.2 , 1981, pp. 379-393.\r\n4. Bettis , R. A. and W. K. Hall. , “Diversification Strategy, Accounting Determined Risk, and Accounting Determined Return, “Academy of Management Journal , vol.25, 1982, pp. 254-264.\r\n5. Bettis, R. A. and V. Mahajan., “Risk/Return Performance of Diversified Firms , “Management Science, vol.31, 1985, pp.785-799.\r\n6. Booz, Allen and Hamilton., “A Survey of European Chief Executives, “ Booz, Allen and Hamilton, Inc., New York ,1985.\r\n7. Bowman, E. H. ,”A Risk/Return Paradox for Strategic Management, “Sloan Management Review, Spring, 1980, pp.17-31.\r\n8. Caves, R. E., “International Trade, International Investment, and Imperfect Markets, “Special papers in International Economics, no.10, Department of Economics, Princcton University ,November, 1974.\r\n9. Caves, R. E., M. E. Porter, A. M. Spence and J. T. Scott, “Competition in the Open Economy : A Model Applied to Canada,” Harvard University Press , Cambridge, MA, 1980.\r\n10. Chang, Y. and H. Thomas, “The Impact of Diversification Strategy on Risk-Return Performance, “Strategic Management Journal , vol. 10, 1989, pp. 271-284.\r\n11. Christensen, H. K. and C. A. Montgomery., “Corporate Economic Performance: Diversification Strategy Versus Market Structure, “Strategic Management Journal, Vol.2, 1981, pp.327-343.\r\n12. Geringer, J. M. , P. W. Beamish and R. C. daCosta., “Diversification Strategy and Internationalization : Implications for MNE performance, “Strategic Management Journal , vol.10 , 1989, pp. 109-119.\r\n13. Grant, R., A. Jammine and H. 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