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題名 企業策略型態與資本結構關係之研究
作者 凌國彰
LING, GUO-ZHANG
貢獻者 陳隆麒
CHEN, LONG-QI
凌國彰
LING, GUO-ZHANG
關鍵詞 企業策略
資本結構
多角化
日期 1992
1991
上傳時間 2-May-2016 15:12:27 (UTC+8)
摘要 資本結構的決定因素迄今已有許多財務論文發表，但卻一直未能達成共識。缺乏共識的原因，主要是忽略資本結構的決策制定，應考慮公司長期的策略方向，而不單單是客觀變數影響的結果。因此，本研究從更層資更高的策略層面切必，探討以往研究無法達成共識的原因。
參考文獻 一、中文部份
註1:林煜宗著，現代投資學--制度、理論與實證，三民書局，民國72 年。
註2:吳思華撰，”交易成本理論及其在企業經營策略與組織管理上的涵意"管理新思潮，民國79 年。
註3:周文賢、葉佐端合著，多變量統計分析--SAS/ST A TISTICS。
註4:陳隆麒譯，現代財務管理，台北: 華泰書局，民國78 年印行。
註5:黃俊英著，多變量分析，台北:中國經濟研究所，四版，民國8 0 年1 月。
註6:”黃英陶撰，”代理問題對公司資本結構影響之研究"國立成功大學工業管理研究所碩士論文，民國77 年5 月。
註7:許是祥譯，企業策略管理，中華企業管理發展中心，民國77 年8 月。
註8:許致中撰，”台灣地區企業多角化策略對績效影響之研究"國立交通大學管理科學研究所碩士論文，民國76 年6 月。
註9:張錫芳撰，”槓桿作用程度與股票系統風險關聯性之研究"國立交通大學管理科學研究所碩士論文，民國76 年6 月。
註10:馮雨新撰，”資本結構決定因素之研究"國立台灣大學商學研究所碩士論文，民國78 年6 月。
註11:劉維琪與劉玉珍合撰，”融資順位理論之發展與實證"管理評論，民國78 年7月，pp .7-22 。
註12:賴英崑撰，”台灣地區公民營企業資本結構初步研究"國立中央大學產業經濟研究所碩士論文，民國78 年6 月。
註13:顏永森撰，”台灣中小企業特性與經營策略關係之研究"國立中興大學企業管理研究所碩士論文，民國75 年6 月。
二、英文部份
1. Aaker, David A., Developing Business Strategies, New York Willey and Sons, 1984, p-p.35-36.
2. Amihud, Yakov and B. Lev, "Risk Reduation As a Managerial Motive for Conglomer Mergers", Bell Journal of Econemics, Dec. 1981, pp.605-617.
3. Amit, R. and J. Livnat, "Diversification, Capital Structure, and Systematic Risk: An Empirica Investigation", Journal of Accounting, Auditing and Finance, Winter 1988, pp.19-43.
4. Barton, Sidney L. and Paul J. Gordon, "Corporate Strategy and Capital Structure", Strategic Management Journal (UK), Nov. / Dec. 1988, pp.623-632.
5. Beattie, D.L. "Conglomerate Diversification and Performance: A Survey and Time Series Analysis", Applied Economics, Dec. 1980, pp.251- 271.
6. Berry, C. H., Corporate Growth and Diversifiication, Princetio: Princeton University Press, 1975.
7. Bettis, R. A.and W. K. Hall, "Divesification Strategies, Accounting Dertermined Risk", Strategic Management Journal, Feb. 1982, pp.254- 264.
8. Bettis, R. A., "Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums", Academy of Management Review, Aug.1983, pp.406- 41 5 .
9. Brander, James A., and Tracy R. Lewis, "Oligopoly and Financial Structure: The Limited Liability Effect", The American Economic Review, May 1986, pp. 956- 970.
10. Chandler , A . D. Jr , Strategy and Structure, M. I. T. Press, Cambridge, Massachusetts, 1962.
11. Christensen, H. H. and C. A. Montgomery, "Corporate Economic Performance: Diversification Strategy Versus Market Structure", Strategic Management Journal, Feb, 1981, pp.327- 343.
12. Coase , R. H., "The Value of The Firm", Economics, Apr. 1937, pp.331 - 351.
13. Didrichsen, Jon, "The Development of Diversified and Con glomenate Firms in the United States, 1920-1970", Business History Reviews, Summer 1972, pp.206.
14. Ferri, M. G. and W. H. Jones, "Determinants of Financial Structure: A New Method Logical Approach" , Journal of Finance, June 1979, pp.631 - 644.
15. Gahlon, James M. and Roger O. Store, "Diversification, Finanancial Leverage, and Conglomerate for Systematic Risk", Journal of Financial and Quantitative Analysis, Dec. 1979, pp. 999-1013.
16. Gahlon, James M. and James . Gentry, "On The Relationship Between Systematic Risk and The Degree of Operating and Financial Leverage", Financial Management, Summer 1982, pp. 15-23.
17. Glueck, William F., Business Policy and Management Action, New York: McGraw Hill 1972, pp.173.
18. Gupta, Manak c., "The Effect of Size, Growth and Industry on The Finance Structure of Manufacturing Companies", Journal of Finance, Jan. 1969, pp.36-47.
19 . Hamada, R. S., "The Effect of The Firm`s Capital Structure on The Systematic Risk of Common Stocks", Journal of Finance, May 1972, pp.435 - 452.
20. Harris, Milton and Arthur Raviv, "The Theory of Capital Structure", Journal of Finance, Mar. 1991, pp .297-355.
21. Higgins, R. C. and L. D. Schall, "Corporate Bankruptcy and Conglomerate Merger" , Journal of Finance, Mar . 1975, pp93 - 114.
22. Joehnk, Michael D. and James F. Nielsen, "The Effect of Conlglomerate Merger Activity on Systemafic Risk" , Journal of Financial and Quantitative Aualysis, Mar. 1974. pp. 215- 225.
23. Kim, W.S. and E. H. Sorensen, "Evidence on The Impact of The Agency Costs of Debt on Corporate Debt Policy", Journal of Financial and Quantitative Analysis, June, pp.131 - 144.
24. Levy, H. and M. Sarnat, "Diversification, Portfolio Analysis and The Uneasy Case for Conglomerate Mergers", Journal of Finance, Sep. 1970, pp.627-642.
25. Lewellen, W. G., "A Pure Financial Rationale for Conglomerate Mergers.", Journal of Finance, May 1971, pp.521 - 537.
26. Lubatkin, M. and H. O`Neill, "Merger Strategies and Capital Market Risk", Academy of Manngement Journal, Vol 30, 1987, pp. 665- 684.
27. Marsh, Paul, "The Choice Between Equity and Debt: An Empirical Study", Journal of Finance, Mar. 1982,pp.121-144.
28. Melicher, R. W. and D. F. Rush, "The Performance of Conglomerated Firms: Recent Risk and Return Experieme", Journal of Finance, Sep, 1973, pp.381-388.
29. Melicher, R. W. and D. F. Rush, "Systematic Risk, Financial Data, and Bond Rating Relationships in a Regulated Industiry Environment", Journal of Finance, May 1974, pp537-544.
30. Montgomery, C. A., "The Measurement of Firms Diversification: Some New Emperical Evidence." Academy of Management Journal, Feb. 1982. PP.299 - 307.
31. Montgomery, C.A. and H. Singh, "Diversification Strategy and Systematic Risk", Strategic Management Journal, May 1984, pp. 181-191.
32. Pfeffer, Jeffry and Gerald R. Salanick, The External Control of Organization: A Resource Dependence Perspective, New York: Harper and Raw Publication Inc., 1978, pp.113-144.
33. Porter, Michael E., Competitive Strategy: Techniques for Analyzing Industries and Competitors, New York: The Free Press, 1980.
34.Reed, Richard and G. A. Luffman, "Strategic Planning and Environmental Analysis", European Journal of Marketing (UK), 1988, pp.14-27.
35. Rumelt, R. P., "Diversification Strategy and Profitability", Strategic Management Journal, Mar. 1982, pp. 359- 369.
36. Scherer, R. P., Industrial Market Structure and Economic Performance Boston: Houghton-Mifflin, 1980.
37. Subrahamanyam, M. G. and S. B. Themadakis, "Systematic Risk and Theory of the Firm", The Quarterly Journal of Economics, May 1980, pp.437-451.
38. Teece, David J., "Inter- Organization Requirements of The Innvation Process", Managerial and Decision Economics (UK), Spring 1989, pp. 35- 42.
39. Titman, Sheridan, "The Effect of Capital Structure on a Firm`s Liquidation Decision" Journal of Economics, Vol 13, 1984, pp. 137-151.
40. Titman, Sheridan and Roberto Wessels, "The Determinants of Capital Structure Choice", Journal of Finance, Mar.1988. ppl-19.
41. Varadarajan, P., "Product Diversity and Firm Performance: An Emperical Investigation", Journal of Marketing, July. 1986, pp. 43 - 57.
42 . Weston J. F. and E . F. Brigham, Managerial Finance, Holt Rinehart and Winston, 3rd Eddtion, 1969.
43. Weston, J. F. and S. K. Masimnghla, "Tests of The Efficiency Performance of Conglomernte Firms" , Journal of Finance , Apr. , 1971, pp.919 - 936.
44. Williamson, E. E., Market and Hierarchies, New York: Free Press, 1975.
45. Wrigley, Leonard, "Divisional Autonomy and Diversification" ,Doctoral Dissertation, Harvard Business school, 1970.
描述 碩士
國立政治大學
企業管理學系
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002004454
資料類型 thesis
dc.contributor.advisor 陳隆麒zh_TW
dc.contributor.advisor CHEN, LONG-QIen_US
dc.contributor.author (Authors) 凌國彰zh_TW
dc.contributor.author (Authors) LING, GUO-ZHANGen_US
dc.creator (作者) 凌國彰zh_TW
dc.creator (作者) LING, GUO-ZHANGen_US
dc.date (日期) 1992en_US
dc.date (日期) 1991en_US
dc.date.accessioned 2-May-2016 15:12:27 (UTC+8)-
dc.date.available 2-May-2016 15:12:27 (UTC+8)-
dc.date.issued (上傳時間) 2-May-2016 15:12:27 (UTC+8)-
dc.identifier (Other Identifiers) B2002004454en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/89113-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理學系zh_TW
dc.description.abstract (摘要) 資本結構的決定因素迄今已有許多財務論文發表，但卻一直未能達成共識。缺乏共識的原因，主要是忽略資本結構的決策制定，應考慮公司長期的策略方向，而不單單是客觀變數影響的結果。因此，本研究從更層資更高的策略層面切必，探討以往研究無法達成共識的原因。zh_TW
dc.description.tableofcontents 第1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研究限制．．．．．．．．．．5
第2章文獻探討．．．．．．．．．．7
2.1企業多角化的動機．．．．．．．．．．10
2.1.1交易成本觀點．．．．．．．．．．10
2.1.2風險分散觀點．．．．．．．．．．12
2.1.3產業競爭分析觀點．．．．．．．．．．13
2.1.4資源最適運用觀點．．．．．．．．．．13
2.2多角化策略的分類方式．．．．．．．．．．13
2.3資本結構與企業策略型態的關係．．．．．．．．．．18
2.3.1理論部分．．．．．．．．．．19
2.3.1.1策略管理方面．．．．．．．．．．19
2.3.1.2市場競爭對手的互動方面．．．．．．．．．．21
2.3.1.3破產成本方面．．．．．．．．．．24
2.3.2實證部分．．．．．．．．．．25
2.3.2.1管理行為方面．．．．．．．．．．25
2.3.2.2風險分散方面．．．．．．．．．．26
2.4資本結構關鍵因素的實證研究．．．．．．．．．．30
第3章研究設計．．．．．．．．．．38
3.1研究方法．．．．．．．．．．38
3.2公司策略型態的衡量．．．．．．．．．．38
3.3研究變數．．．．．．．．．．43
3.3.1預測變數的定義與衡量．．．．．．．．．．43
3.3.2準則變數的定義與衡量．．．．．．．．．．44
3.3.3控制變數的定義與衡量．．．．．．．．．．44
3.4研究假說．．．．．．．．．．45
3.5統計分析方法．．．．．．．．．．46
3.5.1變異數分析．．．．．．．．．．46
3.5.2複迴歸分析．．．．．．．．．．47
第4章研究結果．．．．．．．．．．49
4.1資料基本統計分析．．．．．．．．．．49
4.1.1非相關多角化型的樣本特性．．．．．．．．．．50
4.1.2相關多角化型的樣本特性．．．．．．．．．．50
4.1.3主力產品型的樣本特性．．．．．．．．．．51
4.1.4單一產品型的樣本特性．．．．．．．．．．53
4.1.5小結．．．．．．．．．．54
4.2策略型態對資本結構的影響．．．．．．．．．．55
4.2.1公司策略型態會造成資本結構的差異．．．．．．．．．．55
4.2.2多角化公司與非多角化公司資本結構有差異．．．．．．．．．．56
4.2.3非相關多角化公司與相關角化公司資本結構有差異．．．．．．．．．．57
4.2.4相關角化公司與主力產品型公司資本結構有差異．．．．．．．．．．58
4.2.5主力產品型公司與單一產品型公司資本結構有差異．．．．．．．．．．59
4.3資本結構與各變數之關係．．．．．．．．．．60
4.4策略型態與資本結構決定因素的關係．．．．．．．．．．62
4.4.1相關多角化公司資本結構的決定因素．．．．．．．．．．62
4.4.2非相關角化公司資本結構的決定因素．．．．．．．．．．63
4.4.3主力產品型公司資本結構的決定因素．．．．．．．．．．64
4.4.4單一產品型公司資本結構的決定因素．．．．．．．．．．65
4.4.5小結．．．．．．．．．．66
第5章結論與建議．．．．．．．．．．68
5.1結論．．．．．．．．．．68
5.2建議．．．．．．．．．．71
5.2.1對企業界的建議．．．．．．．．．．71
5.2.2對後續研究方向的建議．．．．．．．．．．72
參考文獻．．．．．．．．．．73
附錄:樣本名單		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004454en_US
dc.subject (關鍵詞) 企業策略zh_TW
dc.subject (關鍵詞) 資本結構zh_TW
dc.subject (關鍵詞) 多角化zh_TW
dc.title (題名) 企業策略型態與資本結構關係之研究zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部份
註1:林煜宗著，現代投資學--制度、理論與實證，三民書局，民國72 年。
註2:吳思華撰，”交易成本理論及其在企業經營策略與組織管理上的涵意"管理新思潮，民國79 年。
註3:周文賢、葉佐端合著，多變量統計分析--SAS/ST A TISTICS。
註4:陳隆麒譯，現代財務管理，台北: 華泰書局，民國78 年印行。
註5:黃俊英著，多變量分析，台北:中國經濟研究所，四版，民國8 0 年1 月。
註6:”黃英陶撰，”代理問題對公司資本結構影響之研究"國立成功大學工業管理研究所碩士論文，民國77 年5 月。
註7:許是祥譯，企業策略管理，中華企業管理發展中心，民國77 年8 月。
註8:許致中撰，”台灣地區企業多角化策略對績效影響之研究"國立交通大學管理科學研究所碩士論文，民國76 年6 月。
註9:張錫芳撰，”槓桿作用程度與股票系統風險關聯性之研究"國立交通大學管理科學研究所碩士論文，民國76 年6 月。
註10:馮雨新撰，”資本結構決定因素之研究"國立台灣大學商學研究所碩士論文，民國78 年6 月。
註11:劉維琪與劉玉珍合撰，”融資順位理論之發展與實證"管理評論，民國78 年7月，pp .7-22 。
註12:賴英崑撰，”台灣地區公民營企業資本結構初步研究"國立中央大學產業經濟研究所碩士論文，民國78 年6 月。
註13:顏永森撰，”台灣中小企業特性與經營策略關係之研究"國立中興大學企業管理研究所碩士論文，民國75 年6 月。
二、英文部份
1. Aaker, David A., Developing Business Strategies, New York Willey and Sons, 1984, p-p.35-36.
2. Amihud, Yakov and B. Lev, "Risk Reduation As a Managerial Motive for Conglomer Mergers", Bell Journal of Econemics, Dec. 1981, pp.605-617.
3. Amit, R. and J. Livnat, "Diversification, Capital Structure, and Systematic Risk: An Empirica Investigation", Journal of Accounting, Auditing and Finance, Winter 1988, pp.19-43.
4. Barton, Sidney L. and Paul J. Gordon, "Corporate Strategy and Capital Structure", Strategic Management Journal (UK), Nov. / Dec. 1988, pp.623-632.
5. Beattie, D.L. "Conglomerate Diversification and Performance: A Survey and Time Series Analysis", Applied Economics, Dec. 1980, pp.251- 271.
6. Berry, C. H., Corporate Growth and Diversifiication, Princetio: Princeton University Press, 1975.
7. Bettis, R. A.and W. K. Hall, "Divesification Strategies, Accounting Dertermined Risk", Strategic Management Journal, Feb. 1982, pp.254- 264.
8. Bettis, R. A., "Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums", Academy of Management Review, Aug.1983, pp.406- 41 5 .
9. Brander, James A., and Tracy R. Lewis, "Oligopoly and Financial Structure: The Limited Liability Effect", The American Economic Review, May 1986, pp. 956- 970.
10. Chandler , A . D. Jr , Strategy and Structure, M. I. T. Press, Cambridge, Massachusetts, 1962.
11. Christensen, H. H. and C. A. Montgomery, "Corporate Economic Performance: Diversification Strategy Versus Market Structure", Strategic Management Journal, Feb, 1981, pp.327- 343.
12. Coase , R. H., "The Value of The Firm", Economics, Apr. 1937, pp.331 - 351.
13. Didrichsen, Jon, "The Development of Diversified and Con glomenate Firms in the United States, 1920-1970", Business History Reviews, Summer 1972, pp.206.
14. Ferri, M. G. and W. H. Jones, "Determinants of Financial Structure: A New Method Logical Approach" , Journal of Finance, June 1979, pp.631 - 644.
15. Gahlon, James M. and Roger O. Store, "Diversification, Finanancial Leverage, and Conglomerate for Systematic Risk", Journal of Financial and Quantitative Analysis, Dec. 1979, pp. 999-1013.
16. Gahlon, James M. and James . Gentry, "On The Relationship Between Systematic Risk and The Degree of Operating and Financial Leverage", Financial Management, Summer 1982, pp. 15-23.
17. Glueck, William F., Business Policy and Management Action, New York: McGraw Hill 1972, pp.173.
18. Gupta, Manak c., "The Effect of Size, Growth and Industry on The Finance Structure of Manufacturing Companies", Journal of Finance, Jan. 1969, pp.36-47.
19 . Hamada, R. S., "The Effect of The Firm`s Capital Structure on The Systematic Risk of Common Stocks", Journal of Finance, May 1972, pp.435 - 452.
20. Harris, Milton and Arthur Raviv, "The Theory of Capital Structure", Journal of Finance, Mar. 1991, pp .297-355.
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