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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 2-五月-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\n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。\n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。\n註3:周文賢、葉佐端合著，多變量統計分析--SAS/ST A TISTICS。\n註4:陳隆麒譯，現代財務管理，台北: 華泰書局，民國78 年印行。\n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。\n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。\n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。\n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。\n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。\n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。\n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 。\n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。\n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。\n二、英文部份\n1. Aaker, David A., Developing Business Strategies, New York Willey and Sons, 1984, p-p.35-36.\n2. Amihud, Yakov and B. Lev, "Risk Reduation As a Managerial Motive for Conglomer Mergers", Bell Journal of Econemics, Dec. 1981, pp.605-617.\n3. 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.\n4. Barton, Sidney L. and Paul J. Gordon, "Corporate Strategy and Capital Structure", Strategic Management Journal (UK), Nov. / Dec. 1988, pp.623-632.\n5. Beattie, D.L. "Conglomerate Diversification and Performance: A Survey and Time Series Analysis", Applied Economics, Dec. 1980, pp.251- 271.\n6. Berry, C. H., Corporate Growth and Diversifiication, Princetio: Princeton University Press, 1975.\n7. Bettis, R. A.and W. K. Hall, "Divesification Strategies, Accounting Dertermined Risk", Strategic Management Journal, Feb. 1982, pp.254- 264.\n8. Bettis, R. A., "Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums", Academy of Management Review, Aug.1983, pp.406- 41 5 .\n9. Brander, James A., and Tracy R. Lewis, "Oligopoly and Financial Structure: The Limited Liability Effect", The American Economic Review, May 1986, pp. 956- 970.\n10. Chandler , A . D. Jr , Strategy and Structure, M. I. T. Press, Cambridge, Massachusetts, 1962.\n11. Christensen, H. H. and C. A. Montgomery, "Corporate Economic Performance: Diversification Strategy Versus Market Structure", Strategic Management Journal, Feb, 1981, pp.327- 343.\n12. Coase , R. H., "The Value of The Firm", Economics, Apr. 1937, pp.331 - 351.\n13. Didrichsen, Jon, "The Development of Diversified and Con glomenate Firms in the United States, 1920-1970", Business History Reviews, Summer 1972, pp.206.\n14. Ferri, M. G. and W. H. Jones, "Determinants of Financial Structure: A New Method Logical Approach" , Journal of Finance, June 1979, pp.631 - 644.\n15. 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.\n16. 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.\n17. Glueck, William F., Business Policy and Management Action, New York: McGraw Hill 1972, pp.173.\n18. 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.\n19 . 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.\n20. Harris, Milton and Arthur Raviv, "The Theory of Capital Structure", Journal of Finance, Mar. 1991, pp .297-355. \n21. Higgins, R. C. and L. D. Schall, "Corporate Bankruptcy and Conglomerate Merger" , Journal of Finance, Mar . 1975, pp93 - 114.\n22. 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.\n23. 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.\n24. Levy, H. and M. Sarnat, "Diversification, Portfolio Analysis and The Uneasy Case for Conglomerate Mergers", Journal of Finance, Sep. 1970, pp.627-642.\n25. Lewellen, W. G., "A Pure Financial Rationale for Conglomerate Mergers.", Journal of Finance, May 1971, pp.521 - 537. \n26. Lubatkin, M. and H. O`Neill, "Merger Strategies and Capital Market Risk", Academy of Manngement Journal, Vol 30, 1987, pp. 665- 684.\n27. Marsh, Paul, "The Choice Between Equity and Debt: An Empirical Study", Journal of Finance, Mar. 1982,pp.121-144. \n28. 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. \n29. 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. \n30. Montgomery, C. A., "The Measurement of Firms Diversification: Some New Emperical Evidence." Academy of Management Journal, Feb. 1982. PP.299 - 307.\n31. Montgomery, C.A. and H. Singh, "Diversification Strategy and Systematic Risk", Strategic Management Journal, May 1984, pp. 181-191.\n32. 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.\n33. Porter, Michael E., Competitive Strategy: Techniques for Analyzing Industries and Competitors, New York: The Free Press, 1980.\n34.Reed, Richard and G. A. Luffman, "Strategic Planning and Environmental Analysis", European Journal of Marketing (UK), 1988, pp.14-27.\n35. Rumelt, R. P., "Diversification Strategy and Profitability", Strategic Management Journal, Mar. 1982, pp. 359- 369.\n36. Scherer, R. P., Industrial Market Structure and Economic Performance Boston: Houghton-Mifflin, 1980.\n37. Subrahamanyam, M. G. and S. B. Themadakis, "Systematic Risk and Theory of the Firm", The Quarterly Journal of Economics, May 1980, pp.437-451.\n38. Teece, David J., "Inter- Organization Requirements of The Innvation Process", Managerial and Decision Economics (UK), Spring 1989, pp. 35- 42.\n39. Titman, Sheridan, "The Effect of Capital Structure on a Firm`s Liquidation Decision" Journal of Economics, Vol 13, 1984, pp. 137-151.\n40. Titman, Sheridan and Roberto Wessels, "The Determinants of Capital Structure Choice", Journal of Finance, Mar.1988. ppl-19. \n41. Varadarajan, P., "Product Diversity and Firm Performance: An Emperical Investigation", Journal of Marketing, July. 1986, pp. 43 - 57.\n42 . Weston J. F. and E . F. Brigham, Managerial Finance, Holt Rinehart and Winston, 3rd Eddtion, 1969. \n43. Weston, J. F. and S. K. Masimnghla, "Tests of The Efficiency Performance of Conglomernte Firms" , Journal of Finance , Apr. , 1971, pp.919 - 936.\n44. Williamson, E. E., Market and Hierarchies, New York: Free Press, 1975.\n45. 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-QI en_US dc.contributor.author (作者) 凌國彰 zh_TW dc.contributor.author (作者) LING, GUO-ZHANG en_US dc.creator (作者) 凌國彰 zh_TW dc.creator (作者) LING, GUO-ZHANG en_US dc.date (日期) 1992 en_US dc.date (日期) 1991 en_US dc.date.accessioned 2-五月-2016 15:12:27 (UTC+8) - dc.date.available 2-五月-2016 15:12:27 (UTC+8) - dc.date.issued (上傳時間) 2-五月-2016 15:12:27 (UTC+8) - dc.identifier (其他 識別碼) B2002004454 en_US dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=101030 - 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\n1.1研究動機．．．．．．．．．．1\n1.2研究目的．．．．．．．．．．3\n1.3研究架構．．．．．．．．．．3\n1.4研究限制．．．．．．．．．．5\n第2章文獻探討．．．．．．．．．．7\n2.1企業多角化的動機．．．．．．．．．．10\n2.1.1交易成本觀點．．．．．．．．．．10\n2.1.2風險分散觀點．．．．．．．．．．12\n2.1.3產業競爭分析觀點．．．．．．．．．．13\n2.1.4資源最適運用觀點．．．．．．．．．．13\n2.2多角化策略的分類方式．．．．．．．．．．13\n2.3資本結構與企業策略型態的關係．．．．．．．．．．18\n2.3.1理論部分．．．．．．．．．．19\n2.3.1.1策略管理方面．．．．．．．．．．19\n2.3.1.2市場競爭對手的互動方面．．．．．．．．．．21\n2.3.1.3破產成本方面．．．．．．．．．．24\n2.3.2實證部分．．．．．．．．．．25\n2.3.2.1管理行為方面．．．．．．．．．．25\n2.3.2.2風險分散方面．．．．．．．．．．26\n2.4資本結構關鍵因素的實證研究．．．．．．．．．．30\n第3章研究設計．．．．．．．．．．38\n3.1研究方法．．．．．．．．．．38\n3.2公司策略型態的衡量．．．．．．．．．．38\n3.3研究變數．．．．．．．．．．43\n3.3.1預測變數的定義與衡量．．．．．．．．．．43\n3.3.2準則變數的定義與衡量．．．．．．．．．．44\n3.3.3控制變數的定義與衡量．．．．．．．．．．44\n3.4研究假說．．．．．．．．．．45\n3.5統計分析方法．．．．．．．．．．46\n3.5.1變異數分析．．．．．．．．．．46\n3.5.2複迴歸分析．．．．．．．．．．47\n第4章研究結果．．．．．．．．．．49\n4.1資料基本統計分析．．．．．．．．．．49\n4.1.1非相關多角化型的樣本特性．．．．．．．．．．50\n4.1.2相關多角化型的樣本特性．．．．．．．．．．50\n4.1.3主力產品型的樣本特性．．．．．．．．．．51\n4.1.4單一產品型的樣本特性．．．．．．．．．．53\n4.1.5小結．．．．．．．．．．54\n4.2策略型態對資本結構的影響．．．．．．．．．．55\n4.2.1公司策略型態會造成資本結構的差異．．．．．．．．．．55\n4.2.2多角化公司與非多角化公司資本結構有差異．．．．．．．．．．56\n4.2.3非相關多角化公司與相關角化公司資本結構有差異．．．．．．．．．．57\n4.2.4相關角化公司與主力產品型公司資本結構有差異．．．．．．．．．．58\n4.2.5主力產品型公司與單一產品型公司資本結構有差異．．．．．．．．．．59\n4.3資本結構與各變數之關係．．．．．．．．．．60\n4.4策略型態與資本結構決定因素的關係．．．．．．．．．．62\n4.4.1相關多角化公司資本結構的決定因素．．．．．．．．．．62\n4.4.2非相關角化公司資本結構的決定因素．．．．．．．．．．63\n4.4.3主力產品型公司資本結構的決定因素．．．．．．．．．．64\n4.4.4單一產品型公司資本結構的決定因素．．．．．．．．．．65\n4.4.5小結．．．．．．．．．．66\n第5章結論與建議．．．．．．．．．．68\n5.1結論．．．．．．．．．．68\n5.2建議．．．．．．．．．．71\n5.2.1對企業界的建議．．．．．．．．．．71\n5.2.2對後續研究方向的建議．．．．．．．．．．72\n參考文獻．．．．．．．．．．73\n附錄:樣本名單 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004454 en_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) thesis en_US dc.relation.reference (參考文獻) 一、中文部份\n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。\n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。\n註3:周文賢、葉佐端合著，多變量統計分析--SAS/ST A TISTICS。\n註4:陳隆麒譯，現代財務管理，台北: 華泰書局，民國78 年印行。\n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。\n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。\n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。\n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。\n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。\n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。\n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 。\n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。\n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。\n二、英文部份\n1. Aaker, David A., Developing Business Strategies, New York Willey and Sons, 1984, p-p.35-36.\n2. Amihud, Yakov and B. Lev, "Risk Reduation As a Managerial Motive for Conglomer Mergers", Bell Journal of Econemics, Dec. 1981, pp.605-617.\n3. 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.\n4. Barton, Sidney L. and Paul J. Gordon, "Corporate Strategy and Capital Structure", Strategic Management Journal (UK), Nov. / Dec. 1988, pp.623-632.\n5. Beattie, D.L. "Conglomerate Diversification and Performance: A Survey and Time Series Analysis", Applied Economics, Dec. 1980, pp.251- 271.\n6. Berry, C. H., Corporate Growth and Diversifiication, Princetio: Princeton University Press, 1975.\n7. Bettis, R. A.and W. K. Hall, "Divesification Strategies, Accounting Dertermined Risk", Strategic Management Journal, Feb. 1982, pp.254- 264.\n8. Bettis, R. A., "Modern Financial Theory, Corporate Strategy and Public Policy: Three Conundrums", Academy of Management Review, Aug.1983, pp.406- 41 5 .\n9. Brander, James A., and Tracy R. Lewis, "Oligopoly and Financial Structure: The Limited Liability Effect", The American Economic Review, May 1986, pp. 956- 970.\n10. Chandler , A . D. Jr , Strategy and Structure, M. I. T. Press, Cambridge, Massachusetts, 1962.\n11. Christensen, H. H. and C. A. Montgomery, "Corporate Economic Performance: Diversification Strategy Versus Market Structure", Strategic Management Journal, Feb, 1981, pp.327- 343.\n12. Coase , R. H., "The Value of The Firm", Economics, Apr. 1937, pp.331 - 351.\n13. Didrichsen, Jon, "The Development of Diversified and Con glomenate Firms in the United States, 1920-1970", Business History Reviews, Summer 1972, pp.206.\n14. Ferri, M. G. and W. H. Jones, "Determinants of Financial Structure: A New Method Logical Approach" , Journal of Finance, June 1979, pp.631 - 644.\n15. 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.\n16. 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.\n17. Glueck, William F., Business Policy and Management Action, New York: McGraw Hill 1972, pp.173.\n18. 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.\n19 . 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.\n20. Harris, Milton and Arthur Raviv, "The Theory of Capital Structure", Journal of Finance, Mar. 1991, pp .297-355. \n21. Higgins, R. C. and L. D. 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