1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 加盟連鎖對美國零售餐飲業財務績效的影響
The Effects of Franchising on the Financial Performance of US Restaurants
作者 羅兆賢
Lo, Chao Hsien
貢獻者 張元晨
Chang, Yuan Chen
羅兆賢
Lo, Chao Hsien
關鍵詞 加盟連鎖
日期 2016
上傳時間 1-Jul-2016 14:59:15 (UTC+8)
摘要 加盟制度在過去三十年有越來越多的學術文章討論，本論文針對美國標準產業分類碼為5812的零售餐飲業進行分析，探討加盟連鎖的企業財務績效指標是否優於未進行連鎖加盟的企業，本論文延伸Madanoglu, Lee and Castrogiovanni （2011）的研究，利用夏普比率（Sharpe Ratio）、崔納比率（Treynor Ratio）、簡森比率（Jensen Ratio）、索丁諾比率（Sortino Ratio）以及上行潛力比率（Upside Potential Ratio）作為風險調整後的財務績效指標，比較加盟餐飲連鎖公司與非加盟連鎖公司的財務績效指標表現的差異，結果顯示在夏普比率及崔諾比率方面，加盟公司表現並沒有顯著優於非加盟公司；而簡森比率、索丁諾比率及上行潛力比率加盟公司表現則顯著優於非加盟公司，整體而言，本文發現加盟公司在零售餐飲業中確實有較佳的財務績效表現，也解釋了為何加盟連鎖制度有越來越興盛的趨勢。
There are more and more researches studied about franchising. This paper focuses on the retailed restaurants industry which are sorted by SIC codes as 5812. We are trying to figure out whether franchising retailed restaurants’ financial performance outperform non-franchising firms in the same industry. Following Madanoglu, Lee and Castrogiovanni （2011）, I use five financial measurements: Sharpe Ratio, Treynor Ratio, Jensen Ratio, Sortino Ratio and Upside Potential Ratio as financial performance of sample firms. The results show that the performances of franchising firms are insignificant different from that of non-franchising firms based on Sharpe ratio and Treynor ratios, but results based on Jensen ratio, Sortino ratio and Upside Potential ratio show that franchising firms perform better. Overall, it is seen that franchising firms outperform non-franchising firms in the retailed restaurants industry, which explained why franchising is getting more and more popular.
參考文獻 Aliouche, E. H. and U. Schlentrich (2009). "Does franchising create value? An analysis of the financial performance of US public restaurant firms." International Journal of Hospitality & Tourism Administration 10(2): 93-108.
Alon, I. (2001). "The Use of Franchising by US‐Based Retailers." Journal of Small Business Management 39(2): 111-122.
Capon, N., Farley, J. U., & Hoenig, S. (1990). "Determinants of financial performance: a meta-analysis." Management Science 36(10): 1143-1159.
Carhart, M. M. (1997). "On persistence in mutual fund performance." The Journal of Finance 52(1): 57-82.
Castrogiovanni, G. J., Combs, J. G., & Justis, R. T. (2006). "Shifting imperatives: an integrative view of resource scarcity and agency reasons for franchising." Entrepreneurship Theory and Practice 30(1): 23-40.
Combs, J. G. and D. J. Ketchen (2003). "Why do firms use franchising as an entrepreneurial strategy?: A meta-analysis." Journal of Management 29(3): 443-465.
Combs, J. G., Ketchen, D. J., & Hoover, V. L. (2004). "A strategic groups approach to the franchising–performance relationship." Journal of Business Venturing 19(6): 877-897.
Combs, J. G., Michael, S. C., & Castrogiovanni, G. J. (2004). "Franchising: A review and avenues to greater theoretical diversity." Journal of Management 30(6): 907-931.
Fama, E. F. and K. R. French (1993). "Common risk factors in the returns on stocks and bonds." Journal of Financial Economics 33(1): 3-56.
Hachemi Aliouche, E., Kaen, F., & Schlentrich, U. (2012). "The market performance of franchise stock portfolios." International Journal of Contemporary Hospitality Management 24(5): 791-809.
Hsu, L.-T. J. and S. S. Jang (2009). "Effects of restaurant franchising: Does an optimal franchise proportion exist?" International Journal of Hospitality Management 28(2): 204-211.
Jensen, M. C. (1968). "The performance of mutual funds in the period 1945–1964." The Journal of Finance 23(2): 389-416.
Ketchen, D. J., Combs, J. G., & Upson, J. W. (2006). "When does franchising help restaurant chain performance?" Cornell Hotel and Restaurant Administration Quarterly 47(1): 14-26.
Lafontaine, F. and S. Bhattacharyya (1995). "The role of risk in franchising." Journal of Corporate Finance 2(1): 39-74.
Lafontaine, Francine (1992). "Agency Theory and Franchising: Some Empirical"
Madanoglu, M., Lee, K., & Castrogiovanni, G. J. (2011). "Franchising and firm
financial performance among US"
Martin, R. E. (1988). "Franchising and risk management." The American Economic
McAlister, L., Srinivasan, R., & Kim, M. (2007). "Advertising, research and development, and systematic risk of the firm." Journal of Marketing 71(1): 35-48.
Newby, R. and M. Smith (1999). " A comparison of the impact of franchising on return"
Oxenfeldt, A. R. and A. O. Kelly (1969). "Will successful franchise systems ultimately
restaurants." Journal of Retailing 87(3): 406-417.
Roh, Y. S. (2002). "Size, growth rate and risk sharing as the determinants of propensity to franchise in chain restaurants." International Journal of Hospitality Management 21(1): 43-56.

Sharpe, W. F. (1964). "Capital asset prices: A theory of market equilibrium under conditions of risk." The Journal of Finance 19(3): 425-442.
Sortino, F. A. and R. Van Der Meer (1991). "Downside risk." The Journal of Portfolio Management 17(4): 27-31.
Srinivasan, R. (2006). "Dual distribution and intangible firm value: Franchising in restaurant chains." Journal of Marketing 70(3): 120-135.
Treynor, J. L. (1965). "How to rate management of investment funds." Harvard business review 43(1): 63-75.
描述 碩士
國立政治大學
財務管理研究所
103357017
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357017
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang, Yuan Chenen_US
dc.contributor.author (Authors) 羅兆賢zh_TW
dc.contributor.author (Authors) Lo, Chao Hsienen_US
dc.creator (作者) 羅兆賢zh_TW
dc.creator (作者) Lo, Chao Hsienen_US
dc.date (日期) 2016en_US
dc.date.accessioned 1-Jul-2016 14:59:15 (UTC+8)-
dc.date.available 1-Jul-2016 14:59:15 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2016 14:59:15 (UTC+8)-
dc.identifier (Other Identifiers) G0103357017en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98564-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 103357017zh_TW
dc.description.abstract (摘要) 加盟制度在過去三十年有越來越多的學術文章討論，本論文針對美國標準產業分類碼為5812的零售餐飲業進行分析，探討加盟連鎖的企業財務績效指標是否優於未進行連鎖加盟的企業，本論文延伸Madanoglu, Lee and Castrogiovanni （2011）的研究，利用夏普比率（Sharpe Ratio）、崔納比率（Treynor Ratio）、簡森比率（Jensen Ratio）、索丁諾比率（Sortino Ratio）以及上行潛力比率（Upside Potential Ratio）作為風險調整後的財務績效指標，比較加盟餐飲連鎖公司與非加盟連鎖公司的財務績效指標表現的差異，結果顯示在夏普比率及崔諾比率方面，加盟公司表現並沒有顯著優於非加盟公司；而簡森比率、索丁諾比率及上行潛力比率加盟公司表現則顯著優於非加盟公司，整體而言，本文發現加盟公司在零售餐飲業中確實有較佳的財務績效表現，也解釋了為何加盟連鎖制度有越來越興盛的趨勢。zh_TW
dc.description.abstract (摘要) There are more and more researches studied about franchising. This paper focuses on the retailed restaurants industry which are sorted by SIC codes as 5812. We are trying to figure out whether franchising retailed restaurants’ financial performance outperform non-franchising firms in the same industry. Following Madanoglu, Lee and Castrogiovanni （2011）, I use five financial measurements: Sharpe Ratio, Treynor Ratio, Jensen Ratio, Sortino Ratio and Upside Potential Ratio as financial performance of sample firms. The results show that the performances of franchising firms are insignificant different from that of non-franchising firms based on Sharpe ratio and Treynor ratios, but results based on Jensen ratio, Sortino ratio and Upside Potential ratio show that franchising firms perform better. Overall, it is seen that franchising firms outperform non-franchising firms in the retailed restaurants industry, which explained why franchising is getting more and more popular.en_US
dc.description.tableofcontents 中文摘要 2
英文摘要 3
第一章 緒論 7
第一節 研究背景與動機 7
第二節 研究目標與目的 9
第二章 文獻探討 10
第三章 研究方法 12
第一節 樣本公司 12
第二節 資料來源與說明 12
第三節 風險調整後財務績效指標 13
一、 夏普比率： 13
二、 崔納比率： 13
三、 簡森比率： 14
四、 索丁諾比率： 14
五、 上行潛力比率： 15
第四節 自變數 15
一、 市場自變數： 16
二、 個別公司自變數： 16
第五節 實證模型及估計 17
第四章 實證結果 18
第一節 敘述統計 18
第二節 T檢定結果 22
第三節 財務績效迴歸分析結果 24
第五章 結論 31
參考文獻 33		zh_TW
dc.format.extent 891589 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357017en_US
dc.subject (關鍵詞) 加盟連鎖zh_TW
dc.title (題名) 加盟連鎖對美國零售餐飲業財務績效的影響zh_TW
dc.title (題名) The Effects of Franchising on the Financial Performance of US Restaurantsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aliouche, E. H. and U. Schlentrich (2009). "Does franchising create value? An analysis of the financial performance of US public restaurant firms." International Journal of Hospitality & Tourism Administration 10(2): 93-108.
Alon, I. (2001). "The Use of Franchising by US‐Based Retailers." Journal of Small Business Management 39(2): 111-122.
Capon, N., Farley, J. U., & Hoenig, S. (1990). "Determinants of financial performance: a meta-analysis." Management Science 36(10): 1143-1159.
Carhart, M. M. (1997). "On persistence in mutual fund performance." The Journal of Finance 52(1): 57-82.
Castrogiovanni, G. J., Combs, J. G., & Justis, R. T. (2006). "Shifting imperatives: an integrative view of resource scarcity and agency reasons for franchising." Entrepreneurship Theory and Practice 30(1): 23-40.
Combs, J. G. and D. J. Ketchen (2003). "Why do firms use franchising as an entrepreneurial strategy?: A meta-analysis." Journal of Management 29(3): 443-465.
Combs, J. G., Ketchen, D. J., & Hoover, V. L. (2004). "A strategic groups approach to the franchising–performance relationship." Journal of Business Venturing 19(6): 877-897.
Combs, J. G., Michael, S. C., & Castrogiovanni, G. J. (2004). "Franchising: A review and avenues to greater theoretical diversity." Journal of Management 30(6): 907-931.
Fama, E. F. and K. R. French (1993). "Common risk factors in the returns on stocks and bonds." Journal of Financial Economics 33(1): 3-56.
Hachemi Aliouche, E., Kaen, F., & Schlentrich, U. (2012). "The market performance of franchise stock portfolios." International Journal of Contemporary Hospitality Management 24(5): 791-809.
Hsu, L.-T. J. and S. S. Jang (2009). "Effects of restaurant franchising: Does an optimal franchise proportion exist?" International Journal of Hospitality Management 28(2): 204-211.
Jensen, M. C. (1968). "The performance of mutual funds in the period 1945–1964." The Journal of Finance 23(2): 389-416.
Ketchen, D. J., Combs, J. G., & Upson, J. W. (2006). "When does franchising help restaurant chain performance?" Cornell Hotel and Restaurant Administration Quarterly 47(1): 14-26.
Lafontaine, F. and S. Bhattacharyya (1995). "The role of risk in franchising." Journal of Corporate Finance 2(1): 39-74.
Lafontaine, Francine (1992). "Agency Theory and Franchising: Some Empirical"
Madanoglu, M., Lee, K., & Castrogiovanni, G. J. (2011). "Franchising and firm
financial performance among US"
Martin, R. E. (1988). "Franchising and risk management." The American Economic
McAlister, L., Srinivasan, R., & Kim, M. (2007). "Advertising, research and development, and systematic risk of the firm." Journal of Marketing 71(1): 35-48.
Newby, R. and M. Smith (1999). " A comparison of the impact of franchising on return"
Oxenfeldt, A. R. and A. O. Kelly (1969). "Will successful franchise systems ultimately
restaurants." Journal of Retailing 87(3): 406-417.
Roh, Y. S. (2002). "Size, growth rate and risk sharing as the determinants of propensity to franchise in chain restaurants." International Journal of Hospitality Management 21(1): 43-56.

Sharpe, W. F. (1964). "Capital asset prices: A theory of market equilibrium under conditions of risk." The Journal of Finance 19(3): 425-442.
Sortino, F. A. and R. Van Der Meer (1991). "Downside risk." The Journal of Portfolio Management 17(4): 27-31.
Srinivasan, R. (2006). "Dual distribution and intangible firm value: Franchising in restaurant chains." Journal of Marketing 70(3): 120-135.
Treynor, J. L. (1965). "How to rate management of investment funds." Harvard business review 43(1): 63-75.		zh_TW