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題名 影響加盟業主揭露財務資訊多寡因素之探討-以美國連鎖餐飲食品業為例
Factors affecting franchisor`s willingness to disclose franchise financial information: evidence from food and restaurant industry in the U.S. market
作者 魏筠潔
貢獻者 張元晨
魏筠潔
關鍵詞 加盟
日期 2017
上傳時間 24-Jul-2017 12:00:46 (UTC+8)
摘要 過去美國時常有加盟店控訴加盟業主未在加盟前提供適當的訊息，尤其是在美國各州規定加盟業主應該要揭露的文件中(FDD, Franchise Disclosure Document)的Item 19上揭露適當的財務訊息，導致加盟店未能透過Item 19所揭露的營收數字，合理估計加盟該事業可能的盈虧情形，本研究延續文獻的做法（Price, 2000），不同於Price(2000)之處在於本研究使用2007年以後才開始實行的FDD(Franchise Disclosure Document)揭露準則，發現在上市食品與餐飲加盟業主中，有區域性保護的加盟業主，傾向於Item 19上揭露財務資訊，而加盟家數愈多的加盟業主，傾向在財務揭露上以中立表達的方式呈現，不會只揭露營收前幾名加盟店，故意誤導欲加盟的投資人。接著本研究將各家加盟業主揭露Item 19上的平均營收與其年報上的平均營收進行比對，發現加盟業主在Item 19上揭露的平均營收有顯著大於年報平均營收的現象，代表加盟業主在監理機制較缺乏的Item 19揭露方面仍存在選擇呈現表現較好樣本的營收現象。
In the past few years, some franchisees complained the franchisors did not disclose financial information appropriately in the U.S.A. Investors who want to be franchisees found that they fail to achieve the sales as disclosed in FDD (Franchise Disclosure Document) by the franchisors. Following Price (2000), we retrieve information from FDD required by the FTC and explore franchise financial disclosures in the U.S. Food and Restaurant Industry, we found the territory protection is positively related to disclose more financial information. In addition, the number of franchisee is positively related to franchisors neutrally report their earnings. However, comparing earnings reported in Item 19 and annual reports, we found that most of franchisors selectively disclosure better financial information in less regulated Item 19.
參考文獻 顏智卿 (2013)。加盟連鎖業之不當行為遭公平交易委員會裁罰案例研究 – 以餐飲業為例，國立高雄應用科技大學觀光與餐旅管理研究所碩士論文，高雄市。
林金郎 (2000)。競爭法對加盟業主資訊揭露之規範，《公平交易季刊》第八卷第一期(89/1)，pp.157-168。
Bates, T., 1998. Survival patterns among newcomers to franchising. Journal of Business Venturing 13, 113-130
Brickley, J.A., Dark, F.H., 1987. The choice of organizational form the case of franchising. Journal of Financial Economics 18, 401-420
Brickley, J.A., Misra, S., Van Horn, R.L., 2006. Contract Duration: Evidence from Franchising*. Journal of Law and Economics 49, 173-196
Creswell, J. (2007, February 24). When disillusion sets in. New York Times. Retrieved January 5, 2009, from www.nytimes.com
Cross, Improving the relevance of franchise failure studies Society of Franchising Conference Proceedings, International Society of Franchising, St. Paul, Minnesota, USA (1998)
Don Sniegowski, Franchisees to Regulators: Franchisors Must Disclose Franchise-Level Profits (June 13, 2016)
Federal Trade Commission, 16 CFR Parts 436 and 437 Disclosure Requirements and Prohibitions Concerning Franchising and Business Opportunities; Final Rule (March 30, 2007)
Felstead, A. (1992), “Franchising, self-employment and the enterprise culture: a UK perspective”, in Leighton, P. and Felstead, A. (Eds), The New Entrepreneurs: Self-employment and Small Business in Europe, Kogan Page, London.
Galbraith, J. K. (1956). American capitalism: The concept of countervailing power. Boston: Houghton Mifflin.
Holmberg and Morgan. The franchising failure continuum Society of Franchising Conference Proceedings, International Society of Franchising, St. Paul, Minnesota, USA (1996)
Holmberg and Morgan. Franchise failure: new research and perspectives Society of Franchising Conference Proceedings, International Society of Franchising, St. Paul, Minnesota, USA (2000)
Holmberg and Morgan. Franchise turnover and failure: New research and perspectives, Journal of Business Venturing, May 2003, pp. 403–418.
Hunt, S. D. `The trend toward company-operated units in franchise chains`, Journal of Retailing, Summer 1973, pp. 3-12.
Jason Daley, An Investigative Report on Franchise Profits, Entrepreneur Magazine (October 21, 2013)
Julie Bennett, How to read an FDD like a pro, Franchise Times (March 22, 2016)
Julie Bennett, Right way, wrong way to present Item 19, Franchise Times (August 28, 2015)
Kaufmann, P.J. and Stern, L.W. (1988), “Relational exchange norms, perceptions of unfairness and retained hostility in commercial litigation”, Journal of Conflict Resolution, Vol. 32 No. 3, pp. 534-52 Kehoe, M.R., 1996. Franchising, agency problems, and the cost of capital. Applied Economics 28, 1485-1493
Lafontaine, F., 1992. Agency theory and franchising: some empirical results. The RAND Journal of Economics, 263-283
Lafontaine, F. and P. Kaufmann (1994). `The evolution of ownership patterns in franchise systems`, Journal of Retailing, 70 (2), pp. 97-113.
Lawrence and J. Kaufmann 2010. Franchisee Associations: Strategic Focus or Response to Franchisor Opportunism. Journal of Marketing Channels, 137-155
Mathewson, F., Winter, R., 1994. Territorial restrictions in franchise contracts. Economic Inquiry, April, 181-192.
Melih Madanoglu, Kyuho Lee, Gary J.Castrogiovanni, 2011. Franchising and firm financial performance among U.S. restaurants. Journal of Retailing 87, 406-417
Norton, S.W., 1988. An empirical look at franchising as an organizational form. Journal of Business, 197-218
Norton, S.W., 1995. Is franchising a capital structure issue? Journal of Corporate Finance 2, 75-101
Oxenfeldt, A.R., Kelly, A.O., 1969. Will successful franchise systems ultimately become wholly-owned chains. Journal of Retailing 44, 69-83
Rubin, P.H., 1978. Theory of the Firm and the Structure of the Franchise Contract, The. JL and Econ. 21, 223
R.Price, 2000. Who reports earnings when reporting is optional? The market for new franchises, Journal of Accounting and Economics, 391-394
Sen, Kabir Chandra. 1991. The use of initial fees and royalties in business format franchising. Ph.D. thesis, Washington University, St. Louis, MO.
Shane, S., Foo, M.-D., 1999. New firm survival: Institutional explanations for new franchisor mortality. Management Science 45, 142-159
Shane, S.A., 1998. Making new franchise systems work. Strategic Management Journal 19, 697-707
Stanworth, J. (1991), “Franchising and the franchise relationship”, International Journal of Retail, Distribution and Consumer Research, Vol. 1 No. 2, pp. 175-99. Wake Forest,Journal of Business and Interllectual Property Law
描述 碩士
國立政治大學
財務管理研究所
104357017
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357017
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.author (Authors) 魏筠潔zh_TW
dc.creator (作者) 魏筠潔zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 24-Jul-2017 12:00:46 (UTC+8)-
dc.date.available 24-Jul-2017 12:00:46 (UTC+8)-
dc.date.issued (上傳時間) 24-Jul-2017 12:00:46 (UTC+8)-
dc.identifier (Other Identifiers) G0104357017en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111312-
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) 104357017zh_TW
dc.description.abstract (摘要) 過去美國時常有加盟店控訴加盟業主未在加盟前提供適當的訊息，尤其是在美國各州規定加盟業主應該要揭露的文件中(FDD, Franchise Disclosure Document)的Item 19上揭露適當的財務訊息，導致加盟店未能透過Item 19所揭露的營收數字，合理估計加盟該事業可能的盈虧情形，本研究延續文獻的做法（Price, 2000），不同於Price(2000)之處在於本研究使用2007年以後才開始實行的FDD(Franchise Disclosure Document)揭露準則，發現在上市食品與餐飲加盟業主中，有區域性保護的加盟業主，傾向於Item 19上揭露財務資訊，而加盟家數愈多的加盟業主，傾向在財務揭露上以中立表達的方式呈現，不會只揭露營收前幾名加盟店，故意誤導欲加盟的投資人。接著本研究將各家加盟業主揭露Item 19上的平均營收與其年報上的平均營收進行比對，發現加盟業主在Item 19上揭露的平均營收有顯著大於年報平均營收的現象，代表加盟業主在監理機制較缺乏的Item 19揭露方面仍存在選擇呈現表現較好樣本的營收現象。zh_TW
dc.description.abstract (摘要) In the past few years, some franchisees complained the franchisors did not disclose financial information appropriately in the U.S.A. Investors who want to be franchisees found that they fail to achieve the sales as disclosed in FDD (Franchise Disclosure Document) by the franchisors. Following Price (2000), we retrieve information from FDD required by the FTC and explore franchise financial disclosures in the U.S. Food and Restaurant Industry, we found the territory protection is positively related to disclose more financial information. In addition, the number of franchisee is positively related to franchisors neutrally report their earnings. However, comparing earnings reported in Item 19 and annual reports, we found that most of franchisors selectively disclosure better financial information in less regulated Item 19.en_US
dc.description.tableofcontents 第一章 緒論 6
第一節 研究動機 6
第二節 美國連鎖加盟業之揭露準則 8
第二節 研究架構 11
第二章 文獻回顧 12
第一節 加盟經營模式 12
第二節 連鎖加盟業的經營績效 13
第三節 加盟業主與加盟店之間的問題 14
第一項 加盟店代理問題、搭便車行為 14
第二項 加盟業主簽訂不公平合約且隱匿資訊 15
第三章 研究假說 16
第一節 財務資訊揭露多寡與加盟業主收益關係 16
第二節 美化營收吸引欲加盟投資人 19
第四章 研究方法 22
第一節 資料來源 22
第二節 變數定義 24
第三節 研究模型 26
第五章 實證結果 28
第一節 迴歸分析 28
第二節 ITEM 19與年報平均營收的差異 30
第六章 研究結論 31
第一節 研究總結 31
第二節 後續研究建議 31
附表 33
附件(有揭露的42家) 47
參考資料 49		zh_TW
dc.format.extent 1371601 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357017en_US
dc.subject (關鍵詞) 加盟zh_TW
dc.title (題名) 影響加盟業主揭露財務資訊多寡因素之探討-以美國連鎖餐飲食品業為例zh_TW
dc.title (題名) Factors affecting franchisor`s willingness to disclose franchise financial information: evidence from food and restaurant industry in the U.S. marketen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 顏智卿 (2013)。加盟連鎖業之不當行為遭公平交易委員會裁罰案例研究 – 以餐飲業為例，國立高雄應用科技大學觀光與餐旅管理研究所碩士論文，高雄市。
林金郎 (2000)。競爭法對加盟業主資訊揭露之規範，《公平交易季刊》第八卷第一期(89/1)，pp.157-168。
Bates, T., 1998. Survival patterns among newcomers to franchising. Journal of Business Venturing 13, 113-130
Brickley, J.A., Dark, F.H., 1987. The choice of organizational form the case of franchising. Journal of Financial Economics 18, 401-420
Brickley, J.A., Misra, S., Van Horn, R.L., 2006. Contract Duration: Evidence from Franchising*. Journal of Law and Economics 49, 173-196
Creswell, J. (2007, February 24). When disillusion sets in. New York Times. Retrieved January 5, 2009, from www.nytimes.com
Cross, Improving the relevance of franchise failure studies Society of Franchising Conference Proceedings, International Society of Franchising, St. Paul, Minnesota, USA (1998)
Don Sniegowski, Franchisees to Regulators: Franchisors Must Disclose Franchise-Level Profits (June 13, 2016)
Federal Trade Commission, 16 CFR Parts 436 and 437 Disclosure Requirements and Prohibitions Concerning Franchising and Business Opportunities; Final Rule (March 30, 2007)
Felstead, A. (1992), “Franchising, self-employment and the enterprise culture: a UK perspective”, in Leighton, P. and Felstead, A. (Eds), The New Entrepreneurs: Self-employment and Small Business in Europe, Kogan Page, London.
Galbraith, J. K. (1956). American capitalism: The concept of countervailing power. Boston: Houghton Mifflin.
Holmberg and Morgan. The franchising failure continuum Society of Franchising Conference Proceedings, International Society of Franchising, St. Paul, Minnesota, USA (1996)
Holmberg and Morgan. Franchise failure: new research and perspectives Society of Franchising Conference Proceedings, International Society of Franchising, St. Paul, Minnesota, USA (2000)
Holmberg and Morgan. Franchise turnover and failure: New research and perspectives, Journal of Business Venturing, May 2003, pp. 403–418.
Hunt, S. D. `The trend toward company-operated units in franchise chains`, Journal of Retailing, Summer 1973, pp. 3-12.
Jason Daley, An Investigative Report on Franchise Profits, Entrepreneur Magazine (October 21, 2013)
Julie Bennett, How to read an FDD like a pro, Franchise Times (March 22, 2016)
Julie Bennett, Right way, wrong way to present Item 19, Franchise Times (August 28, 2015)
Kaufmann, P.J. and Stern, L.W. (1988), “Relational exchange norms, perceptions of unfairness and retained hostility in commercial litigation”, Journal of Conflict Resolution, Vol. 32 No. 3, pp. 534-52 Kehoe, M.R., 1996. Franchising, agency problems, and the cost of capital. Applied Economics 28, 1485-1493
Lafontaine, F., 1992. Agency theory and franchising: some empirical results. The RAND Journal of Economics, 263-283
Lafontaine, F. and P. Kaufmann (1994). `The evolution of ownership patterns in franchise systems`, Journal of Retailing, 70 (2), pp. 97-113.
Lawrence and J. Kaufmann 2010. Franchisee Associations: Strategic Focus or Response to Franchisor Opportunism. Journal of Marketing Channels, 137-155
Mathewson, F., Winter, R., 1994. Territorial restrictions in franchise contracts. Economic Inquiry, April, 181-192.
Melih Madanoglu, Kyuho Lee, Gary J.Castrogiovanni, 2011. Franchising and firm financial performance among U.S. restaurants. Journal of Retailing 87, 406-417
Norton, S.W., 1988. An empirical look at franchising as an organizational form. Journal of Business, 197-218
Norton, S.W., 1995. Is franchising a capital structure issue? Journal of Corporate Finance 2, 75-101
Oxenfeldt, A.R., Kelly, A.O., 1969. Will successful franchise systems ultimately become wholly-owned chains. Journal of Retailing 44, 69-83
Rubin, P.H., 1978. Theory of the Firm and the Structure of the Franchise Contract, The. JL and Econ. 21, 223
R.Price, 2000. Who reports earnings when reporting is optional? The market for new franchises, Journal of Accounting and Economics, 391-394
Sen, Kabir Chandra. 1991. The use of initial fees and royalties in business format franchising. Ph.D. thesis, Washington University, St. Louis, MO.
Shane, S., Foo, M.-D., 1999. New firm survival: Institutional explanations for new franchisor mortality. Management Science 45, 142-159
Shane, S.A., 1998. Making new franchise systems work. Strategic Management Journal 19, 697-707
Stanworth, J. (1991), “Franchising and the franchise relationship”, International Journal of Retail, Distribution and Consumer Research, Vol. 1 No. 2, pp. 175-99. Wake Forest,Journal of Business and Interllectual Property Law		zh_TW