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題名 影響廠商成長之決定因素實證研究： 以臺灣上市櫃公司為例
The Determinants of Firm Growth of Taiwanese Listed Companies作者 劉宜芳
Liu, Yi-Fang貢獻者 翁永和
Weng, Yung-Ho
劉宜芳
Liu, Yi-Fang關鍵詞 廠商成長
廠商規模
臺灣企業
Firm growth
Firm size
Taiwan enterprise日期 2022 上傳時間 1-Aug-2022 18:38:05 (UTC+8) 摘要 本研究自TEJ資料庫取得2013年至2021年我國上市櫃公司資料為研究樣本，並運用最小平方法，探討廠商特性（廠商規模、廠齡及資本密集度）、營運策略（研發支出、現金流量及財務槓桿）及公司治理（高階經理人持股比率、董監事持股比率及外資持股比率）等因素與廠商成長之關聯性。研究結果發現「資本密集度」、「研發支出」、「高階經理人持股比率」、「董監事持股比率」與「外資持股比率」對廠商成長具有顯著正向影響。「廠齡」對廠商成長具有顯著負向影響；「廠商規模」與「現金流量」對廠商成長具有正向影響，但不具顯著效果；另「財務槓桿」對廠商成長具有負向影響，但不具顯著效果。
This study obtains the data of my country`s listed companies from the 2013 to 2021 TEJ database as research sample, and uses the Ordinary Least Squares method to explore the firm characteristic (Firm size, Firm age and Capital intensity), operating strategy (R&D expenditure, Cash flow and Financial leverage) and corporate governance (Shareholding ratio of the executives, Shareholding ratio of the directors and Shareholding ratio of the foreign investors) the correlation between other factors and the growth of firm. The results of the research show that "Capital intensity", "R&D expenditure", "Shareholding ratio of the executives", "Shareholding ratio of the directors", " Shareholding ratio of the foreign investors" have a significant positive impact on the growth of firm. "Frim age" have a significant negative impact on the growth of firm. "Firm size" and "Cash flow" have a positive impact on the growth of firm, but had no significant impact; "Financial leverage" have a negative impact on the growth of firm, but had no significant impact.參考文獻 中文部分吳佳穎（2001），「台灣資訊電子產業研究發展活動與公司經營績效之研究」，國立交通大學科技管理所博士論文。李佳珍（1997），「公司融資決策、投資決策與公司成長關係之研究」，國立中正大學財務金融研究所碩士論文。李貞玉（2009），「高階經理人持股比率, 董監事持股比率與公司風險之關連性研究」，淡江大學財務金融學系碩士在職專班學位論文。林志傑（2003），「我國製藥及生物技術公司硏究發展投入與經營績效之硏究」， 台灣大學商學研究所碩士論文。林靜儀（2004），「台灣地區製造業市場集中度, 廣告密集度與利潤率關係之探討」，《台灣管理學刊》，4 （2）: 203–24。林承勳（2011），「工廠成長動因: 台灣製造業的實證」，台灣大學經濟學研究所碩士論文。高子荃及詹淑慧（2010），「臺灣資訊電子業之廠商規模與成長:外人直接投資、技術差距、財務結構效果之分量分析」，《經濟研究》，46 （1），69–101。陳建男及朱文儀 （2006），「規模, 年齡, 廠商成長與績效之關係」，《管理評論》，25 （4）: 1–26。陳煜岷（2010），「研究發展支出成長率與廣告支出成長率對企業營收影響之探討」，東吳大學會計學系碩士論文。鄒孟文及劉錦添（1997），「外人直接投資對臺灣製造業波及效果之實證」，《經濟論文叢刊》，25 （2）: 155–81。蕭瓊枝（2006），「我國獨立董監制度及董監酬勞對公司經營績效影響之研究」，輔仁大學會計學系碩士班碩士論文。賴倩婷（2001），「高階經理人薪酬與其持股率、企業績效之關聯性研究」，國立成功大學會計學系碩士論文。英文部分Aaker, D. A.（1989）,“Managing Assets and Skills: The Key to A Sustainable Competitive Advantage,”California Management Review, 31（2）, 91–106.Ahlstrom, D.（2010）,“Innovation and Growth: How Business Contributes to Society,”Academy of Management Perspectives, 24（3）, 11–24.Amihud, Y., & Lev, B.（1981）,“Risk Reduction as A Managerial Motive for Conglomerate Mergers,”The Bell Journal of Economics, 605–617.Audretsch, D. B., Klomp, L., Santarelli, E., & Thurik, A. R.（2004）,“Gibrat’s Law: Are The Services Different? ”Review of Industrial Organization, 24（3）, 301–324.Barney, J. B.（1986）,“Organizational Culture: Can It Be A Source of Sustained Competitive Advantage?”Academy of Management Review, 11（3）, 656–665.Bottazzi, G., Dosi, G., Lippi, M., Pammolli, F., & Riccaboni, M.（2001）,“ Innovation and Corporate Growth in The Evolution of The Drug Industry,”International Journal of Industrial Organization, 19（7）, 1161–1187.Branch, B.（1974）,“Research and Development Activity and Profitability: A Distributed Lag Analysis,”Journal of Political Economy, 82（5）, 999–1011.Cantor, N.（1990）,“From Thought to Behavior:" Having" and" Doing" in The Study of Personality and Cognition,”American Psychologist, 45（6）, 735.Caves, R. E.（1974）,“Multinational Firms, Competition, and Productivity in Host-Country Markets,”Economica, 41（162）, 176–193.Chandler Jr, A. D. (1977) ,The Visible Hand： The Managerial Revolution in American BusinessHarvard Univ. Press, Cambridge, MA, 8.Coad, A., Segarra, A., & Teruel, M.（2016）,“Innovation and firm growth: Does firm age play a role? ”Research policy, 45（2）, 387–400.Crystal, G. S.（1991）,“In Search of Excess: The Overcompensation of American Executives ,”New York: VV. W.Das, S. 1995）,“Size, Age and Firm Growth in An InfantIindustry: The Computer Hardware Industry in India,”International Journal of Industrial Organization, 13（1）, 111–126.Dobbs, M., & Hamilton, R. T.（2007）,“Small Business Growth: Recent Evidence and New Directions,”International Journal of Entrepreneurial Behavior & Research.Doms, M., Dunne, T., & Roberts, M. J.（1995）,“The Role of Technology Use in The Survival and Growth of Manufacturing Plants,”International Journal of Industrial Organization, 13（4）, 523–542.Evans, D. S.（1987a）,“Tests of Alternative Theories of Firm Growth,”Journal of Political Economy, 95（4）, 657–674.Evans, D. S.（1987b）,“The Relationship between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries,”The Journal of Industrial Economics, 567–581.Finkelstein, S., & Hambrick, D. C.（1989）,“Chief Executive Compensation: A Study of The Intersection of Markets and Political Processes,”Strategic Management Journal, 10（2）, 121–134.Geroski, P., & Machin, S.（1992）,“Do Innovating Firms Outperform Non‐Innovators?”Business Strategy Review, 3（2）, 79–90.Gibrat, R.（1931）,“Les Inegalits Economiques,”Sirey.Hall, B. H.（1986）,“The Relationship Between Firm Size and Firm Growth in The US Manufacturing sector.Hart, P. E., & Prais, S. J.（1956）,“The Analysis of Business Concentration: A Statistical Approach,”Journal of The Royal Statistical Society. Series A （General）, 119（2）, 150–191.Hymer, S., & Pashigian, P.（1962）,“Firm Size and Rate of Growth,”Journal of Political Economy, 70（6）, 556–569.Jensen, M. C., & Meckling, W. 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國立政治大學
行政管理碩士學程
109921044資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109921044 資料類型 thesis dc.contributor.advisor 翁永和 zh_TW dc.contributor.advisor Weng, Yung-Ho en_US dc.contributor.author (Authors) 劉宜芳 zh_TW dc.contributor.author (Authors) Liu, Yi-Fang en_US dc.creator (作者) 劉宜芳 zh_TW dc.creator (作者) Liu, Yi-Fang en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 18:38:05 (UTC+8) - dc.date.available 1-Aug-2022 18:38:05 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 18:38:05 (UTC+8) - dc.identifier (Other Identifiers) G0109921044 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141296 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 行政管理碩士學程 zh_TW dc.description (描述) 109921044 zh_TW dc.description.abstract (摘要) 本研究自TEJ資料庫取得2013年至2021年我國上市櫃公司資料為研究樣本，並運用最小平方法，探討廠商特性（廠商規模、廠齡及資本密集度）、營運策略（研發支出、現金流量及財務槓桿）及公司治理（高階經理人持股比率、董監事持股比率及外資持股比率）等因素與廠商成長之關聯性。研究結果發現「資本密集度」、「研發支出」、「高階經理人持股比率」、「董監事持股比率」與「外資持股比率」對廠商成長具有顯著正向影響。「廠齡」對廠商成長具有顯著負向影響；「廠商規模」與「現金流量」對廠商成長具有正向影響，但不具顯著效果；另「財務槓桿」對廠商成長具有負向影響，但不具顯著效果。 zh_TW dc.description.abstract (摘要) This study obtains the data of my country`s listed companies from the 2013 to 2021 TEJ database as research sample, and uses the Ordinary Least Squares method to explore the firm characteristic (Firm size, Firm age and Capital intensity), operating strategy (R&D expenditure, Cash flow and Financial leverage) and corporate governance (Shareholding ratio of the executives, Shareholding ratio of the directors and Shareholding ratio of the foreign investors) the correlation between other factors and the growth of firm. The results of the research show that "Capital intensity", "R&D expenditure", "Shareholding ratio of the executives", "Shareholding ratio of the directors", " Shareholding ratio of the foreign investors" have a significant positive impact on the growth of firm. "Frim age" have a significant negative impact on the growth of firm. "Firm size" and "Cash flow" have a positive impact on the growth of firm, but had no significant impact; "Financial leverage" have a negative impact on the growth of firm, but had no significant impact. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的 2第三節 研究範圍與方法 2第四節 研究架構 3第二章 文獻探討 4第一節 廠商成長相關理論 4第二節 影響廠商成長之因素及其相關實證文獻 8第三章 臺灣上市櫃廠商成長之現況分析 19第一節 廠商成長的定義及資料來源 19第二節 廠商成長之衡量指標 19第三節 影響廠商成長之決定因素現況分析 22第四章 實證模型設定 32第一節 變數說明及預期影響方向 32第二節 實證模型建立 38第五章 實證模型結果分析 39第一節 實證變數的相關性分析 39第二節 實證結果分析 40第六章 結論與建議 49第一節 結論 49第二節 未來研究方向與建議 50參考文獻 51 zh_TW dc.format.extent 1565426 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109921044 en_US dc.subject (關鍵詞) 廠商成長 zh_TW dc.subject (關鍵詞) 廠商規模 zh_TW dc.subject (關鍵詞) 臺灣企業 zh_TW dc.subject (關鍵詞) Firm growth en_US dc.subject (關鍵詞) Firm size en_US dc.subject (關鍵詞) Taiwan enterprise en_US dc.title (題名) 影響廠商成長之決定因素實證研究： 以臺灣上市櫃公司為例 zh_TW dc.title (題名) The Determinants of Firm Growth of Taiwanese Listed Companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分吳佳穎（2001），「台灣資訊電子產業研究發展活動與公司經營績效之研究」，國立交通大學科技管理所博士論文。李佳珍（1997），「公司融資決策、投資決策與公司成長關係之研究」，國立中正大學財務金融研究所碩士論文。李貞玉（2009），「高階經理人持股比率, 董監事持股比率與公司風險之關連性研究」，淡江大學財務金融學系碩士在職專班學位論文。林志傑（2003），「我國製藥及生物技術公司硏究發展投入與經營績效之硏究」， 台灣大學商學研究所碩士論文。林靜儀（2004），「台灣地區製造業市場集中度, 廣告密集度與利潤率關係之探討」，《台灣管理學刊》，4 （2）: 203–24。林承勳（2011），「工廠成長動因: 台灣製造業的實證」，台灣大學經濟學研究所碩士論文。高子荃及詹淑慧（2010），「臺灣資訊電子業之廠商規模與成長:外人直接投資、技術差距、財務結構效果之分量分析」，《經濟研究》，46 （1），69–101。陳建男及朱文儀 （2006），「規模, 年齡, 廠商成長與績效之關係」，《管理評論》，25 （4）: 1–26。陳煜岷（2010），「研究發展支出成長率與廣告支出成長率對企業營收影響之探討」，東吳大學會計學系碩士論文。鄒孟文及劉錦添（1997），「外人直接投資對臺灣製造業波及效果之實證」，《經濟論文叢刊》，25 （2）: 155–81。蕭瓊枝（2006），「我國獨立董監制度及董監酬勞對公司經營績效影響之研究」，輔仁大學會計學系碩士班碩士論文。賴倩婷（2001），「高階經理人薪酬與其持股率、企業績效之關聯性研究」，國立成功大學會計學系碩士論文。英文部分Aaker, D. A.（1989）,“Managing Assets and Skills: The Key to A Sustainable Competitive Advantage,”California Management Review, 31（2）, 91–106.Ahlstrom, D.（2010）,“Innovation and Growth: How Business Contributes to Society,”Academy of Management Perspectives, 24（3）, 11–24.Amihud, Y., & Lev, B.（1981）,“Risk Reduction as A Managerial Motive for Conglomerate Mergers,”The Bell Journal of Economics, 605–617.Audretsch, D. B., Klomp, L., Santarelli, E., & Thurik, A. R.（2004）,“Gibrat’s Law: Are The Services Different? ”Review of Industrial Organization, 24（3）, 301–324.Barney, J. B.（1986）,“Organizational Culture: Can It Be A Source of Sustained Competitive Advantage?”Academy of Management Review, 11（3）, 656–665.Bottazzi, G., Dosi, G., Lippi, M., Pammolli, F., & Riccaboni, M.（2001）,“ Innovation and Corporate Growth in The Evolution of The Drug Industry,”International Journal of Industrial Organization, 19（7）, 1161–1187.Branch, B.（1974）,“Research and Development Activity and Profitability: A Distributed Lag Analysis,”Journal of Political Economy, 82（5）, 999–1011.Cantor, N.（1990）,“From Thought to Behavior:" Having" and" Doing" in The Study of Personality and Cognition,”American Psychologist, 45（6）, 735.Caves, R. E.（1974）,“Multinational Firms, Competition, and Productivity in Host-Country Markets,”Economica, 41（162）, 176–193.Chandler Jr, A. D. (1977) ,The Visible Hand： The Managerial Revolution in American BusinessHarvard Univ. Press, Cambridge, MA, 8.Coad, A., Segarra, A., & Teruel, M.（2016）,“Innovation and firm growth: Does firm age play a role? ”Research policy, 45（2）, 387–400.Crystal, G. S.（1991）,“In Search of Excess: The Overcompensation of American Executives ,”New York: VV. W.Das, S. 1995）,“Size, Age and Firm Growth in An InfantIindustry: The Computer Hardware Industry in India,”International Journal of Industrial Organization, 13（1）, 111–126.Dobbs, M., & Hamilton, R. T.（2007）,“Small Business Growth: Recent Evidence and New Directions,”International Journal of Entrepreneurial Behavior & Research.Doms, M., Dunne, T., & Roberts, M. J.（1995）,“The Role of Technology Use in The Survival and Growth of Manufacturing Plants,”International Journal of Industrial Organization, 13（4）, 523–542.Evans, D. S.（1987a）,“Tests of Alternative Theories of Firm Growth,”Journal of Political Economy, 95（4）, 657–674.Evans, D. 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