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題名 美國加盟者貸款倒帳因素之實證分析
Empirical Analysis of Franchisee Loan Default in the U.S. Market作者 盧冠伶
Lu, Kuan Ling貢獻者 張元晨
Chang, Yuan Chen
盧冠伶
Lu, Kuan Ling關鍵詞 連鎖加盟
美國中小企業發展部門
貸款壞帳
代理問題
資源匱乏理論
議價能力
franchising
small business administration
loan default
agency theory
bargain power
resource scarcity theory日期 2013 上傳時間 1-Jul-2014 12:05:38 (UTC+8) 摘要 不同於過去文獻多使用訪查加盟總部獲得之加盟者失敗率資料，本研究採用美國中小企業發展部門（Small Business Administration，簡稱SBA）官方所公布連鎖加盟品牌加盟者申請由政府擔保之優惠貸款統計數據，探討加盟者經營失敗的關鍵因素。實證資料包含2000年至2007年、2000年至2008年間累計的加盟者的失敗率，以及推算2007年貸款壞帳金額。實證結果發現，貸款壞帳金額迴歸模型整體解釋能力優於以失敗率迴歸模型。加盟總部基於資源匱乏動機而收取高額加盟投資資本，將導致加盟者貸款壞帳金額增加。此外，連鎖加盟契約期間愈長，加盟者有充裕時間回收投入成本，將使貸款壞帳金額愈少。加盟者本身若具有相關產業背景，有助於減少談判過程中與加盟總部之間資訊不對稱問題，因而增加議價能力、降低經營失敗風險，並造成貸款壞帳金額的降低。
This thesis examines the causes of franchisees’ failure using loan performance data collected by the U.S. Small Business Administration, from 2000 to 2007 and 2000 to 2008. By extracting the loan default amount in 2007, I found that loan default model is more successful than the failure rate model at explaining franchisees’ failure. Empirical results support the notion that franchising capital is negatively related to loan default amount. Franchise contract term is also negatively and significantly related to the franchisees’ loan default amount. Results show that when franchisee owns relevant industry experience, which helps solve asymmetric information problem and enhance franchisees’ bargain power, both the default rate and default amount decrease.參考文獻 1.陳盈儒（2013）。連鎖便利商店聯合行為 重罰！公平交易通訊，43，6-7。2.桂世平（2003）。25歲自己開店當老闆（初版）。臺北縣中和市：台灣廣廈。3.樓蘭，譚湘龍（2012）。台商連鎖店進軍中國（初版）。臺北市 : 時報文化。4.許英傑，李冠穎（2011）。連鎖管理 = Chain store management（初版）。新北市 : 前程文化。5.張耀銘（2004）。影響連鎖便利商店加盟續約意向之關鍵因素 - 以權力作為干擾效果，國立高雄第一科技大學行銷與流通管理系研究所碩士論文，高雄市。6.陳悅琴、陳俊宏、賴彥儒（2010）。影響連鎖加盟主對加盟總部忠誠度之因素探討，未出版。7.Alon, I., Boulanger, M., Misati, E., 2010. Can signaling theory help agency and resource scarcity theories explain franchisee failure? Predicting sba-backed loan defaults. Predicting SBA-Backed Loan Defaults (June 7, 2010)8.Anderson, E.E., 1984. The growth and performance of franchise systems: company versus franchisee ownership. Journal of Economics and Business 36, 421-4319.Bates, T., 1998. Survival patterns among newcomers to franchising. Journal of Business Venturing 13, 113-13010.Bradach, J.L., 1997. Using the Plural Form in the Management of Restaurant Chains. Administrative Science Quarterly 42, 276-30311.Brickley, J.A., Dark, F.H., 1987. The choice of organizational form the case of franchising. Journal of Financial Economics 18, 401-42012.Brickley, J.A., Misra, S., Van Horn, R.L., 2006. Contract Duration: Evidence from Franchising*. Journal of Law and Economics 49, 173-19613.Castrogiovanni, G.J., Bennett, N., Combs, J.G., 1995. FRANCHISOR TYPES: REEXAMINATION AND CLARIFICATION (FN*). 14.Chatterjee, K., Samuelson, W., 2001. Game theory and business applications. Springer.15.Chen, C.-H., Wu, D., 2012. A Theoretical Model on the Influence in Chain Stores of Buyer Power. Journal of Economics and Management 8, 283-31016.Combs, J.G., Ketchen, D.J., 1999. Can capital scarcity help agency theory explain franchising? Revisiting the capital scarcity hypothesis. Academy of Management Journal 42, 196-20717.Combs, J.G., Ketchen, D.J., 2003. Why do firms use franchising as an entrepreneurial strategy?: A meta-analysis. Journal of Management 29, 443-46518.Combs, J.G., Michael, S.C., Castrogiovanni, G.J., 2004. Franchising: a review and avenues to greater theoretical diversity. Journal of Management 30, 907-93119.Edmister, R.O., 1972. An empirical test of financial ratio analysis for small business failure prediction. Journal of Financial and Quantitative Analysis, 1477-149320.Falbe, C.M., Welsh, D.H., 1998. NAFTA and franchising: a comparison of franchisor perceptions of characteristics associated with franchisee success and failure in Canada, Mexico, and the United States. Journal of Business Venturing 13, 151-17121.Fan, Y., Kühn, K.-U., Lafontaine, F., 2013. Franchisees’ Financial Constraints and Franchisors’ Franchising Decisions. Ann Arbor 1001, 4810922.Glennon, D., Nigro, P., 2005. Measuring the default risk of small business loans: A survival analysis approach. Journal of Money, Credit and Banking, 923-94723.Kehoe, M.R., 1996. Franchising, agency problems, and the cost of capital. Applied Economics 28, 1485-149324.Lafontaine, F., 1992. Agency theory and franchising: some empirical results. The RAND Journal of Economics, 263-28325.Michael, S.C., 2000. Investments to create bargaining power: The case of franchising. Strategic Management Journal 21, 497-51426.Michael, S.C., Combs, J.G., 2008. Entrepreneurial Failure: The Case of Franchisees*. Journal of Small Business Management 46, 73-9027.Norton, S.W., 1988. An empirical look at franchising as an organizational form. Journal of Business, 197-21828.Norton, S.W., 1995. Is franchising a capital structure issue? Journal of Corporate Finance 2, 75-10129.Oxenfeldt, A.R., Kelly, A.O., 1969. Will successful franchise systems ultimately become wholly-owned chains. Journal of Retailing 44, 69-8330.Petersen, M.A., Rajan, R.G., 1994. The benefits of lending relationships: Evidence from small business data. The Journal of Finance 49, 3-3731.Rubin, P.H., 1978. Theory of the Firm and the Structure of the Franchise Contract, The. JL & Econ. 21, 22332.Shane, S., Foo, M.-D., 1999. New firm survival: Institutional explanations for new franchisor mortality. Management Science 45, 142-15933.Shane, S.A., 1998. Making new franchise systems work. Strategic Management Journal 19, 697-70734.Windsperger, J., Dant, R.P., 2006. Contractibility and ownership redirection in franchising: A property rights view. Journal of Retailing 82, 259-272 描述 碩士
國立政治大學
財務管理研究所
101357026
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101357026 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan Chen en_US dc.contributor.author (Authors) 盧冠伶 zh_TW dc.contributor.author (Authors) Lu, Kuan Ling en_US dc.creator (作者) 盧冠伶 zh_TW dc.creator (作者) Lu, Kuan Ling en_US dc.date (日期) 2013 en_US dc.date.accessioned 1-Jul-2014 12:05:38 (UTC+8) - dc.date.available 1-Jul-2014 12:05:38 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2014 12:05:38 (UTC+8) - dc.identifier (Other Identifiers) G0101357026 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67091 - 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) 101357026 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 不同於過去文獻多使用訪查加盟總部獲得之加盟者失敗率資料，本研究採用美國中小企業發展部門（Small Business Administration，簡稱SBA）官方所公布連鎖加盟品牌加盟者申請由政府擔保之優惠貸款統計數據，探討加盟者經營失敗的關鍵因素。實證資料包含2000年至2007年、2000年至2008年間累計的加盟者的失敗率，以及推算2007年貸款壞帳金額。實證結果發現，貸款壞帳金額迴歸模型整體解釋能力優於以失敗率迴歸模型。加盟總部基於資源匱乏動機而收取高額加盟投資資本，將導致加盟者貸款壞帳金額增加。此外，連鎖加盟契約期間愈長，加盟者有充裕時間回收投入成本，將使貸款壞帳金額愈少。加盟者本身若具有相關產業背景，有助於減少談判過程中與加盟總部之間資訊不對稱問題，因而增加議價能力、降低經營失敗風險，並造成貸款壞帳金額的降低。 zh_TW dc.description.abstract (摘要) This thesis examines the causes of franchisees’ failure using loan performance data collected by the U.S. Small Business Administration, from 2000 to 2007 and 2000 to 2008. By extracting the loan default amount in 2007, I found that loan default model is more successful than the failure rate model at explaining franchisees’ failure. Empirical results support the notion that franchising capital is negatively related to loan default amount. Franchise contract term is also negatively and significantly related to the franchisees’ loan default amount. Results show that when franchisee owns relevant industry experience, which helps solve asymmetric information problem and enhance franchisees’ bargain power, both the default rate and default amount decrease. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機 1 第二節 研究架構 4第二章 文獻回顧 5 第一節 連鎖加盟經營模式形成原因 5 第二節 連鎖加盟業者後續經營績效 7 第三節 研究假說 10第三章 研究方法 17 第一節 資料來源 17 第二節 變數定義 19 第三節 研究模型 24第四章 實證結果 26 第一節 迴歸分析 26 第二節 穩健度試驗 30第五章 研究結論 31 第一節 研究總結 31 第二節 後續研究建議 32參考文獻 43 zh_TW dc.format.extent 1764818 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101357026 en_US dc.subject (關鍵詞) 連鎖加盟 zh_TW dc.subject (關鍵詞) 美國中小企業發展部門 zh_TW dc.subject (關鍵詞) 貸款壞帳 zh_TW dc.subject (關鍵詞) 代理問題 zh_TW dc.subject (關鍵詞) 資源匱乏理論 zh_TW dc.subject (關鍵詞) 議價能力 zh_TW dc.subject (關鍵詞) franchising en_US dc.subject (關鍵詞) small business administration en_US dc.subject (關鍵詞) loan default en_US dc.subject (關鍵詞) agency theory en_US dc.subject (關鍵詞) bargain power en_US dc.subject (關鍵詞) resource scarcity theory en_US dc.title (題名) 美國加盟者貸款倒帳因素之實證分析 zh_TW dc.title (題名) Empirical Analysis of Franchisee Loan Default in the U.S. Market en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 1.陳盈儒（2013）。連鎖便利商店聯合行為 重罰！公平交易通訊，43，6-7。2.桂世平（2003）。25歲自己開店當老闆（初版）。臺北縣中和市：台灣廣廈。3.樓蘭，譚湘龍（2012）。台商連鎖店進軍中國（初版）。臺北市 : 時報文化。4.許英傑，李冠穎（2011）。連鎖管理 = Chain store management（初版）。新北市 : 前程文化。5.張耀銘（2004）。影響連鎖便利商店加盟續約意向之關鍵因素 - 以權力作為干擾效果，國立高雄第一科技大學行銷與流通管理系研究所碩士論文，高雄市。6.陳悅琴、陳俊宏、賴彥儒（2010）。影響連鎖加盟主對加盟總部忠誠度之因素探討，未出版。7.Alon, I., Boulanger, M., Misati, E., 2010. Can signaling theory help agency and resource scarcity theories explain franchisee failure? Predicting sba-backed loan defaults. Predicting SBA-Backed Loan Defaults (June 7, 2010)8.Anderson, E.E., 1984. The growth and performance of franchise systems: company versus franchisee ownership. Journal of Economics and Business 36, 421-4319.Bates, T., 1998. Survival patterns among newcomers to franchising. Journal of Business Venturing 13, 113-13010.Bradach, J.L., 1997. Using the Plural Form in the Management of Restaurant Chains. Administrative Science Quarterly 42, 276-30311.Brickley, J.A., Dark, F.H., 1987. The choice of organizational form the case of franchising. Journal of Financial Economics 18, 401-42012.Brickley, J.A., Misra, S., Van Horn, R.L., 2006. Contract Duration: Evidence from Franchising*. Journal of Law and Economics 49, 173-19613.Castrogiovanni, G.J., Bennett, N., Combs, J.G., 1995. FRANCHISOR TYPES: REEXAMINATION AND CLARIFICATION (FN*). 14.Chatterjee, K., Samuelson, W., 2001. Game theory and business applications. Springer.15.Chen, C.-H., Wu, D., 2012. A Theoretical Model on the Influence in Chain Stores of Buyer Power. Journal of Economics and Management 8, 283-31016.Combs, J.G., Ketchen, D.J., 1999. Can capital scarcity help agency theory explain franchising? Revisiting the capital scarcity hypothesis. Academy of Management Journal 42, 196-20717.Combs, J.G., Ketchen, D.J., 2003. Why do firms use franchising as an entrepreneurial strategy?: A meta-analysis. Journal of Management 29, 443-46518.Combs, J.G., Michael, S.C., Castrogiovanni, G.J., 2004. Franchising: a review and avenues to greater theoretical diversity. Journal of Management 30, 907-93119.Edmister, R.O., 1972. An empirical test of financial ratio analysis for small business failure prediction. Journal of Financial and Quantitative Analysis, 1477-149320.Falbe, C.M., Welsh, D.H., 1998. NAFTA and franchising: a comparison of franchisor perceptions of characteristics associated with franchisee success and failure in Canada, Mexico, and the United States. Journal of Business Venturing 13, 151-17121.Fan, Y., Kühn, K.-U., Lafontaine, F., 2013. Franchisees’ Financial Constraints and Franchisors’ Franchising Decisions. Ann Arbor 1001, 4810922.Glennon, D., Nigro, P., 2005. Measuring the default risk of small business loans: A survival analysis approach. Journal of Money, Credit and Banking, 923-94723.Kehoe, M.R., 1996. Franchising, agency problems, and the cost of capital. Applied Economics 28, 1485-149324.Lafontaine, F., 1992. Agency theory and franchising: some empirical results. The RAND Journal of Economics, 263-28325.Michael, S.C., 2000. Investments to create bargaining power: The case of franchising. Strategic Management Journal 21, 497-51426.Michael, S.C., Combs, J.G., 2008. Entrepreneurial Failure: The Case of Franchisees*. Journal of Small Business Management 46, 73-9027.Norton, S.W., 1988. An empirical look at franchising as an organizational form. Journal of Business, 197-21828.Norton, S.W., 1995. Is franchising a capital structure issue? Journal of Corporate Finance 2, 75-10129.Oxenfeldt, A.R., Kelly, A.O., 1969. Will successful franchise systems ultimately become wholly-owned chains. Journal of Retailing 44, 69-8330.Petersen, M.A., Rajan, R.G., 1994. The benefits of lending relationships: Evidence from small business data. The Journal of Finance 49, 3-3731.Rubin, P.H., 1978. Theory of the Firm and the Structure of the Franchise Contract, The. JL & Econ. 21, 22332.Shane, S., Foo, M.-D., 1999. New firm survival: Institutional explanations for new franchisor mortality. Management Science 45, 142-15933.Shane, S.A., 1998. Making new franchise systems work. Strategic Management Journal 19, 697-70734.Windsperger, J., Dant, R.P., 2006. Contractibility and ownership redirection in franchising: A property rights view. Journal of Retailing 82, 259-272 zh_TW
