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系統識別號 U0026-0607202021382700
論文名稱(中文) 開發中國家企業的併購或聯盟抉擇與其對績效之影響:結合企業生產力與環境制度觀點
論文名稱(英文) The Effect of Corporate Productivity on the Alliance versus Acquisition Choice by Developing- Country Firms: The Performance Consequences And Moderation of Institutional Voids
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 108
學期 2
出版年 109
研究生(中文) 吳尚儒
研究生(英文) Shang-Ju Wu
學號 R66051145
學位類別 碩士
語文別 中文
論文頁數 64頁
口試委員 指導教授-曾瓊慧
口試委員-周庭楷
口試委員-張紹基
口試委員-李振宇
中文關鍵字 企業策略  同產業  併購  策略聯盟  企業生產力  開發中國家  制度缺陷  金融流通度  貪腐程度 
英文關鍵字 strategies  same industry  M&A  strategic alliances  productivity  developing countries  institutional voids  financial liquidity  corruption 
學科別分類
中文摘要 隨著世界各國的開放以及各種經貿合作的日漸密切,各國企業合作策略(併購或策略聯盟)的選擇決策之議題也逐漸受到學界的重視。相較於過去的學術文獻多將研究著重在已開發國家企業,本研究則側重研究現今全球經濟佔比日重的開發中國家企業,進而探討企業策略選擇和生產力的組合是否能有效發揮提升其績效的作用。

本研究針對13個國家的開發中國家之同產業企業進行分析,分析其生產力高低是否會影響其在上述開發中國家的策略決策,同時探討 其企業策略選擇決策和生產力的組合是否能對公司淨利提升發揮作用,我們並分析了開發中國家的制度缺陷因素,如金融流通度與政府貪腐程度對上述關係是否造成調節作用影響。我們的分析結論指出在上述的開發中國家企業的策略決策確實和其生產力高低有相關性,並且高生產力的企業選擇併購時對於其公司績效提升具有正向關係。基於我們的研究結果,我們也提供了後續在此領域可研究的議題供有興趣的學者參考。
英文摘要 With the increasingly close economic and trading relationships among countries, the issue of decision making on the cooperation strategy (between M&A or strategic alliances) of enterprises has also received significant attention of the academic community. However, compared to the past literature, which mostly focuses on enterprises of more developed economies, our study focuses on enterprises of developing countries, and we explore whether the combination of corporate strategic choices and productivity of the enterprise can effectively enhance their firm performance.
Our study analyzes enterprises of the same industrial categories in 13 developing countries, to test whether the enterprises’ productivity will affect their strategic decisions in these developing countries, and we also test whether the combination of strategic choices and their relative productivity can play a role in improving the company's performance. In addition, we also test the potential moderating effects of the environmental factors in developing countries, such as country-level financial liquidity and the degree of government corruption, to see whether these factors have an impact in the above-mentioned relationships.
This study concludes that the strategic decisions made by these enterprises in the above-mentioned developing countries are related to their relative productivity, and that the relationship is positive between enterprises with high productivity choosing M&A and their financial performance.
論文目次 一、研究動機與背景 1
二、文獻探討 4
2.1策略聯盟和併購之間的抉擇 4
2.1.1過去文獻之不同的理論和角度 4
2.1.2 過去文獻之不同觀察地點 5
2.2企業策略與績效表現 11
2.2.1企業策略與績效表現的關係 11
2.2.2 文獻資料來源地探討 11
2.2.3調節變數 11
2.2.4文獻的發現 12
2.3 研究缺口 18
2.3.1開發中國家企業策略與企業績效的連結 18
2.3.2 企業生產力 18
三、假說發展 23
3.1 假說架構 23
3.2假說發展 23
3.2.1 開發中國家企業生產力對策略聯盟與併購抉擇的影響 23
3.2.2生產力強的企業採行併購與其績效表現之關係 25
3.2.3生產力弱的企業採行策略聯盟與績效之關係 26
3.2.4 開發中國家企業的資金籌措困難 26
3.2.5開發中國家企業的政府腐敗 27
四、研究方法 29
4.1資料來源與樣本 29
4.2 變數 32
4.2.1 自變數 32
4.2.1.1生產力高低 32
4.2.1.2 企業策略 33
4.2.2 應變數 33
4.2.2.1併購或是策略聯盟間的選擇 33
4.2.2.2 績效表現 33
4.2.3調節變數 34
4.2.3.1金融市場的不成熟 34
4.2.3.2政府腐敗 34
4.2.4 控制變數 35
4.2.4.1 公司大小(Firm Size) 35
4.2.4.2 公司存在年數(Firm Age) 35
4.3 研究方法 35
五、研究結果 38
5.1 分析結果 38
5.1.1分析結果-績差分析、T檢定與回歸分析 38
5.1.2 階層回歸分析結果-調節效果檢驗方法1 46
5.1.3 線性回歸分析結果-調節效果檢驗方法2 48
5.1.4 改變生產力公式中∂和β參數之結果分析 51
六、結論 54
6.1 研究結果說明 54
6.2.1 學術貢獻 56
6.2.2 管理貢獻 56
6.3 研究限制與研究建議 57
七、引用文獻 61
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