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系統識別號 U0026-0812200914053899
論文名稱(中文) 國際多角化對公司價值的影響
論文名稱(英文) Geographic Diversification and Firm Value
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 96
學期 1
出版年 97
研究生(中文) 王綺楓
研究生(英文) Chi-feng Wang
電子信箱 faywang3311@gmail.com
學號 r6890102
學位類別 博士
語文別 英文
論文頁數 45頁
口試委員 口試委員-許永明
口試委員-曾瓊慧
口試委員-吳學良
指導教授-張紹基
口試委員-方世杰
口試委員-陳聖賢
中文關鍵字 國際多角化  超額價值  研發強度  產業多角化 
英文關鍵字 industrial diversification  R&D intensity  geographic diversification  excess value 
學科別分類
中文摘要 過去有關國際多角化對公司價值之影響的實證研究結果不一,本研究認為以往學者在這方面的研究之所以未有一致的發現,是因為他們未探討國際多角化與公司績效間的非線性關係。本研究整理文獻後發現,公司在不同的國際多角化階段伴隨著不同的利益與成本,因而提出S型的國籍多角化-公司超額價值的關係。此外,本研究認為公司所擁有的研發強度對上述這種國籍多角化與公司價值間的關係具有正向的調節效果。再者,本研究認為公司所採行的產業多角化政策亦有助於國際多角化公司績效的提升。本研究以1984至2005年間的美國公司為研究對象驗證上述三個研究假說,分析單位為78193個firm-year。研究結果發現,國際多角化與公司價值間呈現非線性之U型的關係。另外,我們亦發現,國際多角化程度中等的公司若擁有較高的研發強度,將可獲得較好的績效。最後,我們發現,國際多角化程度中等的公司若能同時執行產業多角化,將可提升其超額價值。本研究結果在國際多角化與公司價值間之動態關係上做了重要的闡述,因而對學術界及業界頗有貢獻。
英文摘要 Previous studies have provided mixed evidence on the valuation effect of geographic diversification. The present study is motivated by these conflicting results, which could be an outcome of their failure in examining a curvilinear relationship between geographic diversification and firm value. We explore the costs and benefits of geographic diversification across stages of geographic expansion, and propose a non-linear and S-shaped geographic diversification-firm value relationship. We further argue that the heterogeneity among firms’ resources and strategy could change the performance outcomes of geographic diversification. We suggest that the R&D intensity maintained by a firm has positive moderating effect on the geographic diversification-firm value association. Further, we argue that the industrial diversification strategy adopted by firms might positively moderate the relationship between geographic diversification and firm value. We test our hypotheses based on a sample of 78193 firm-year observations of U.S. firms during the period of 1984-2005. Our results show a non-linear and U-shaped relationship between geographic diversification and excess value. We further find that firms with moderate level of geographic diversification achieve better performance from foreign expansion if they have stronger R&D intensity. We also find that firms with moderate degrees of geographic diversification will obtain higher excess value when they simultaneously implement industrial diversification. Our findings contribute by highlighting the importance of considering the dynamic relationship between geographic diversification and the value of firms.
論文目次 Contents…………………i
List of Tables……iii
Chapter 1 Introduction…………………………………………1
Chapter 2 Theoretical Background and Hypotheses…….…………..6
2.1 Benefits from Geographic Diversification........……………6
2.2 Costs Associated with Geographic Diversification..….…....7
2.3 Value Implications of Geographic Diversification…………..9
2.4 Interaction Effect of R&D intensity and Geographic Diversification……11
2.5 Interaction Effect of Industrial and Geographic Diversification…….……12
Chapter 3 Sample and Methodology…………..……………..13
3.1 Sample Selection……………………….13
3.2 Measure of Excess Value…………………15
3.3 Geographic Diversification………….…...16
3.3 Industrial Diversification………………….17
3.4 R&D Intensity…………………….….17
3.5 Other Control Variables……………..…..18
Chapter 4 Empirical Results………....19
4.1 Univariate Test…….…...19
4.2 Multivariate Regression Analysis ……………….21
Chapter 5 Discussion and Conclusions……….………..27
References…………..……..32

List of Tables

Table 1 Descriptive Statistics……………………………37
Table 2 Excess Value Measures for a Sample of 78193 Firm-Years from 1984 ~ 2005…..39
Table 3 Multivariate Regression Test for Diversification Value Impacts………………….41
Table 4 Higher Order Polynomial Ordinary Least Squares Regressions of Excess Value on Geographic Diversification…………….42
Table 5 Piecewise Linear Ordinary Least Squares Regressions of Excess Value on Geographic Diversification……….……………..43
Table 6 Piecewise Linear Ordinary Least Squares Regressions of Excess Value on the Interaction between R&D intensity and Geographic Diversification………........44
Table 7 Piecewise Linear Ordinary Least Squares Regressions of Excess Value on the Interaction between Industrial and Geographic Diversification……..……........45
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