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系統識別號 U0026-1407201014114200
論文名稱(中文) The Effect of Internationalization on Firm Performance: The Evidence from Taiwan biotechnology Industry
論文名稱(英文) The Effect of Internationalization on Firm Performance: The Evidence from Taiwan biotechnology Industry
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所碩士在職專班
系所名稱(英) Institute of International Management (IIMBA--Master)(on the job class)
學年度 98
學期 2
出版年 99
研究生(中文) 王淑蕙
研究生(英文) Shu-Hui Wang
學號 ra796107
學位類別 碩士
語文別 英文
論文頁數 47頁
口試委員 指導教授-張紹基
口試委員-許永明
口試委員-鄭至甫
中文關鍵字 多樣化經營  國際化  全球化  台灣化學生技醫藥產業 
英文關鍵字 Diversification  Internationalization  Globalization  Taiwan Chemical  Biotechnology  Medical Care Industry  Pharmaceutical 
學科別分類
中文摘要 台灣由於小經濟規模的限制,不易變成大公司或者成為全球產業的龍頭,唯一能打破這項限制的方法即是鼓勵以出口為導向的產業,把全世界當成是市場,這樣的營業行態在台灣的高科技業證明是成功的。我們這篇論文的主要目的是調查台灣生技業能否拷貝IT產業的商業模式,引領台灣經濟成長,經由分析公司國際化和公司表現之間的關係,以國外銷售和國外資產來評估公司國際化的程度,而用資產報酬率和股東權益報酬率代表公司的表現,另公司大小,銷售成長,財務槓桿作用和效率以及研發費用也是影響公司表現的主要因素,所以把他們放入我們線性迴歸和非線性迴歸的實驗中,分別檢視其影響。我們所選的資料是來自台灣上市上櫃的化學生技醫藥產業的公司,總數量有80家公司,研究時間是從2004到2008共5年。
研究發現,國外銷售和資產增加,會為公司收益帶來正面效益,但剛開始增加國外銷售和資產時,公司收益並不會增加反而是減少,其關係是以U型的現象存在,而且大公司會比小公司更容易創造利潤,但銷售增加並未能為公司增加利潤,不過財務槓桿小和研發費用少者會增強公司的收益,且高效率表示高收益,5年內該產業的表現並無特別關連,但2008年表現最相差,因為2008年美國爆發房屋次貸危機,影響全球經濟進入衰退期,台灣生技業也因之受到影響。
英文摘要 In Taiwan, firms with small economic scale limitation do not easily grow big or become leaders of the global industry. The way to break this obstacle is to encourage export-oriented business by considering the whole world as the market. The strategy was proved to be successfully with Taiwan IT industry. The object of this study is to see if Taiwan bio-industry can replicate the business pattern of IT-industry to lead Taiwan’s economic growth through analyzing the correlation of internationalization and firm performance. The parameters for Internationalization degree are the foreign sales and assets as well as ROA and ROE for firm performance. As firm size, sales growth, leverage, efficiency and R&D expenditure are also the determinate factors to impact on firms’ performance, all are adopted in our linear and non-linear regression test to see their effects separately. Data is from Taiwan stock market, “Chemical, Biotechnology and Medical Care Industry,” and included a total of 80 companies over a 5 year period from 2004 to 2008.
The findings show the higher the internationalization, the higher the firm’s performance, but it was also found that firm performance decreased in the beginning, which fit to the U-shape theory. Firm performance turns positive with company size and efficiency, but negative with leverage, R&D expenditure and sales growth. There was no special correlation over 5 years, but the performance of 2008 was the worst, because of the USA Sub-prime loan crisis which resulted in a global economic recession, Taiwan industry was also hurt by this crisis.
論文目次 TABLE OF CONTENTS
ACKNOWLEDGEMENTS III
ABSTRACT IV
摘要 VI
TABLE OF CONTENTS VII
LIST OF TABLES IX
LIST OF FIGURES X
CHAPTER ONE INTRODUCTION 1
1.1 Research Background and Motives. 1
1.2 Research Objectives. 5
1.3 Research Frame. 5
CHAPTER TWO LITERATURE REVIEW 7
2.1 Taiwan Biotechnology Industry. 7
2.1.1 Definition to Biotechnology Industry. 7
2.1.2 Taiwan Biotech Category. 8
2.1.3 Taiwan Biotechnology Environment. 10
2.2 Global Biotechnology Environment. 12
2.2.1 Global Biotechnology Industry. 12
2.2.2 Biotechnology Industry in Developing Countries. 14
2.2.3 Biotechnology Industry in Emerging Economic Asia. 14
2.3 Impacts of Internationalization. 15
2.3.1 Internationalization Impact on Firm Performance. 15
2.3.2 Internationalization in Emerging Economic. 17
2.3.3 Challenge to Internationalization. 17
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 20
3.1 Sample and Data Source. 20
3.2 Variables. 20
3.2.1 Dependent Variables. 21
3.2.2 Independent Variables. 21
3.2.3 Control Variables. 21
3.3 Methodology. 23
CHAPTER FOUR RESEARCH RESULTS 25
4.1 Description Statistics. 25
4.1.1 Profitability. 26
4.1.2 Internationalization. 26
4.1.3 Company Data. 26
4.2 Correlation of Variables. 26
4.3 Regression with Dummy for 5 Years from 2004 to 2008. 28
4.4 Regression Result for Linear Specification. 32
4.5 Regression Result for Non-linear Specification. 36
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 39
5.1 Conclusion. 39
5.2 Suggestion. 40
REFERENCES 41
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