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題名:集團企業公司間股權聯結基礎之研究
作者:周宗穎 引用關係
作者(外文):Zhou, Zong-Ying
校院名稱:國立政治大學
系所名稱:企業管理學系
指導教授:司徒達賢
于卓民
學位類別:博士
出版日期:2002
主題關鍵詞:集團企業股權聯結business groupequity ties
原始連結:連回原系統網址new window
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  • 點閱點閱:62
集團企業是一種特殊的企業制度,幾乎存在於所有的市場經濟國家,而且經常是在各該國經濟中佔有非常重的地位,因此就實務和學術而言,應該都是非常值得研究的特殊組織形式。過去在國際學術研究上普遍強調公司間股權以外的聯結,甚至否定公司間股權聯結的重要性。
本研究參照與集團企業組織型式類似的國際企業相關研究,針對否定公司間股權聯結重性提出質疑,主要探討的問題有二:(1)份子公司間股權聯結在集團企業的結合中有無重要性?(2)份子公司間投資與被投資的股權聯結,有何經營管理上的意義?
依據國際企業優勢相關理論的重要基礎──交易成本理論,本研究推論出集團企業優勢的基礎及影響績效的原因,仍在於集團企業是否運用公司間股權聯結,以降低因市場失靈所造的過高交易成本。在實証資料中也發現,高優勢組集團企業比低優勢組更傾向使用公司間股權聯結;高績效組集團企業也比低績效組傾向使用公司間股權聯結,可見從經濟效率觀點言,份子公司間股權聯結在集團企業的結合中的確有其重要性。
其次,在份子公司層次也發現:(1)份子公司的優勢越高越可能投資其他份子公司,同時其投資的份子公司數也越多;(2) 管理份子公司越多的集團其被投資份子公司的集團股權集中度會越低,而外部股權集中度及份子公司所累積的資源(規模)所代表的獨立性,也的確有提高集團股權集中度的現象。
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