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題名:集團企業及其分子公司之績效:台灣的實證研究
作者:陳建男 引用關係
作者(外文):Chien-Nan Chen
校院名稱:國立臺灣大學
系所名稱:商學研究所
指導教授:朱文儀
學位類別:博士
出版日期:2008
主題關鍵詞:集團企業集團子公司集團效應績效新興經濟體business groupgroup-affiliated companygroup effectsperformanceemerging economy
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台灣自1980年代末期以來,經濟上大幅自由開放的結果,造就了大型集團企業的快速成長,集團企業在台灣經濟中的地位也日益重要。這不僅是台灣地區的特殊現象,在許多以經濟自由化、政治民主化作為成長引擎的新興經濟體中,集團企業往往被視為是新興國家經濟發展動力的主要來源,主導著經濟活動的發展。因此,近年來,關於新興經濟體中集團企業的績效表現受到許多學者的關注,已成了策略管理研究中重要的研究議題之一。
本論文藉由三個實證研究,以三個不同的途徑來檢視台灣地區的集團企業及其分子公司的績效表現。第一個研究著重於分析「集團層次」的績效,關注集團企業的結構特徵與集團績效之間的關係。研究結果顯示,在台灣,集團企業的資源集中度對於集團獲利能力有正向顯著的影響;而高度多角化的集團企業其獲利能力有比低度多角化的集團企業來得要低的傾向。
第二個研究著重於不同組織形式之企業經營績效的比較。研究結果顯示,在台灣,隸屬集團之企業,其獲利能力明顯高於非隸屬集團之獨立企業;集團整體的規模成長明顯高於非隸屬集團之獨立企業,而集團整體的償債能力明顯低於非隸屬集團之獨立企業。表示除了獲利能力之外,集團企業在規模擴張以及財務綜效的發揮上都相當明顯。但集團的管理有其難度,研究結果顯示,集團整體的效率不若核心公司以及非隸屬集團之獨立企業。
第三個研究則針對集團企業當中的子公司績效進行探討。研究結果顯示,子公司所屬集團所能提供的無形資源愈多、擁有的財務資源愈豐富,則子公司的績效表現愈佳;子公司本身所擁有的財務資源愈豐富,則子公司的績效表現愈佳;集團內地位愈高的子公司,績效表現愈佳;而集團成員之間的商品交易,對於子公司績效亦有正向的影響。表示集團效應對於集團成員有正向的影響作用,且集團的內部產品市場具某種程度的效率性。
結合以上實證結果,我們可以了解台灣地區集團企業及其分子公司的經營績效和相關影響因素。整體而言,在本研究的分析期間,台灣地區的制度系絡,是適於集團企業的生存與發展的。
Since the late 1980s, associated with the significant economic liberalization and privatization, large business groups in Taiwan grow fast and play a dominant role in Taiwan’s economy. Business groups are often seen as the main driver of economic development in many developing economies such as Korea, India, Chile, and so on. They dominate the development of economic activities. Therefore, in recent years, the performance of diversified business groups in emerging economies gained increased attention in academy research, and has became a central research topic in management literatures.
The thesis examined the performance of bussiness groups and group-affiliated companies in Taiwan by conducting three empirical studies with related but different focuses. Study 1 focuses on the group-level performance, to investigate the relationship between the structural chacteristics and performance of business group. The empirical results suggest that resource concentration is positively associated with group profitability. In addition, highly diversified business groups perform worse than limited diverisifiers.
Study 2 focuses on the performance comparison between different organization forms. The empirical results show that the profitability of firms affiliated with business groups is significantly higher than that of independent, non-group-affiliates. Meanwhile, business groups and group-affiliates both show a significantly higher level of growth in size, and a higher level of lending capacities than non-affiliates. In addition to profitability, it is also found that business groups do demonstrate expansion capability and financial synergies. However, they also have low operating efficiency, implying that managing business groups is more difficult than managing independent firms.
Study 3 examines the performance of group-affiliated companies. We found that, when business groups own more intangible and financial resources, the better the performance of the group-affiliated companies. Similarly, at the affiliate-level, those affiliated companies that own more financial resources significantly outperform those affiliates with limited financial resources. In terms of status, it is found that group members with higher status within a group outperform those with lower status. In addition, internal transactions within a group are positively associated with group-affiliates’ performance. All these imply the existence of a positive group-effect and an efficient internal product market among Taiwanese business groups.
Given all the empirical results of the above, this dissertation aims to provide us a picture on the performance and related antecedence factors of business group and group-affiliated companies in Taiwan. Overall, Taiwan’s institutional contex is suitable for the survival and development of business groups during our analysis period.
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