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題名：國際合資事業組合對企業成長價值之影響：應用實質選擇權觀點
作者：謝明德
作者(外文)：Min-Der Hsieh
校院名稱：國立臺灣大學
系所名稱：國際企業學研究所
指導教授：趙義隆
吳學良
學位類別：博士
出版日期：2017
主題關鍵詞：國際合資事業；實質選擇權應用；成長選擇權價值；新興市場廠商；信用風險
原始連結：連回原系統網址new window
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過去已有許多應用實質選擇權觀點與國際合資事業領域之研究，並將國際合資視為成長選擇權價值來源，本文以隸屬台灣百大集團之核心上市公司為對象，包括79個集團227家上市公司，資料期間從1986年至2016年，合計3,515筆國際合資觀察值。透過追蹤資料模型(Pannel Data)，探討從事國際合資策略與成長選擇權價值之關係並發展國際合資事業組合的架構，分析國際合資事業組合(國際合資佔比、新興市場國際合資佔比、少數股權國際合資佔比)如何強化廠商成長選擇權價值，並加入吸收能力、信用風險、隸屬集團資源集中度之干擾效果。研究結果顯示新興市場與少數股權國際合資比率對成長選擇權價值具有顯著影響，而國際合資事業組合與成長選擇權價值關係，會受到信用風險程度的顯著干擾效果、而隸屬集團資源集中度則具有部分干擾效果、吸收能力則無顯著影響關係。
本文以新興市場之廠商為對象，其源自於台灣集團核心上市企業從事海外合資子公司，有別於過去使用已開發市場廠商之差異。再者，以不同國際合資事業組合，延伸新興市場廠商從事國際合資事業的影響，皆有助於理論的重要發展。第三，本文進一步整合集團隸屬企業從事國際合資事業之研究，其中集團企業源於制度理論之探討，強化核心公司與海外子公司之國際合資事業研究，延續了研究制度環境對企業策略和績效影響的路徑。
最後，對於組織管理者而言，本研究認為國際合資事業組合可帶來成長選擇權價值，但仍需適度調整組合配置策略。同時，對於進行國際合資決策時，須更彈性設計國際合資結構，例如：股權結構、市場區位、本身風險、隸屬集團資源集中度等。而研究結果也能協助管理者以國際合資事業作為成長選擇權，並確認不同營運情況下，能提供更具成長價值的投資決策。
Growth option value varies widely across firms. This research explores international joint ventures (IJVs) as a source of firm heterogeneity in growth option value. This study use 79 business group and 227 focal firms. The sample period is from 1986 to 2016, the observations of which is 3,515. We argue that when the ownership structure of IJVs corresponds to that of growth options, firms will be motivated to pursue actions that increase firms’ growth option value, particularly when greater growth opportunities are available in emerging market. Results indicate that the ratios of emerging IJVs and the ratios of minority IJVs have a significant effect on growth option value.
We also find support for a firm’s credit Risk would moderate the relationship between IJVs portfolios and growth option value. A partial interaction effect of resource concentration of business groups that would moderate the relationship between IJVs portfolios and growth option value. These findings highlight the critical role of IJVs portfolios in affecting firms’ realization of growth option value. We also discuss alternative explanations and implications.
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