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題名：企業生命週期、資產組合與企業未來績效關連性之研究
書刊名：商管科技季刊
作者：楊朝旭 引用關係／黃潔
作者(外文)：Young, Chaur-shiuh／Huang, Chieh
出版日期：2004
卷期：5:1
頁次：頁49-71
主題關鍵詞：企業生命週期；資產組合；企業績效；Firm life-cycle stage；Firm performance；Assets portfolio
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(23) 博士論文(3) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:23
  • 共同引用共同引用:62
  • 點閱點閱:82
　　本研究旨在探討企業生命週期、資產組合運用與企業未來績效之關係。針對我國上市公司進行變異數分析及過歸分析後，本研究發現處於不同生命週期階段之企業，其資產運用之特徵有顯著地差異。我國企業在成長期時運用較高比重的營運資金與無形資產，並隨著企業進入成熟及衰退期而逐漸遞減。相反的，長期投資與固定資產的運用比重在成長期時最低，隨著企業進入成熟及衰退期而有逐漸增加的趨勢。此外，本研究亦發現資產運用組合與企業未來績效的關連性是企業生命週期的函數。無形資產（固定資產與長期投資）與企業未來績效的正向關連性在成長期（衰退期）中最高。
　　The purpose of this paper is to examine the association between firm life-cycle stage, assets portfolio, and firm's future performance. ANOV A and OLS regressions are applied to test the hypotheses developed. As predicted, using a sample of firms listed in Taiwan Stock Exchange, this paper finds that the assets portfolio characteristics in different firm life-cycle stages (growth, maturity, and decline) are distinct. Especially, firms in the growth (decline) stage have significantly higher percentage of working capital and intangible assets (long-term investments and fixed assets) in their assets portfolios. Besides, the association between assets portfolio .and firm's future performance is a function of firm life cycle stage. Particularly, greater reliance on intangible assets (long-term investments and fixed assets) will have as stronger positive impact on future performance for firms in the growth (decline) stage than for firm in the other two states.
Other
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期刊論文
1.Robinson, K. C.(1998)。An Examination of the Influence of Industry Structure on Eight Alternative Measures of New Venture Performance for High Potential Independent New Ventures。Journal of Business Venturing，15，165-187。  new window
2.Lev, B.、Sougiannis, T.(1996)。The capitalization, and amortization, and value-relevance of R&D。Journal of Accounting and Economics，21(1)，107-138。  new window
3.White, H.(1980)。A Heteroskedasiticity-Consistent Covariance Matrix and A Direct Test for Heteroskedasticity。Econometrica，48(4)，817-838。  new window
4.Black, E. L.(1998)。Life-Cycle Impacts on the Incremental Value-relevance of Earnings and Cash Flow Measures。Journal of Financial Statement Analysis，4(1)，40-56。  new window
5.Jorion, Philippe、Talmor, Eli(2001)。Value Relevance of Financial and Non Financial Information in Emerging Industries: The Changing Role of Web Traffic Data。SSRN eLibrary。  new window
6.Kazanjian, R. K.、Drazin, R.(1989)。An Empirical Test of a Stage of Growth Progression Model。Management Science，35(12)，1489-1503。  new window
7.Itiner, C. D.、Larcker, D. F.(1998)。Are nonfinancial measures leading indicators of financial performance? An analysis of customer satisfaction。Journal of Accounting Research，36(Supplement)，1-35。  new window
8.Sougiannis, Theodore(1994)。The Accounting Based Valuation of Corporate R&D。The Accounting Review，69(1)，44-68。  new window
9.Adizes, I.(1979)。Organizational passages-diagnosing and treating life cycle problems of organizations。Organizational Dynamics，8(1)，3-24。  new window
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11.劉正田(2002)。無形資產、成長機會與股票報酬關係之研究。會計評論，35，1-29。new window  延伸查詢new window
12.Miller, Danny、Friesen, Peter H.(1984)。A longitudinal study of the corporate life cycle。Management Science，30(10)，1161-1183。  new window
13.Amir, Eli、Lev, Baruch(1996)。Value-relevance of Nonfinancial Information: The Wireless Communications industry。Journal of Accounting and Economics，22(1-3)，3-30。  new window
14.Greiner, Larry E.(1972)。Evolution and Revolution as Organization Grow。Harvard Business Review，50(4)，37-46。  new window
15.Lorange, P.、Nelson, R. T.(1987)。How to recognize and avoid organizational decline。Sloan Management Review，28(3)，41-48。  new window
16.金成隆、林修葳、洪郁珊(20030100)。無形資產、新股折價與內部人持股關係之研究。會計評論，36，21-53。new window  延伸查詢new window
17.Anthony, Joseph H.、Ramesh, K.(1992)。Association between accounting performance measures and stock prices: a test of the life cycle hypothesis。Journal of Accounting and Economics，15(2/3)，203-227。  new window
18.Bushman, Robert M.、Indjejikian, Raffi J.、Smith, Abbie(1996)。CEO Compensation: The Role of Individual Performance Evaluation。Journal of Accounting & Economics，21(2)，161-193。  new window
19.Deng, Zhen、Lev, Baruch、Narin, Francis(1999)。Science and Technology as Predictors of Stock Performance。Financial Analysts Journal，55(3)，20-32。  new window
20.Ittner, Christopher D.、Larcker, David F.、Rajan, Madhav V.(1997)。The Choice of Performance Measures in Annual Bonus Contracts。The Accounting Review，72(2)，231-255。  new window
研究報告
1.Kothari, S. P.、Laguerre, T.、Leone, A.(1998)。Capitalization Versus Expensing: Evidence on the Uncertainty of Future Earnings from Current Investments in PP&E and R&D。University of Rochester。  new window
2.Abdel-Khalik, A. R.(2001)。Self-sorting and human capital assets。Urbana-Champaign, IL：University of Illinois。  new window
3.Gu, F.、Lev, B.(2001)。Intangible assets measurement, drivers, usefulness。Boston University。  new window
圖書
1.Stickney, C. P.、Brown, P. R.(1999)。Financial Reporting and Statement Analysis: A Strategic Perspective。Dryden Press。  new window
2.Smith, G. V.、Parr, R. L.(2000)。Valuation of Intellectual Property and Intangible Assets。New York：John Wiley & Sons。  new window
3.Lev, Baruch(2001)。Intangibles: Management, Measurement, and Reporting。Brookings Institution Press。  new window
4.Porter, Michael E.(1980)。Competitive Strategy: Techniques for Analyzing Industries and Competitors。Free Press。  new window
5.Kaplan, Robert S.、Norton, David P.(1996)。The Balanced Scorecard: Translating Strategy into Action。Boston：Harvard Business School Press。  new window
其他
1.邱煒恒(2001)。研究發展費用市場反應分析：以企業生命週期論析。  延伸查詢new window
2.侯運神(1993)。企業生命週期與股價關聯性之研究。  延伸查詢new window
3.紀信義(2002)。專利權價值攸關性之研究：以企業生命週期論析。  延伸查詢new window
4.孫卿雲(1990)。企業生命週期與組織特徵之相關研究。  延伸查詢new window
5.許明雄(2001)。企業生命週期特性與股利政策關聯性之探討。  延伸查詢new window
6.陳俊穎(1996)。環境、組織生命週期與企業策略之關聯性研究--以台灣地區製造業為例。  延伸查詢new window
7.陳雄山(1992)。連銷企業生命週期與經營策略之研究。  延伸查詢new window
8.鄧智陽(1995)。企業生命週期、多角化策略與公司財務特徵、融資途徑相關性研究--以國內紡織業及電子業上市公司為例。  延伸查詢new window
9.Aaker, D. A.(1988)。Developing business Strategies, 2nd.。  new window
10.Adizes, I.(1988)。Corporate Lifecycles。  new window
11.Alexander, J. A., Fennel, M. L., & Halpern, M. T.(1993)。Leadership instability in hospitals: The influence of board - CEO relations and organizational growth and decline。  new window
12.Baldwin J. R., & Johnson, J.(1997)。Difference in strategies and performance of different types of innovators。  new window
13.Barth, M., & Clinch, G.(1998)。Revalued financial, tangible, and intangible assets: Association with share prices and non-market-based value estimates。  new window
14.Beldona, S. R., Chaganti, M., Habib, M., & Inkpen, A. C.(1997)。Industry variety, life - cycle stages, and performance: A dynamic perspective。  new window
15.Boulton, R. E. S., Libert, B. D., & Samek, S. M.(2000)。Cracking the value code: How successful businesses are creation wealth in the new economy。  new window
16.Canibańo, L., Gracìa-Ayuso, M., & Sánchez, P.(2000)。Accounting of intangibles: A literature review。  new window
17.Dodge, H. R., & Robins, J. E.(1992)。An empirical investigation of the organizational life cycle model for small business development and survival。  new window
18.Dodge, H. R., Fullerton, S., & Robbins, J. E.(1994)。Stage of the organizational life cycle and competition as mediators of problem perception for small business。  new window
19.Eccles, R. G., Herz, R., Keegan, E. M., & Phillips, D. M. H.(2000)。The value reporting revolution: Moving beyond the earnings game。  new window
20.Gale, B. T.(198007)。Can more capital buy higher productivity?。  new window
21.Ghertman, M., & Obadia, J.(1992)。Balance of complementary assets and stability conditions of a dynamic transaction costs theory of alliances: the case of US. Biotechnology。  new window
22.Goldfinger, C.(1997)。Understanding and measuring the intangible economy: Current status and suggestions for future research。  new window
23.Graham, R. C., & Frankenberger, K. D.(2000)。The contribution of changes in advertising expenditures to earnings and market values。  new window
24.Gupta, A. K., & Chin, D. C. W.(1993)。An empirical examination of information systems expenditure: a stage hypothesis using the information processing and organizational life cycle approaches。  new window
25.Hansson, B.(1997)。Personnel investments and abnormal returns: Knowledge- based firms and human resource accounting。  new window
26.Howell R. A., & Soucy, S. R.(1988)。Capital Investment in the New Manufacturing Environment。  new window
27.Kimberley, J. R., & Miles, R. H.(1980)。The organizational life cycle。  new window
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29.Lyden, F. J.(1975)。Using Parson's functional analysis in the study of public organizations。  new window
30.Maturi, R. J.(199910)。Going with the flow: understanding corporate life cycles。  new window
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34.Seed III, A. H.(1983)。New approaches to assets management。  new window
35.Seethamraju, C.(2000)。The value relevance of trademarks。  new window
 
 
 
 
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