臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：國家助力還是趁勢而起？中國企業國際化績效之研究
書刊名：商略學報
作者：蔡欣萍／潘偉華
作者(外文)：Tsai, Hsin-ping／Pan, Wei-hwa
出版日期：2018
卷期：10:3
頁次：頁185-202
主題關鍵詞：中國上市公司與產業；國際化；股權集中度；金融海嘯；國有股；Chinese firms and industry；Internationalization；Ownership concentration；State ownership；Financial crisis
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:2
  • 點閱點閱:7
本研究以國際化擴張與股權結構兩個主要的變數為視角來檢驗中國上市公司的相對績效，並以國有股為調節變數，研究於2008年金融海嘯動盪環境前後，以及不同的產業環境下，探討國有股所代表的國家角色在國際化、股權集中度與績效間的關係。本研究採用panel迴歸與MLM多層次分析模型，試圖處理多年，多產業的複雜大數據資料。結果顯示績效與國際化為正U型關係，與股權集中度呈倒U型關係；國有股比率僅調節績效與股權集中度間的關係；國有股比率對國際化與績效間並無交互作用。根據鄒檢定(Chow test)，金融海嘯前後國際化與績效的關係有顯著的不同，金融海嘯後也不利於國際化的績效。不同產業因素對國際化、股權集中度與國有股則對績效各有不同影響，可能由於各行業的特殊性、政府的產業政策等因素所造成。一般而言，國有股對績效呈現負面影響；做大不一定做強，提升國際競爭力與持續的國企公司化改革是中國未來不容忽視的課題。
This thesis aims to examine the relationship among internationalization, ownership concentration, and performance in China firms during the 2008 financial crisis. In order to examines whether or not the role of government would affect the implementation of internationalization and ownership concentration strategies on firm performance in China, this study investigated the impact of the 2008 financial crisis by dividing the framework into two periods: pre-crisis period (2003 to 2007) and post-crisis period (2008 to 2015).This research applies panel data regression of ordinary least squares method and multilevel model to test on the sample of 9299 observations in 15 different industries dated from 2003 to 2015. The analysis shows a U-shaped relationship between degree of internationalization and firm performance, and an inverted U-shaped relationship between degree of ownership concentration and firm performance. Moreover, the finding shows that there is a significant effect of the financial crisis on the degree of ownership concentration and state ownership. However, the degree of state ownership didn't moderate the association between internationalization and firm performance during the crisis period. Performance of China firms in post-crisis period was lower when they expanded their international involvement. The findings suggest competitiveness and corporate governance of firms in China is an important issue that should not be ignored in the future.
期刊論文
1.Leech, D.、Leahy, J.(1991)。Ownership structure, control type classifications and the performance of large British companies。The Economic Journal，101，1418-1437。  new window
2.Grant, R. M.、Jammine, A. P.、Thomas, H.(1988)。Diversity, Diversification, and Profitability among the British Manufacturing Companies, 1972-1984。The Academy of Management Journal，31(4)，771-801。  new window
3.Franko, Lawrence G.(1989)。Global Corporate Competition: Who's Winning, Who's Losing, and the R&D Factor as one Reason Why。Strategic Management Journal，10(5)，449-474。  new window
4.Megginson, William L.、Netter, Jeffry M.(2001)。From State to Market: A Survey of Empirical Studies on Privatization。Journal of Economic Literature，39(2)，321-389。  new window
5.Grossman, S.、Hart, O.(1980)。Takeover Bids, the Free-Rider Problem, and the Theory of Corporation。Bell Journal of Economics，11，42-64。  new window
6.Morck, R.、Yeung, B.(1991)。Why Investors Value Multinationality。Journal of Business，64(2)，165-187。  new window
7.Boycko, Maxim、Shleifer, Andrei、Vishny, Robert W.(1996)。A Theory of Privatization。The Economic Journal，106(435)，309-319。  new window
8.Geringer, J. M.、Tallman, S.、Olsen, D. M.(2000)。Product and International Diversification among Japanese Multinational Firms。Strategic Management Journal，21，51-80。  new window
9.Siddharthan, N. S.、Lall, S.(1982)。Recent Growth of The Largest U.S. Multinationals。Oxford Bulletin of Economics and Statistics，44(1)，1-13。  new window
10.Errunza, Vihang R.、Senbet, Lemma W.(1984)。International Corporate Diversification, Market Valuation and Size-Adjusted Evidence。Journal of Finance，39(3)，727-743。  new window
11.Ruigrok, Winfried、Wagner, Hardy(2003)。Internationalization and performance: an organizational learning perspective。Management International Review，43(1)，63-83。  new window
12.Lu, Jane W.、Beamish, P. W.(2001)。The Internationalization and Performance of SMEs。Strategic Management Journal，22(6/7)，565-586。  new window
13.Sullivan, Daniel(1994)。Measuring the degree of internationalization of a firm。Journal of International Business Studies，25(2)，325-342。  new window
14.Aharony, J.、Lee, C. J.、Wong, T. J.(2000)。Financial Packaging of IPO Firms in China。Journal of Accounting Research，38(1)，103-126。  new window
15.Zaheer, S. A.(1995)。Overcoming the liability of foreignness。Academy of Management Journal，38(2)，341-363。  new window
16.Yu, M.(2013)。State ownership and firm performance: Empirical evidence from Chinese listed companies。China Journal of Accounting Research，6(2)，75-87。  new window
17.McConnell, J. J.、Servaes, H.(1990)。Additional Evidence on Equity Ownership and Corporate Value。Journal of Financial Economics，27，595-612。  new window
18.Burkart, M.、Gromb, D.、Panunzi, F.(1997)。Large shareholders, monitoring, and the value of the firm。Quarterly Journal of Economics，112，693-728。  new window
19.Grewal, R.、Tansuhaj, P.(2001)。Building Organizational Capabilities for Managing Economic Crisis: The Role of Market Orientation and Strategic Flexibility。Journal of Marketing，65(2)，67-80。  new window
20.王坤、張書雲(2004)。中國對外貿易與經濟成長關係的協整性分析。數量經濟技術經濟研究，4，26-33。  延伸查詢new window
21.王聰、宋慧英(2012)。中國證券公司市場結構與績效的實證分析。經濟經緯，1，157-160。  延伸查詢new window
22.沈達勇、白少衛、劉志勇(2013)。基於公司治理視角的上市公司抗金融危機能力問題研究。當代經濟科學，7，53-63。  延伸查詢new window
23.胡潔、胡穎(2006)。上市公司股權結構公司績效關係的實證分析。管理世界，3，142-143。  延伸查詢new window
24.陳爽、聶銳、王娟(2017)。股權集中度、高管持股與公司績效關係研究--來自混合所有制企業的證據。企業經濟，3，105-110。  延伸查詢new window
25.鄒艷(2009)。論全球金融危機對我國企業國際化經營的影響。現代商貿工業，17，11-12。  延伸查詢new window
26.鄭吉昌、夏晴(20051200)。服務業發展與產業集群競爭優勢--以浙江產業集群發展為例。管理科學與統計決策，2(2)，103-112。new window  延伸查詢new window
27.閻新建(1995)。國有股股權主體。法學雜誌，4，13。  延伸查詢new window
28.劉立國、杜瑩(2003)。公司治理與會計信息質量關係的實證研究。會計研究，2，28-36。  延伸查詢new window
29.Anderson, S. P.、Engers, Maxim(1994)。Strategic investment and timing of entry。International Economic Review，35(4)，833-853。  new window
30.Cuervo-Cazurra, Alvaro、Genc, Mehmet E.(2008)。Transforming Disadvantages into Advantages: Developing-Country MNEs in the Least Developed Countries。Journal of International Business Studies，39(6)，957-979。  new window
31.Lev, B.、Sougiannis, T.(1996)。The capitalization, Amortization, and Value-Relevance of R and D。Journal of Accounting and Economics，21，107-138。  new window
32.Ding, Lu、Thangavelu, Shandre M.、Qing, Hu(2005)。Biased Lending and Non-performing Loans。The Journal of Development Studies，41(6)，1071-1091。  new window
33.Luo, Y.、Tung, R. L.(2017)。A General Theory of Springboard MNEs。Journal of International Business Studies，49(2)，1-24。  new window
34.Megginson, W. L.、Ullah, B.、Wei, Z.(2014)。State ownership, soft-budget constraints, and cash holdings: Evidence from China's privatized firms。Journal of Banking and Finance，48，276-291。  new window
35.Thomas, D. E.、Eden, L.(2004)。What is the Shape of Multinationality-Performance Relationship。The Multinational Business Review，12(1)，89-110。  new window
36.Zhou, Kevin Zheng、Gao, Gerald Yong、Zhao, Hongxin(2017)。State Ownership and Firm Innovation in China: An Integrated View of Institutional and Efficiency Logics。Administrative Science Quarterly，62(2)，375-404。  new window
37.Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1988)。Management Ownership and Market Valuation: An Empirical Analysis。Journal of Financial Economics，20(1/2)，293-315。  new window
38.Mitton, Todd(2002)。A Cross-firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis。Journal of Financial Economics，64(2)，215-241。  new window
39.Shleifer, Andrei、Vishny, Robert W.(1986)。Large Shareholders and Corporate Control。The Journal of Political Economy，94(3)，461-488。  new window
40.Hill, Charles W. L.、Hoskisson, Robert E.(1987)。Strategy and Structure in the Multiproduct Firm。Academy of Management Review，12(2)，331-341。  new window
41.Mak, Yuen Teen、Li, Yuan(2001)。Determinants of Corporate Ownership and Board Structure: Evidence from Singapore。Journal of Corporate Finance，7(3)，235-256。  new window
42.Geringer, J. Michael、Beamish, Paul W.、da Costa, Richard C.(1989)。Diversification strategy and internationalization: Implications for MNE performance。Strategic Management Journal，10(2)，109-119。  new window
43.Granger, Clive William John、Newbold, Paul(1974)。Spurious Regressions in Econometrics。Journal of econometrics，2(2)，111-120。  new window
44.Daniels, John D.、Bracker, Jeffrey(1989)。Profit Performance: Do Foreign Operations Make a Difference?。Management International Review，29(1)，46-56。  new window
45.Grant, Robert M.(1987)。Multinationality and Performance Among British Manufacturing Companies。Journal of International Business Studies，18(3)，79-89。  new window
46.Lev, Baruch、Zarowin, Paul(1999)。The Boundaries of Financial Reporting and How to Extend Them。Journal of Accounting Research，37(2)，353-385。  new window
47.Wernerfelt, Birger(1984)。A Resource-based View of the Firm。Strategic Management Journal，5(2)，171-180。  new window
48.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
49.Chang, Y.、Thomas, H.(1989)。The Impact of Diversification Strategy on Risk-return Performance。Strategic Management Journal，10(3)，271-284。  new window
學位論文
1.洪世馨(2003)。設立外部董事與企業經營績效之關係(碩士論文)。國立成功大學。  延伸查詢new window
2.吳杰蔚(1998)。公司保留盈餘與經營績效關聯性之探討(碩士論文)。國立成功大學。  延伸查詢new window
3.王大維(2003)。公司治理相關要素與公司績效關聯性之研究--以台灣上市公司為例(碩士論文)。淡江大學。  延伸查詢new window
圖書
1.Dunning, John H.(1993)。Multinational Enterprises and the Global Economy。Don Mills, Ontario：Addison-Wesley Publishing Company。  new window
2.Dore, R. P.(1990)。British Factory-Japanese Factory。Berkeley：University of California Press。  new window
3.Hitt, M.、Ireland, R.、Hoskisson, R.(2006)。Strategic Management: Competitiveness and Globalization。Mason, OH：South-Westen。  new window
4.Vickers, John、Yarrow, George(1988)。Privatization: An Economic Analysis。MIT Press。  new window
5.Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。  new window
6.Vernon, Raymond(1971)。Sovereignty at Bay: The Multinational Spread of U. S. Enterprises。Basic Books。  new window
7.Caves, Richard E.(1982)。Multinational Enterprise and Economic Analysis。Cambridge University Press。  new window
其他
1.任衛東，王彥田(20000308)。江澤民在參加上海代表團審議時強調適應新形勢、迎接新挑戰、增創新優勢、 贏得新發展，http://www.people.com.cn/zgrdxw/news/200003/0 8/0801.html。  延伸查詢new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1091（臺灣：1067，外國：24） ／ 本年度總使用人次：2516201 ／ 訪客人次（自102年09月）：68323788
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上