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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
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  • 共同引用共同引用:2
  • 點閱點閱:6
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
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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
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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
 
 
 
 
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