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題名：成長策略與外部股東資金來源之關係：集團企業之調節效果
書刊名：管理與系統
作者：林玟廷／李佳玲
作者(外文)：Lin, Wen-ting／Lee, Chia-ling
出版日期：2018
卷期：25:4
頁次：頁571-602
主題關鍵詞：成長策略；外部股東資金；集團企業；Growth strategies；External funds；Business group
原始連結：連回原系統網址new window
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台灣眾多企業家成長過程會透過IPO（initial public offering）籌措未來成長資金。對於外部投資者而言，公開上市公司未來成長策略是重要的訊號，牽動投資者投資的信心與意願。本研究以訊號理論為基礎，探討初次上市公司的成長策略對外產生的訊號效果如何牽動著外部投資者投資的信心與意願，其中成長策略包含多角化、國際化與研發密集度策略；本研究進一步瞭解初次上市公司成長策略與外部股東資金來源關係是否因集團企業之型態而異。以2000至2012年台灣297家初次上市公司為實證樣本，實證發現初次上市公司多角化策略與研究發展會促使公司越有機會從外部取得資金；此外，初次上市公司為集團企業組織型態會調節公司多角化與研發策略與外部股東資金來源之關係。
Many firms raise capital through initial public offering (IPO). For investors, firms' strategies play an important signal, enhancing their investment confidence and willingness. This research using signal theory intends to investigate how the strategies of initial public offerings (IPOs) firms create positive or negative signals, enhancing external investors' confidence. The firm strategies are considered by diversification, internalization, and R&D intensity. This study further examines whether IPO firms of business groups affect the relationship between firm strategies and external equity investment. Using a sample of 297 Taiwan IPOs firms for the 2000-2012 period, we find that IPOs firms having a higher diversification and R&D intensity will have higher opportunity to raise fund by external equity. IPOs firms belonging to business groups moderate the relationship between firm strategies of diversification and R&D and funds raised by external equity.
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