本研究針對多國籍企業之經營風險及財務槓桿程度作探討，以外銷金額佔總銷售額比例當成國際化程度的指標，並採台灣景氣循環之依據，分別對二段時間樣本資料作研究，為民國85年 ~ 87年及88年 ~ 91年，最後更合併以上之三段時間，作為另一樣本之研究。其次更以企業在海外之子公司數目當成國際化廣度之衡量標準、以及外銷金額佔銷售額比例作為市場策略之判斷，將樣本分為四，即分散與集中(Market Diversification and Market Concentration，簡寫為 MD及MC)及國際化廣度之高低(High Internationalization and Low Internationalization，簡寫為 HI及HL)，分別對其營運績效營運績效之穩定度，作樣本平均數之檢定。而研究結論如下：

一、本研究在二段時間樣本資料下，之結果不盡相同。在第一段樣本資料下，企業之營運風險及財務桿桿，並不會隨著國際化程度之增加，而顯著的減少。而在第二、三段樣本資料下，其卻均呈現顯著的減少，且呈現U型。因此，我們認為在使用同樣的研究模型、同樣的因變數及自變數，但在整體市場逐漸趨於較成熟國際化，其研究結果有可能會有所不同。就像在相同研究樣本之下，也有可能因為變數的使用不同而使得結果不同，或許這也就是學者們，對於此相關研究之理論，持有不同意見之原因。

二、其次我們依國際化廣度之高低及市場策略之分類，將樣本各分為二群體，比較其經營績效及其穩定性。研究結果顯示，國際化廣度較高、採取市場分散策略之企業其經營績效明顯優於國際化廣度低、採取市場集中策略之企業。但在經營績效穩定度上，並沒有影響顯著差異。

none

第一章 緒論…………………………………………………………………………1
第一節 研究背景和動機………………………………………………………1
第二節 研究目的………………………………………………………………3
第三節 研究流程………………………………………………………………4

第二章 文獻探討……………………………………………………………………5
第一節 國際化投資之型式……………………………………………………5
第二節 第二節 企業國際化之風險探………………………………………7
第三節 企業國際化之財務比率探討………………………..………………10
第四節 績效評估……………………………………………..………………11

第三章 研究設計與方法………………………………………..…………………14
第一節 研究架構………………………………………………..……………14
第二節 研究假說……………………………………………………………..15
第三節 變數定義……………………………………………….…………….19
第四節 分析方法……………………………………………..………………26
第五節 樣本選擇……………………………………………………………..27

第四章 結果與分析………………………………………..………………………30
第一節 樣本敍述……………………………………………………………..30
第二節 研究變數之敍述性統計……………………..………………………32
第三節 實證結果………………………………………..……………………41
第四節 研究結果匯總…………………………………..……………………53

第五章 結論與建議……………………………………….…….…………………54
第一節 研究結論……………………………………….…….………………54
第二節 研究建議……………………………………...…….………………..55

第六章 參考文獻…………………………………………………...….…………..56

附錄………………………………………………………………………………..…62



圖表目次

圖3-1-1 研究架構圖………………………………………………………….14
表3-5-1 台灣景氣循環基準日期…………………………………………….29
表4-1-1 研究樣本行業別家數與比重……………………………………….31
表4-2-1 85~87年樣本之敘述統計………………………..…………..……..34
表4-2-2 88~91年樣本之敘述統計………………………………...………...34
表4-2-3 85~91樣本之敘述統計……………………………………………..35
表4-2-4 迴歸式1，85~87年自變數之相關係數…………………………...36
表4-2-5 迴歸式1，88~91年自變數之相關係數…………………………...36
表4-2-6 迴歸式1，85~91年自變數之相關係數…………………………...36
表4-2-7 迴歸式2，85~87年自變數之相關係數…………………………...37
表4-2-8 迴歸式2，88~91年自變數之相關係數…………………………...37
表4-2-9 迴歸式2，85~91年自變數之相關係數…………………………...38
表4-2-10 經營績效之市場策略與國際廣度分類後之敍述統計…………….39
表4-2-11 績營績效穩定度之市場策略與國際廣度分類後之敍述統計…….40
表4-3-1 迴歸式1，85~87年樣本之迴歸結果………………………….…..44
表4-3-2 迴歸式1，88~91年樣本之迴歸結果………………………….…..44
表4-3-3 迴歸式1，85~91年樣本之迴歸結果………………………….…..45
表4-3-4 迴歸模式1，共線性統計量VIF值………………………………..45
表4-3-5 迴歸式2，85~87年樣本之迴歸結果………………………….…..48
表4-3-6 迴歸式2，88~91年樣本之迴歸結果………………………….…..48
表4-3-7 迴歸式2，85~91年樣本之迴歸結果………………………….…..49
表4-3-8 迴歸模式2，共線性統計量VIF值…………………………….….49
表4-3-7 高國際廣度與低國際廣度分類之平均數與統計值……………….52
表4-3-8 市場集中與分散策略分類之平均數與統計值…………………….52

1.王健聰，許溪南，〝台灣多國籍企業財務績效與財務特性之實證研究〞，國立成功大學學報第三十四卷人文社會篇，民國88年，頁143-165。

2.陳維昭，〝企業對外投資與系統風險影響之研究〞，國立交通大學科技管理研究所未出版碩士論文，民國86年6月。

3.許勝武，〝美國單國籍與多國籍企業之財務績效、結構暨風險探討〞，國立成功大學會計研究所未出版碩士論文，民國90年6月。

4.廖芳群，〝多國籍與單國籍企業在財務績效暨風險之探討〞，國立成功大學會計研究所未出版碩士論文，民國86年6月。

5.鄭學淵，〝我國上市公司-多國籍與單國籍企業在財務績效暨風險之探討〞，國立成功大學會計研究所未出版碩士論文，民國89年6月。

6.Agmon, T., and Lessard, D. (1977). Investor recognition of corporate international diversification. Journal of Finance, 32:1049-1055.

7.Albaum, G., Strandskov, J., Duerr, E. and Dowd, L. (1989), International Marketing and Export Management, Addison-Wesley,New York,NY.

8.Ayal, I. And Zif, J. (1979), “Market Expansion Strategies in Multinational Marketing”, Journal of Marketing, Spring,pp.84-94.

9.Bane, W. T., and Neubauer, F. (1981). Diversification and the failure of new foreign activities, Strategic Management Journal, 2(3): 219-233.

10.Barney, J.B. 1991. Firm resources and sustained competitive advantage. Journal of Management, 17:99-120.

11.Bartov, E., G..Bodnar,and A.Kaul,1996.Exchange rate variability and the riskiness of US multinational firms: Evidence from the breakdown of Bretton Woods. Journal of Financial Economics,42: 105-132

12.Bergsten,C. F., T. Horst and T.H. Moran. American Multinationals and American Interests , Brooking Institution , Washington, DC, 1978


13.BETRO Trust Committee (1976), Comcentration onf Key Markets, Royal Society of Arts, London.

14.Buhner, R. (1987), “Assessing International Diversification of West German Corporations”, Strategic Management Journal, Vol.8 No. 1,pp.25-37

15.Burgman, Todd. (1996). An empirical examination of multinational capital structure. Journal of International Business Studies, 27: 553-70.

16.Cave, R.E. and Mehra, S. K. (1986). Competition in global Industries, Boston: Harvard Business School Press.

17.Collins, J. M. (1990). A market performance comparison of U.S. firms active

18.Eiteman, D.K. and Stonehill, A.L. (1979), Multinational Business Finance, Addison-Wesley, Reading MA.

19.Fatemi, A. M. (1984). Shareholders benefits from corporate international diversification, Journal of Finance, 39: 1325-1344.

20.Franko, Lawrence, G. ‘Global competitive performance and the geographic location of corporate activity ‘. Presented at Strategic Management Society Conference, Boston, October 1987

21.Geringer, J. M., Beamish, P. W., & da Costa, R. C.1989. Diversification strategy and internationalization: Implications for MNE performance. Strategic Management Journal, 10: 109-119.

22.Geringer, Stephen Tallman and David M.Olson.2000. Product and International Diversification among Japanese Multinational Firms. Strategic Management Journal,21:51-80

23.Grant, R. M., Jammine, A.P., & Thomas, H. 1988. Diversity, diversification, and profitability among British manufacturing companies, 1972-84. Academy of Management Journal,31: 771-801.



24.Hitt, Michael, Robert Hoskisson and Hicheon Kim.1997. Inernational Diversification:Effects on Innovation and Firm Performance in Product-Diversified Firms. Academy of Management Journal,40(4):767-98

25.Hirsch, S. and Lev, B. (1973), “Foreign Marketing Strategies- A Note”,Management International Review, Vol.9 No.6, pp. 81-7.

26.Hughes,L., Dennis Logue,and Richard Sweeney,1975. ‘Corporate international diversification and market assigned measures of risk and diversification.’ Journal of Financial and Quantitative Analysis,10:627-37.

27.ITI(1979),Barclays Bank Report on Export Development in France Gemany, and the United Kingdom: Factors of International Success, Barclays Bank International, London.

28.IMR (1978), How British and German Industry Export, Industrial Market Research Ltd, London.

29.Jones, G. R., and Hill, C. W. L. 1988. Transaction cost analysis of strategy-structure choice. Strategic Management Journal, 9:159-172.

30.Kim, W.C., Hwang, P. and Burgers, W.P. (1989), “Global Diversification Strategy and Corporate Profit Performance”, Strategic Management Journal, Vol. 10 No. 1,pp. 45-57

31.Kim, W. C., Hwang, P., & Burgers, W. P. 1993. Multinationals’ diversification and the risk-return trade-off. Strategic Management Journal, 14:275-286

32.Kotler,P.(1988),Marketing Management,6th ed., Prentice-Hall,Englewood Cliffs,NJ.

33.Kogut,Bruce. ‘Designing global strategies : profiting from operational flexibility’ , Sloan Management Review , 27(1) , 1985b , pp. 15-28

34.Kwok, Chuck C. Y. and Reeb, David M. (2000). Internationalization and firm risk: An upstream-downstream hypothesis, Journal of International Business


35.Lane, H.W., and Hildebrand, T. (1990). How to survive in U.S. retail markets, Business Quarterly, 54(3): 62-66.

36.Lee,Kwang and Chuck C.Y. Kwok, 1988. Multinational corporations vs. domestic corporations: International environmental factors and determinants of capital structure. Journal of International Business Studies, 19:195-217

37.Michel, Allen and Shaked, Israel. (1986). Multinational corporations vs. domestic corporations: Financial performance and characteristics, Journal of International Business Studies, 18(3): 89-100.

38.Miller, K. D. (1992). A Framework for integrated risk management in international business, Journal of international business studies, 2: 311-331.

39.Mishra, Chandra S. and David H. Gobeli.1998. Managerial Incentives, Internalization, and Market Valuation of Multinational Firms. Journal of International Business Studies,29(3):583-597

40.Olusoga, S. A., (1993). Market Concentration Versus Marker Diversification and Internationalization：Implications for MNE Performance, International

41.Piercy,N.(1982),Export Strategy: Markets and Competition, George Allen & Unwin,London

42.Prahalad, C. K., and Hamel, G. 1990. The core competence of the corporation. Harvard Business Review, 68(3);79-91

43.Qian, G. (2000). Performance of U.S. FDI in different world regions. Asian Pacific Journal of Management, (17): 67-83.

44.Porter,Michael E.Competitive Advantang , Free Press , New York , 1985
Kogut,Bruce. ‘Designing global strategies : profiting from operational flexibility’ , Sloan Management Review , 27(1) , 1985b , pp. 15-28

45.Porter,Michael E. ‘Competition in global industries : A conceptual framework’,in porter ,Michael E.(ed,), Competition in Global Industries, Harvard Business School Press , Boston , MA , 1987a.

46.Reeb, David, Chuck C.Y. Kwok, and Young Baek,1998. Systematic risk in the multinational corporation. Journal of International Business Studies, 29: 263-279

47.Reeb,Sattar Mansi & John Allee.2001.Firm Internationalization and the Cost of Debt Financing:Evidence from Nonprovisional Publicly Traded Debt. Journal of Financial and Quantitative Analysis, 36:395-414.

48.Rugman,Alan M. Inside the Multinationals : The Economics of International Markets ,Croom Helm,London ,1981

49.Rugman,Alan M. ‘European multinationals: an international comparison’ , in Macharzina ,Klaus and Wolfgang H.Staehle (eds),European Approaches to International Management ,Walter de Gruyter , New York , 1986.

50.Tallman,Stephen and Jiatao Li. 1996. Effects of International Diversity and Product Diversity on the Performance of Multinational Firms. Academy of Management Journal,39(1):179-196

51.Vaupel, J. (1971), “Characteristics and Motivations of the US Corporations which Manufacture Abroad”, reported in Wolf,B.N.(1975)

52.Wan, Chun-Cheng. (1998). International diversification, industrial diversification and firm performance of Hong Kong MNCs, Asia pacific Journal

53.Wolf, B.N. (1975), “Size and Profitability among US Manufacturing Firms: Multinational versus Primarily Domestic Firms”, Journal of Economics and Business, Vol. 28 No. 1,pp.15-22