規模、集團隸屬與擴張積極性

Firm Size, Business Group Affiliation and Expansion Aggressiveness

謝存瑞(Tsun-Jui Hsieh) ； 鍾憲瑞(Hsien-Jui Chung) ； 羅萱(Hsuan Lo)

《中山管理評論》 18卷3期 (2010/09) Pp. 837-861

https://doi.org/10.6160/2010.09.07

摘要

擴張是企業成長必經的重要過程，也是企業經營所必須面臨的重要策略決策，本研究探討企業的規模對於擴張積極性的影響，以及企業的集團隸屬如何調節規模與擴張積極性之間的關係，本文預期企業規模與擴張積極性之間的關係將呈現倒U型的非線性關係，而且集團隸屬將會負向調節規模對擴張積極性的影響。本研究以台灣證券業廠商為研究對象，共有2,831個廠商－年與412個企業集團的樣本資料，實證模式採用隨機效果（random-effects）卜瓦松迴歸進行假說檢測，研究結果發現企業的規模與擴張積極性呈正向關係，而規模增加到特定臨界點時，規模與擴張積極性將呈現反向關係；當進一步考量企業的集團隸屬因素時，集團隸屬不利於企業擴張積極程度的增加，但集團隸屬同時也可以緩衝擴張積極性的下降幅度，這是本研究一個重要的發現；本文之重要貢獻在於深化策略管理與集團研究領域的成果，同時為企業的擴張現象提供一個新的解釋面向。

關鍵字

規模 ； 企業集團 ； 擴張積極性

並列摘要

Expansion is an important strategic decision for firms which seek to make growth. This paper aims to investigate the impact of firm size on expansion aggressiveness and the moderating effects of business group affiliation on the relationship between firm size and expansion aggressiveness. This study anticipates that the relationship between firm size and expansion aggressiveness presents in inverted-U shape and the business group affiliation will negatively moderate this relationship. Drawing on the sample from Taiwanese securities industry, there are 2,831 firm-year and 412 business group observations selected into the analysis. We use random-effects Poisson regression to test our hypotheses. The empirical results suggest that firm size has an increasing positive impact on expansion aggressiveness. However, the impact turns out to be negative when the firm size exceeds the reflecting point. We also find that the business group affiliation negatively moderate this relationship. Our study makes a contribution to the literature of strategic management and business group and provides a new dimension to interpret firm expansion.

並列關鍵字

Firm size ； Business group ； Expansion aggressiveness

參考文獻

經濟日報，2005，「中華徵信所台灣250大集團研究：企業集團西進賺比賠多，去年虧損家數不到四成，可成、鴻海、台塑大陸子公司純益率高」，12月21日，A11版。

鍾憲瑞、陳俊忠(2006)。大者恆大嗎？規模與擴張傾向間關係的檢視。管理學報。23(1)，45-60。

Cummings, L. L.(ed),Staw, B. (ed)(1986).Research in Organizational Behavior.Greenwich, CT:JAI Press.

Anderson, E.,Coughlan, A. T.(1987).Imternational marketing entry and expansion via independent or integrated channels of distributions.Journal of Marketing.51(1),71-82.

Audia, P. G.,Greve, H. R.(2006).Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry.Management Science.52(1),83-94.