國際化程度、代理成本對經營績效關係之影響－以台灣上市電子業為例

The Effect of Internationalization、Agency cost on the Performance-An Empirical Study in Publicly Offered Electronic industry in Taiwan

林彩梅(Tsai-Mei Lin) ； 李嫺柔(Shian-Rou Lee)

《中華管理學報》 8卷1期 (2007/03) Pp. 71-85

https://doi.org/10.30053/CHJM.200703.0004

摘要

本研究以台灣上市電子業公司為樣本，研究國際化程度與經營績效之關係、同時探討代理成本對國際化與經營績效之干擾關係。實證結果顯示，國際化程度愈高時企業的資產報酬率及純益率愈低，此部份假設獲得支持。然進一步再研究代理成本對國際化及經營績效之干擾效果研究中發現，低董監事持股比率之公司當其國際化程度愈高時資產報酬率及純益率愈低，低廣告研發費用佔銷售比之分公司其國際化程度愈高時資產報酬率及純益率愈低，此部份假設亦獲得支持。因此本研究結果對多國籍企業經營管理實務者及未來研究者在業企業經營及管理者培育上均有參考價值。

關鍵字

國際化程度 ； 代理成本 ； 經營績效

並列摘要

This paper aims to study the effects of internationalization as well as agency cost on operation performance of listed electronic companies in Taiwan. The findings show that companies with a higher degree of internationalization produced lower
ROA and ROS However, further analysis on the moderate effect of agency cost on internationalization and operation performance tound companies with two characteristics resulted in lower ROA and ROS, while the degree of internationalization was higher:(1) companies whose board members' holdings were low: (2) companies with lower ratio of advertisement and R&D Discussion and suggestion for further research are provided. We hope that the finding will be valued for the manager.

並列關鍵字

Internationalization ； Agency cost ； Operating performance