從公司治理觀點探討國際合資企業在中國大陸的演化情形： 投資當地區位條件與產業情況的調和作用

The Evolution of International Joint Ventures in Mainland China through Corporate Governance Mechanism: The Moderating Roles of Location-Specific and Industrial Factor

李孟謙(Meng-Cian Lee)

指導教授 ： 陳忠仁

國立臺灣大學/管理學院/商學研究所/碩士(2009年)

https://doi.org/10.6342/NTU.2009.03046

摘要

本篇研究將探究家族持股比率、董監持股比率，投資當地區位環境與產業狀況對於國際合資企業演化成為海外獨資子公司的可能性進行分析。研究結果顯示，家族持股比率對於國際合資企業演化成為外國母公司的獨資子公司的可能性呈現負面影響，本研究認為可能的原因是來自家族成員具有風險趨避的特性，因此偏好海外合資事業維持為風險性較低的合資型態; 另一方面，董監持股比率對於演化可能性則呈現正面影響，原因可能來自於公司內部人，特別是董監事，對於公司長期獲利的關注，同時他們亦具有較高的風險承擔能力，因此偏好取得海外合資企業的完全控制權，造成較高的演化可能性；當地投資地區環境與產業環境在此關係中將居中扮演調節作用的角色。
本篇研究以台灣上市電子公司為樣本，並利用台灣經濟新報所提供的台灣廠商赴中國大陸投資的次級資料進行機率迴歸分析(Probit)。結論部份則提供本篇研究的管理意涵、研究限制與未來研究方向的建議。

關鍵字

公司治理 ； 股權結構 ； 當地環境 ； 產業環境 ； 合資企業 ； 獨資子公司

並列摘要

This study examines the effects of the family share ownership, director and supervisor share ownership, host country location-specific factors, and industrial condition on the likelihood of the conversion of an international joint venture into a wholly-owned subsidiary. From the research results, family share ownership is negatively associated with the likelihood of the conversion of an IJV into a WOS; on the contrary, director and supervisor share ownership works in the opposite way. The one of the possible reasons is derive from different risk preference of the two groups of shareholder. In addition, location-specific factors and industrial factors of IJV act the moderating role between two corporate governance factors and the dependent variable, likelihood of the conversion of an IJV into a WOS.
Comprehensive secondary data of the electronic companies listed in the Taiwan Stock Exchange collected mainly from TEJ databases supports the prediction. This article also discusses the managerial implications and highlights future research directions in the end.

並列關鍵字

Corporate Governance ； Ownership Structure ； Insider Ownership ； International Joint Venture ； Wholly-owned Subsidiary

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