財務限制、競爭優勢和策略考量對國內擴張的進入模式選擇和營運績效的影響

The Effect of Financial Constraints, Competitive Advantages, and Strategic Considerations on Entry Mode Choice and Performance of Domestic Expansion

林姿佑(Tzu-Yu Lin)

指導教授 ： 沈仰斌

元智大學/管理學院/財務金融學系/碩士(2009年)

摘要

企業在進行擴張時，會考量到某些因素以做出最適的進入模式決策。本篇研究應用Chen (2008) 的觀點與方法，將進入模式決策分為兩種，一為購併和新創，另一為獨資和合資，形成了2x2的決策模式。本研究與先前研究的不同之處在於觀察美國企業進行國內擴張，而非國際擴張，並納入了過去很少考慮的公司財務限制因素對公司選擇進入模式的影響，結果發現財務限制愈低的公司會愈傾向使用獨資新創的進入模式。另外，本研究也發現公司選擇的進入模式與本模型預期相符時，公司未來有較好的營運績效。

關鍵字

國內擴張 ； 進入模式 ； 財務限制

並列摘要

The study follows the approach of Chen (2008) to explore which factors lead U.S firms to expand domestically through the choice of entry strategies during 1999 to 2005. The approach of Chen (2008) is to split entry mode choice into ownership and acquisition (vs. greenfield investment) on domestic expansion in the US. There is evidence that US firms with less financial constraints choose greenfield investment through full ownership. The study also found that firms should have better subsequent performance when the firm’s entry mode choice consists with prescription of the model.

並列關鍵字

Domestic expansion ； Entry mode ； Financial constraints

參考文獻

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Andersson T. and R. Svensson, 1994, “Entry Modes for Direct Investment Determined by the Composition of Firm-Specific Skills,” The Scandinavian Journal of Economics 96 (4), 551-560.

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