市場結構、行為、風險對廠商經營績效之影響-以台灣資訊電子產業之上市公司為例

The Influence of Market Structure, Behavior and Risk on Firm’s Operating Performance -An Empirical Study on Listing Firms of Taiwan Hi-Tech Industries

劉美君(Mei-Chun liu)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100134

摘要

本研究以台灣資訊電子產業上市公司為實證對象，探討景氣衰退時廠商所處之市場結構、本身的行為、所面臨的經營風險對其經營績效之影響。本研究主要藉由S-C-P模式探討影響資訊電子產業廠商績效之因素；以及各項風險因子對資訊電子產業廠商經營績效之影響。
本研究共選取117家公司為樣本，研究期間為1997-1999年。採用Limdep統計軟體，以Panel Data之資料型態進行處理分析，並以固定效果及隨機效果為估計方法，實證結果共分成兩部份，一為針對整體資訊電子產業；二為針對資訊電子業中之電腦系統業、零組件業、輸出入週邊業、半導體業及網路通訊業。總結實證結果如下：
本研究發現就整體資訊電子業而言，廠商規模、前二期研究發展密集度、成本優勢、產品差異化程度、事業風險及應收帳款週轉率等均與經營績效呈現顯著正向關係，而市場佔有率、當期研究發展費用率、外銷比率及負債比率等則與經營績效間呈現顯著負向關係。其中，市場佔有率所得的結果，引伸之管理意涵為當景氣衰退時，資訊電子業的廠商若要達到利潤極大化，則應仔細考慮是否以擴大市場佔有率為目標。

關鍵字

固定效果 ； 行為 ； 風險 ； 市場結構 ； 隨機效果

並列摘要

This study uses listing firms of hi-tech industry in Taiwan as empirical objects. The theme of this study is to explore the influence of market structure, behavior and operating risks on operating performance. The main purposes are using S-C-P model to examine the factors which influence the firm’s operating performance and investigating the influence of risk factors on operating performance.
This work picks 117 firms in hi-tech industry as empirical sample. The sampling period is from 1997-1999. We use Limdep, the data form is panel data and use fixed effect and random effect approach to verify.
The empirical results are divided into two sections. One is aiming directly at macrocosm hi-tech industry, the other concentrates on specific firms including computer, material, imported & exported equipment, semiconductor and net & communication. The empirical results are as follows：
With regard to the entire hi-tech industry, the result shows that firm size, previous two stage R&D intensity, cost advantage, product differentiation, business risk, receivables turnover ratio all have significantly positive effect on operating performance. On the other hand, the market share, present R&D intensity, export ratio, debt ratio all have significantly negative effect on operating performance. In summary, the empirical result of market share provide us a managerial implication as follows：As business cycle declines, the market share percentage of a company does not always lead to its profitable performance.

並列關鍵字

risk ； market structure ； random effect ； behavior ； fixed effect

參考文獻

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