國際化程度、資訊透明度與企業績效之關聯性分析-以臺灣上市公司為例

Internationalization , Information Transparency and Corporate Performance : An Empirical Study of Publicly listed companies in Taiwan.

張凱斌(Kai-Pin Chang)

指導教授 ： 鄒翊 ； 顏怡音

中原大學/商學院/會計研究所/碩士(2007年)

https://doi.org/10.6840/cycu200700961

摘要

臺灣企業因資源及市場有限，兼之中國市場崛起，面臨生存危機，遂以國際化策略作為企業拓展生存之道，因此國際化對企業績效之影響為何？就成為熱門課題。過去學者之研究，多以歐美日等已開發國家之國際企業為研究對象，發現國際化程度與企業績效之間，有正向、負向線性關係；U型及倒U型非線性關係等歧異結果。Contractor et al.(2003)提出國際擴張三階段理論，主張國際化程度與企業之經營績效，為倒S型曲線關係。本研究乃以其論述為依據，來檢測臺灣上市公司國際化程度與企業經營績效之間，是否也呈現倒S型之曲線關係。此外，不管是已開發國家或是開發中國家的投資者及證券管理機構，對於企業資訊透明度的要求有愈來愈高的趨勢，尤其是在美國安隆案(ENRON)發生後，這個趨勢在全球商業環境中更加明顯的提升。Healy and Palepu(1993)的研究提到企業若願意自主性發佈企業經營策略資訊以及非財務性，將可使資本市場對企業的評價提高。因此本研究亦針對臺灣上市企業之資訊透明度與經營績效之關係作進一步檢測。同時，在企業紛紛朝國際化邁進之際，企業資訊透明度的提升能否加速國際化的全球佈局？符合全球各地不同市場的要求？因此，本研究亦結合國際化程度與資訊透明度之交互作用對企業績效之影響，以此來檢測台灣上市企業之績效，在此二者交互作用下之影響為何？
實證結果發現，臺灣上市企業國際化程度與經營績效，不管是以企業營運績效Tobin’s Q或是財務績效ROA與ROE為衡量依據，均呈現倒S型關係，與上述學者之研究結果相符，顯見臺灣在國際擴張時，也存在與國外其他國際企業相同模式。另外，在資訊透明度與企業經營績效之關係，也呈現資訊透明度愈佳之企業其績效亦愈佳，與前述學者之研究相符，因此可知臺灣上市企業其資訊透明度較佳則相對其績效亦較高。至於國際化程度與資訊透明度之交互作用對企業績效之影響，結果發現雖有正向及負向影響，但其結果均不顯著。若進一步將樣本區分為電子業與非電子業、以及高度國際國化與低度國際化來進行分析，其結果亦與全部樣本之結果相仿。

關鍵字

績效 ； 資訊透明度 ； 國際化 ； Tobin’s Q

並列摘要

The purpose of this study is mainly focused on how the Taiwanese Enterprises to deal with the impact of limited resources, declining market shares, and the threat of competitors from Mainland China. In accordance to some past academic studies which focused on the relationship between developed countries, such as Europe, America, Japan, and the performance of company, the results are to be linearly positive or negative, with an U shape or inverted U shape relationships. In accordance to the three-stage theory in Contractor et al (2003), it shows an inverted S shape relationship for the degree of internationalization and the company’s performance. This study is based on the above theory to analyze whether the inverted S shape relationship occurred for Taiwan listed companies’ internationalization and their performance. On the other hand, both the developed or developing countries’ investors and financial institutions expect and request more corporate transparency, this expectation becomes more seriously after ENRON scandal in the USA. The research of Healy and Palepu(1993) speaks of the larger degree of information disclosure leads the external parties with positive comments and higher reliance on published information of the company. This study is aimed at investigate the relationship between the information transparency, internationalization and the performance of the companies, And how this relationship impact on Taiwan listed companies.
As a result, it indicates that whatever the measuring tool applied, such as Tobin’s Q or Return on Assets (ROA) and Return on Equity (ROE) to analyze corporate performance, it also shows the inverted S shape valid. That means, Taiwanese companies and those competitors from other countries have the same situation. Besides, the relationship between information transparency, internationalization and the performance of the companies also reflect “What the company can do with what its got”. As for internationalization degree and information transparency it hand over with each other function's influence to enterprise performance, result detection although have forwarddirection and negative influence, it is as a result not all notable. If be classified into sample electronic industry and non- electronic industry, and highly international country to turn further with low degree internationalization to carry on analysis, it result also with the result of all samples of as a result likeness.

並列關鍵字

information transparency ； Tobin’s Q ； performance ； internationalization

參考文獻

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