- 學位論文
跨國營運對於大陸型、島國型國家之企業的獲利能力及風險之影響
Do Cross-Border Operation Influence Continental and Island-Type Firms’ Profitability and Risk
摘要
本文針對跨國營運對大陸型、島國型企業之企業獲利能力及風險的影響來做探討，以海外銷售比率及海外資產比率為衡量跨國營運的指標，並以聯合國每年所出版的“World Investment Report”中前100大跨國企業為樣本挑選的依據，所挑選出來的樣本企業在依所屬之國家類型粗略分為大陸型企業及島國型企業，本文的研究期間為2003年~2008年，並建立兩條迴歸式以三階段最小平方法做為分析檢驗跨國運與企業獲利能力及風險之間的互動關係。實證結果發現，當海外銷售比率越高時，企業的獲利能力也越高，至於企業海外資產比率則對企業的獲利能力無顯著的影響，在風險上，海外銷售率與風險有著顯著的正向關係，代表企業風險會隨著海外銷售的增加而跟著提升，至於海外資產率與風險之間並無任何顯著的影響。至於在國家類型上，大陸型企業進行跨國營運有助於企業獲利能力的提升，至於島國型企業的獲利能力與海外銷售及海外資產之間則無顯著關係。在風險上，無論是大陸型企業或者是島國型企業的風險皆與海外銷售率及海外資產率之間無任何顯著影響，表示此兩種國家型態企業的風險並不會受到跨國營運的影響。
並列摘要
The objective of the study is to investigate how the cross-border operation influenced continental-type and island-type firms’ profitability and risk. The cross-border operation is measured by the foreign sales ratio and the foreign assets ratio. The data source is the World Investment Report, from 2003 to 2008, published by United Nations. A simultaneous equation system was established to analyze the reaction relationship between the firms’ profitability and risk. The empirical results estimated by the three stage least squares method show that the foreign sales ratio yielded a positive effect on the profitability of firms while the foreign assets ratio did not have a significant effect. In the equation of risk, the foreign sales had a significant impact on firms’ risk, but the foreign assets did not. As for the results about the country type, the cross-border operation would enhance continental firms’ profitability, while effects of the foreign sales and foreign assets were not significant. Finally, both foreign sales and foreign assets did not have significant effects on either continental-type or island-type firms’ risk.