中國企業集團對國際多角化與績效之關係的影響

The Impact of Business Group on The Relationship of International Diversification and Performance-Case of China

鄭舒庭(Shu-Ting Cheng)

指導教授 ： 俞海琴

中原大學/商學院/國際經營與貿易研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500221

摘要

本研究探討國際多角化，企業集團和企業績效之間的關係。我們衡量當企業進行國際多角化時，企業的績效如何。以往的研究指出，國際多角化與企業績效之間的關係很混淆，所以，我們認為，加入企業集團這個因子，能夠調節國際多角化與企業績效之間的關係。當公司隸屬於集團時，更多更豐富的資源，例如金融資本、知識、寶貴的經驗和技術，可以提供給公司，以提升公司績效。

我們使用的數據來自TEJ和IPTECH資料庫。本文探討企業集團是否能夠舒緩及調節國際多角化與企業績效之間的關係。如果企業隸屬於集團，則當企業進行國際多角化時，是否會創造更佳的績效。我們以中國上市企業，從2001到2013年的資料作為樣本，共22,570筆。本文使用Tobin’s Q來衡量公司績效，國際多角化則用Herfindahl指數來衡量。另外，還加入了其他控制變數包含企業的特徵、產業虛擬變數以及事件的虛擬變數，來探討對企業績效的影響。

實證結果顯示，國際多角化對於公司績效具有負面影響力，企業集團對企業績效亦具有負面影響力。但是，如果企業有國際多角化亦有集團多角化時，對於企業績效則是有正面影響力，所以企業集團確實有調節國際多角化與績效之間關係的功能在，使企業達到提升績效的效果。

關鍵字

企業集團 ； 績效 ； 國際多角化

並列摘要

This study examines the relationships between International diversification, business group and firm performance. We measure the performance of the firm when they conduct international diversification. The previous studies concluded the relationship between international diversification and firm performance are mixed. So, we believe that adding the factor-business group to moderate the relationship of international diversification and performance, when a firm is affiliated with a group, larger resources could be provided to improve the firm performance. These resources include financial capitals, knowledge, valuable experience and technology.
Using data from TEJ database, this paper examines if business group moderate the relationship between international diversification and firm performance. If firms within a business group, would they have better performance when they conducting international diversification. Our samples of Chinese listed firms are over a 13-year period from 2001 to 2013, with a total of 22,570 observations. We measure a firm’s performance by Tobin’s Q and measure international diversification by Herfindahl index. Other variables like firm characteristics, industry dummies, year dummies, and event dummies are being controlled in this model.
The result shows that international diversification has a negative impact on firm performance. Meanwhile, business group has a negative effect to firm performance. However, group affiliation moderates the relationship between international diversification and performance. When firms are affiliated with groups, the relationship between international diversification and performance turns out to be positive.

並列關鍵字

Business Group ； International Diversification ； Performance

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