依行政院主計處的統計,台灣的貿易總值從民國88年的234,000百萬美元成長到民國97年的496,000百萬美元,成長幅度超過一倍。由此可見,國際貿易對於台灣廠商的重要性。根據以往學者的研究,國際化程度與經營績效間關係並非一致,而不同的樣本及衡量方式皆會對研究結果造成影響,本研究將以台灣廠商為研究對象,探討國際化程度對經營績效之關係。企業國際化後會因為分權化管理而產生代理成本,本研究將以代理成本為干擾變數,探討代理成本對國際化程度及經營績效間之干擾效果。本研究樣本取自民國94-97年間在台灣證券交易所上市的公司,並在台灣以外有一個國家以上進行投資且有實質績效者,最後符合本研究所有變數者共279家。 本研究以多元迴歸進行統計分析。實證結果顯示,國際化程度愈高時,資產報酬率及股東權益報酬率也愈高,此部份的假設獲得支持。然而進一步研究代理成本對國際化程度及經營績效之干擾效果,發現高研發費用佔銷售比率之公司其國際化程度愈高時,股東權益報酬率及資產報酬率也愈高,這部份的假設獲得支持。另外在資產週轉率的部分,研究發現資產週轉率對國際化程度及經營績效間具干擾效果,國際化程度愈高的公司會因為較高的資產週轉率而有較佳的經營績效。
According to the statistical data of Executive Yuan, R.O.C., the total trades of Taiwan have been more than doubled since 1999, from 234,000 million U.S. dollars in that year to 496,000 million U.S. dollars in 2008, showing the importance of internationalization for Taiwanese firms. While the relationship between internationalization and performance of multinational enterprises (MNEs) is not clear yet, methodologies, such as sample selections and measures, can also yield different outcomes. Thus, this study examines how internationalization affects performance of Taiwanese firms, and how agency cost moderates the relationship between firms’ internationalization and performance, using samples of 279 companies listed in Taiwan Stock Exchange that have invested in more than one country and obtained actual performance between 2005 and 2008. The findings show that companies with a higher degree of internationalization produced higher ROA and ROE. However, further analysis on the moderating effect of agency cost between companies’ internationalization and performance found that companies with higher ratio of R&D had higher ROA and ROE when the degree of internationalization is higher. We also found that assets turnover ratio had moderating effect on companies’ internationalization and performance, of which companies with higher degree of internationalization performed better when their assets turnover ratio is high.