上市公司的國際化策略對資本結構之縱斷面探討

A Longitudinal Study of the Relationship between Internationalized Strategy and Capital Structure of Taiwan-listed Companies.

梁文秀(Wen-Hsiu Liang)

指導教授 ： 陳瓊蓉

中原大學/商學院/企業管理研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500320

摘要

論文摘要
由於科技與交通運輸的進步、國際貿易與海外投資的發展，帶動了經濟全球化，企業走向國際化成為未來一個必然的趨勢。台灣屬於海島地理環境，受限於資源及市場狹小，企業對海外市場的重視及依賴程度與日俱增，國際化策略將是台灣企業未來持續一項重要成長的策略與趨勢。過去國際化策略對資本結構研究的探討，大多探討多國籍企業和國內企業資本結構的差異，甚少依照產業別及公司規模來深入探討國際化對上市公司的影響。故本研究將對民國88-92年所有上市公司，依不同產業別與公司規模大小探討國際化策略對公司資本結構的影響。

本研究之研究目的為：探討台灣公司國際化趨勢以及國際化策略對資本結構的影響、國際化策略對公司資本結構的差異、探討不同產業的（傳統產業和高科技產業）國際化策略對公司資本結構的關係、探討不同公司規模下國際化策略對公司資本結構的關係。以敘述統計分析、多元迴歸分析為本研究資料分析方法。

研究結果發現： 1.外銷收入佔台灣上市公司整體銷售收入的比重逐年增加； 2.台灣企業固定資產佔總資產比率逐年遞減，可能企業無形資產增加，表示整體環境正走向一個知識經濟的時代。另外，多國籍企業負債市值比的平均值顯著地低於本國企業；獲利能力比較，多國籍企業平均資產報酬率顯著高於本國企業平均資產報酬率； 3.當多國籍企業與本國企業有相同水準的公司規模、成長機會、獲利能力等控制變數時，多國籍企業會比本國籍企業有較低的負債市值比水準； 4.各產業別的虛擬變數對負債市值比顯著性及方向也不盡相同； 5.大規模公司之規模不再是資本結構的決定因素，而對小規模公司，規模依舊是重要的資本結構決定因素。

關鍵字

多國籍企業 ； 國際化策略 ； 資本結構 ； 上市公司

並列摘要

Abstract

Progressing of technology, transportation, and development of international trade and overseas investments have driven the economic globalization. It has become an inevitable trend of future that enterprises move towards the internationalization. Taiwan is an island with limited resources and market. It is more and more important for enterprises in Taiwan to pay attention and rely on the overseas markets, and internationalized strategies will be a trend for Taiwan enterprises to sustain the growth in the future. This research probes into the relationship between internationalized strategy and capital structure with different industries and firm size of Taiwan listed companies Taiwan from 1999 to 2003.

This research aims to probe into the internationalized trend of Taiwan listed firms and explore the impact of internationalization on capital structure, the relationship between internationalized strategy and capital structure with different industries (traditional industry and Hi-Tech industry), and different firm size. Descriptive statistics analysis and multiple-regression model are used as analysis method in this research.

The results indicate that: First, Export sales as percent of total sales for Taiwan listed companies has been increasing from 1999 to 2003; Second, The fixed assets of Taiwan enterprises account for the total assets rate has been decreasing year by year. In addition, the debt ratio of multinational corporations is significant lower than domestic corporations; return on assets of multinational corporations is higher than domestic corporations; Third, multinational corporations have lower debt ratio than domestic corporations under the same firm size, growth opportunity and profitability; Fourth, Different industries did affect the firm’s choice of capital structure; fifth, Firm size is not a determinant of capital structure to large companies while it is still an important determinant to small companies.

並列關鍵字

Listed companies ； Internationalized strategy ； Capital structure ； Multinational corporation

參考文獻

1 王健聰，台灣跨國企業資本結構決定因素之實證研究，商管科技季刊，1(3)，民89：307-328。

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