集團企業及其分子公司之績效：台灣的實證研究

陳建男

doi:10.6342/NTU.2008.00547

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集團企業及其分子公司之績效：台灣的實證研究

Economic Performance of Bussiness Groups and Group-affiliated Companies: Evidence from Taiwan

陳建男 , Ph.D　　Advisor：朱文儀　　

繁體中文 DOI： 10.6342/NTU.2008.00547

集團企業；集團子公司；集團效應；績效；新興經濟體； business group ； group-affiliated company ； group effects ； performance ； emerging economy

Abstract │ Reference (147) │ Times Cited (4) │ Altmetrics

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

Since the late 1980s, associated with the significant economic liberalization and privatization, large business groups in Taiwan grow fast and play a dominant role in Taiwan’s economy. Business groups are often seen as the main driver of economic development in many developing economies such as Korea, India, Chile, and so on. They dominate the development of economic activities. Therefore, in recent years, the performance of diversified business groups in emerging economies gained increased attention in academy research, and has became a central research topic in management literatures.
    The thesis examined the performance of bussiness groups and group-affiliated companies in Taiwan by conducting three empirical studies with related but different focuses. Study 1 focuses on the group-level performance, to investigate the relationship between the structural chacteristics and performance of business group. The empirical results suggest that resource concentration is positively associated with group profitability. In addition, highly diversified business groups perform worse than limited diverisifiers.
    Study 2 focuses on the performance comparison between different organization forms. The empirical results show that the profitability of firms affiliated with business groups is significantly higher than that of independent, non-group-affiliates. Meanwhile, business groups and group-affiliates both show a significantly higher level of growth in size, and a higher level of lending capacities than non-affiliates. In addition to profitability, it is also found that business groups do demonstrate expansion capability and financial synergies. However, they also have low operating efficiency, implying that managing business groups is more difficult than managing independent firms.
    Study 3 examines the performance of group-affiliated companies. We found that, when business groups own more intangible and financial resources, the better the performance of the group-affiliated companies. Similarly, at the affiliate-level, those affiliated companies that own more financial resources significantly outperform those affiliates with limited financial resources. In terms of status, it is found that group members with higher status within a group outperform those with lower status. In addition, internal transactions within a group are positively associated with group-affiliates’ performance. All these imply the existence of a positive group-effect and an efficient internal product market among Taiwanese business groups.
    Given all the empirical results of the above, this dissertation aims to provide us a picture on the performance and related antecedence factors of business group and group-affiliated companies in Taiwan. Overall, Taiwan’s institutional contex is suitable for the survival and development of business groups during our analysis period.

Reference ( 147 ) 〈TOP〉

于宗先與王金利，2003，一隻看得見的手，聯經：台北。
連結：
安士敦與瞿宛文，2003，超越後進發展：台灣的產業升級策略，聯經：台北。
連結：
周行一、陳錦村與陳坤宏，1996，家族企業、聯屬持股與公司價值之研究，中國財務學刊，4卷第1期，頁115-139。
連結：
洪榮華、陳香如與林慧珍，2007，公司治理機制對創新、多角化策略及公司績效之影響－研發密集產業之實證，中山管理評論，15卷1期，頁37-60。
連結：
葉銀華、許培基、王健安與李佩恩，2003，台灣集團企業治理機制之研究，行政院經濟建設委員會委託專案。
連結：

Times Cited (4) 〈TOP〉

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