台灣集團企業之中國大陸市場成長：管理限制觀點

Taiwan Business Groups Growth in China: The Perspective of Managerial Constraints

李曼琪(Man-Chi Li)

指導教授 ： 林玟廷

國立中正大學/管理學院/企業管理學系/碩士(2013年)

摘要

管理限制觀點由 Penrose於1959年提出，認為企業投注大量資源使第一期快速成長，但無足夠資源持續投資而減少第二期成長率。雖然國內外學者對企業成長帶來 Penrose效應有所著墨，然而當前少有學者探討
中國大陸市場成長的 Penrose效應，所以本研究將從集團企業角度，探討中國大陸市場成長衍生之管理限制。檢視要素有二：市場與產品要素，含市場區域、市場分散、產品相似性等；子公司內部要素，含子公司所
有權與集團內部經驗，影響台灣集團企業管理限制程度。此外，亦探討集團特質，含家族集團與集團世代，與集團學習經驗，含多角化經驗與國際化經驗，產生之調節效果。
以中華徵信所 2004~2010年台灣194家集團企業為樣本進行實證，結果顯示台灣集團總部投資中國市場不同區域，將耗損不同程度管理能力，投資華中地區面臨的管理能力限制最小；投資區域越多、大陸子公司產品與台灣集團總部之產品相似度越高、子公司所有權越低，與子公司集團內部經驗越豐富，則集團 Penrose效應越低。調節效果方面，集團企業為家族集團或有世代交替，會因家族成員內部鬥爭，強化 Penrose效應；若集團企業國際化經驗或多角化經驗豐富，會因經驗累積，減緩管理資源消耗，弱化Penrose效應。

關鍵字

中國大陸市場 ； 管理限制 ； Penrose效應 ； 集團企業

並列摘要

Penrose(1959) developed the research that there are the important administrative restraints on the speed of the firm growth. The finite capacities of the firm’s internally experienced managers also limit the rate at which the firm can grow in a given period of time. Although lots of researches are talking about the administrative restraint, few researchers observe the Penrose effect when view of growing up in China. Thus, the current paper examines the administrative restraints, mostly concerning about the business groups when the headquarters in Taiwan but the business setting up in China. There are two main factors examined. First one is about the market and product, especially when they invest the different areas, they invest many areas at the same time and the similar products are produced. The second one is concerning about the insight of the subsidiary, including the ownership and the experience learned from the headquarters located in Taiwan. Furthermore, the effect of the moderators is also examined, including the family business group, the generations of business group, the diversified experiences, and the international experiences.
According to data collected from 194 Taiwan business groups by China Credit Information Service, LTD, the empirical result indicates that business groups always face the same but with different degree of administrative restraints. Data showing the smallest administrative restraint is happened in Central China. In addition, when business groups invest in many areas by the same time or the subsidiaries sell same product as that of the headquarters doing in Taiwan, the Penrose effect would be low. And when the headquarters has less ownership or managers have more internal experience, the Penrose effect would be also low. Otherwise, if they belong the family business groups or many generations control the groups, the Penrose effect would be strengthened because of the conflict. If business groups have the rich diversified experiences or experience the international affairs, the Penrose effect would be weakened.

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