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    Title: 國際化程度與企業營運風險及借貸能力
    Corporate internationalization vs. business risk and leverage
    Authors: 姜邦杰
    Chiang, Pang Chieh
    Contributors: 譚丹琪
    胡聯國

    Tan, Danchi
    Hu, Lenkuo

    姜邦杰
    Chiang, Pang Chieh
    Keywords: 國際化程度
    風險
    負債
    借貸能力
    金融深化程度
    資本深化程度
    Internationalization
    risk
    leverage
    financial deepening
    market capitalization
    Date: 2011
    Issue Date: 2011-10-07 14:23:52 (UTC+8)
    Abstract: 自由貿易風潮席捲全球,在國外競爭對手紛紛進入台灣市場、或是與我國貿易夥伴結盟的壓力下,台灣的企業不得不進軍國際市場,進行國際化擴張來確保企業永續發展。傳統理論主張,國際化享有分散市場風險的好處,也幫助企業可借到更充裕的銀行資金,有助企業經營發展。然而,從管理層面來看,國際化也會使得管理風險上升,並且讓銀行不易監控,代理成本問題惡化,導致拉高資金借貸成本,以致造成企業營運危機。因此,本研究要探討企業進行國際化是有利還是不利公司營運穩定以及公司借得資金。
    本研究參考相關的文獻,從公司國際化的程度以及涉入國家類型兩個層面,來探討國際化對營運風險以及對借貸能力的影響,並提出三個假設:首先,先看國際化程度跟公司營運風險是否有U型的關係曲線,是否有一個最適的國際化程度使營運風險為最低。再來看國際化程度跟公司借貸能力是否有倒U型的關係曲線,是否有一個最適的國際化程度使借貸能力為最強。最後換個角度,看企業國際化涉入國家的金融發展程度,是否也會造成國際化程度相同的企業營運穩定跟資金借貸有不同表現。
    本研究以台灣製造業規模較大的廠商為樣本來進行實證研究,應用事件研究法,取各廠商2004年到2009年間的平均值為研究資料,樣本數為208家。採迴歸方法分析資料,以資產報酬率的變異、長期債務相對股東權益的比例,分別作為衡量風險及借貸能力的依變項,自變項則有代表國際化程度的海外銷售比例或國外資產比例、代表市場金融發展程度的銀行放款佔GDP比率之加權平均。控制變數則有獲利能力、公司規模、研發支出、成長潛力、及產業別虛擬變數等等。
    研究結果顯示國際化程度跟營運風險有U型關係,跟借貸能力有倒U型關係,國際化程度高於或低於某最適水準(國外資產比率45%,外銷比率55%),都會使營運風險上升、借貸能力下降。企業國際化活動涉入國家金融深化程度對借貸沒有顯著的影響,但是卻會增加營運風險。
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    鄭學淵,我國上市公司-多國籍與單國籍企業在財務績效暨風險之探討,國立成功大學會計研究所碩士論文,民89。
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    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    98351006
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098351006
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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