政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124699

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124699

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/124699

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/124699

Title:	德國和日本公司國際化程度和抵抗進口滲透能力的關係 The relationship between German and Japanese companies’ degree of internationalization and the ability of overcoming import penetration
Authors:	周書寧 Chou, Su-Ning
Contributors:	張元晨 Chang, Yuan-Chen 周書寧 Chou, Su-Ning
Keywords:	國際化進口滲透德國日本 Internationalization Import penetration Germany Japan
Date:	2019
Issue Date:	2019-08-07 16:04:51 (UTC+8)
Abstract:	自1978年起，中國開始改革開放的時代，內部成長快速，中國的低成本勞工產出低價的出口商品，給美國製造業的各種威脅，因此開始有許多研究探討中國進口滲透會帶來什麼樣的威脅，以及什麼樣的公司特性能阻擋進口滲透。本文的目的主要是持續研究能夠抵抗進口滲透的要素，其中，本文聚焦探討國際化是否能為製造業公司抵抗進口滲透帶來貢獻。由於國際化的公司本身能夠藉由在海外設廠的方式降低自身成本，此外，國際化公司能在海外立足，也是極具實力的表現。而本文研究的國家為德國和日本，德國無論是產業特性和地點和美國比較接近，而日本則是產業特性相對不同，地點也較遠，故本研究認為這兩個國家可能會產生與美國相關研究不同的結果。本研究選擇資產報酬率、市值、股價報酬率及銷售成長率作為公司表現的指標，再以國際銷售額、國際營業收入、國際資產、外國資產週轉率為國際化指標。本研究最終結果確實和預期相同，德國公司的國際化會對抵抗進口有正向的影響，而日本公司則是相反，其原因可能和地點及產業差異有關。此外，本文又深入研究了國際化和R&D的關係，發現德國的國際化對R&D的支出是負面的影響，而日本則為相反。本研究的結論推論這個結果可能和兩國間產業差異有關。 Since 1978, China started Chinese economic reform policy. This policy has stimulated the Chinese economy. China had labor force with low cost, which allowed them to export cheap products abroad. This situation caused lots of damage to many developed countries. Previous literature has already discussed topics about this situation and even discussed what kind of characteristics of companies can overcome this kind of import penetration. This thesis investigates whether internationalization of countries can help company overcome Chinese import penetrations. Because international company can reduce its cost by producing products abroad. Besides, the fact that international company can acquire markets abroad is an indicator of the quality of its products. This research will focus on German and Japanese manufacturing companies. Because German’s industry structure is similar to the USA. This research chooses return on assets, market value, stock price return and sales growth rate as indicators of companies’ performance, and choose international sales, international operating income, international assets, foreign asset turnover as indicators of internationalization degree. Our results show that internationalization can help German overcome import penetration. However, results from Japan are different from those of Germany. Moreover, this research also found that in German, internationalization has negative effect on R&D expense, but in Japan, the results are also in contrast to those of Germany. It is very likely that these outcomes are related to different industry structures between these two countries.
Reference:	中文參考文獻洪裕惀 (2018)。進口滲透對八個已開發國家企業財務表現的影響。國立政治大學。財務管理研究所。台北市。英文參考文獻 Autor, David, David Dorn, and Gordon Hanson (2013).The China syndrome: Local labor market effects of import competition in the United States. American Economic Review, 103 (6): 2121-68. Bernard, A.B., Fort, T.C., Smeets, V., & Warzynski, F. (2018). Heterogeneous Globalization : Offshoring and Reorganization. Diehl, Markus (1999). The Impact of International Outsourcing on the Skill Structure of Employment: Empirical Evidence from German Manufacturing Industries. Kiel Working Papers, Kiel Institute for the World Economy (IfW) Publikationen von Forscherinnen und Forschern des Instituts für Weltwirtschaft (IfW) Eiichi Tomiura (2001).The Impact of Import Competition on Japanese Manufacturing Employment.Kobe University, Research Institute for Economics and Business Administration, 2-1 Rokko-dai, Kobe City, 657-8501, Japan Hombert, Johan, and Adrien Matray (2015). Can Innovation Help U.S. Manufacturing FirmsEscape Import Competition from China?Mimeo, INSEAD Hutzschenreuter, T. & Gröne, F. J Int Bus Stud (2009).Product and geographic scope changes of multinational enterprises in response to international competition Journal of International Business Studies. Volume 40, Issue 7, pp 1149–1170 Heike Belitz, Marian Beise (1999).Internationalization of R&D in multinational enterprise: the German perspective.Innovation, Investment and the Diffusion of Technology in Europe: German Direct Investment and Economic Growth in Postwar Europe,page89 Hitoshi Sasaki, Satoko Ueyama(2009).China’s Industrial Structure and its Changes in Recent Years: An Analysis of the 1997–2005 Input-Output Tables Bank of Japan Working Paper Series No.09-E-2 Hoberg, Gerard, and Gordon Phillips(2016).Text-based network industries and endogenous product differentiation Journal of Political Economy 124, 1423–1465. Kaserer, C. and Moldenhauer, B. ( 2008).Insider ownership and corporate performance: evidence from Germany Review of Managerial Science, 2, 1, 1– 35. Nobuaki Yamashita, Yamauchi Isamu.(2017). Innovation Responses of Japanese Firms to Chinese Import Competition Research Institute of Economy, Trade and Industry Discussion Paper Series 17-E-126. Nobuaki Yamashita.(2017). The People’s Republic of China’s Import Competition and Skill Demand in Japanese Manufacturing. Asian Development Bank Institute Working Paper Series. No. 644 Xu, Jin. (2012) Profitability and capital structure: Evidence from import penetration. Journal of Financial Economics106.2 (2012):427-446.
Description:	碩士國立政治大學財務管理學系 106357025
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0106357025
Data Type:	thesis
DOI:	10.6814/NCCU201900168
Appears in Collections:	[Department of Finance] Theses

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