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    题名: 企業海外擴張與風險之關聯性研究
    作者: 劉少縈
    贡献者: 譚丹琪
    劉少縈
    日期: 2002
    上传时间: 2010-12-08 01:52:14 (UTC+8)
    摘要: 　　台灣加入WTO後，國際化已經成為不得不然的趨勢，企業國際多角化有的是為了求生存，有的是想降低成本以獲得更高的報酬，公司在海外擴張時雖享有規模經濟、範疇經濟、學習曲線、租稅利益、研發或製造的改進、建立組織優勢的好處，但好處不一定會實現，而且會面臨到不同國家間匯率風險、政治風險、文化差異、法令差異、資訊不對稱以及代理問題，所以企業在國際化時有收益也有成本，究竟國際化會使的公司營運風險上升或下降？是否有干擾變數會影響公司國際多角化與營運風險的關係，這是本研究要探討的主題。
    　　本研究在相關的文獻探討後，以公司的營運特性以及國際化策略兩個層面，來探討企業國際多角化與風險的關係，並提出6個假設，首先先看公司國際多角化與公司營運風險是否有相關，公司的負債比例和公司的營運風險是否為正向關係，再來看公司的負債比例、研發支出比例、到開發中國家投資比例、國際化涉入程度對公司國際化與營運風險之關係的影響。
    　　本研究以日本製造業有從事海外擴張活動的廠商為例，來進行實證研究，研究期間為1996年到2000年，去除貿易公司和資料不全的樣本，最後剩下288家廠商，資料分析方法是採回歸分析，以公司的資產報酬的變異作為迴歸分析的依變項，公司國際化程度、負債比例為自變項，而公司的研發支出比例、負債比例、到開發中國家投資的擴張程度、國際化涉入程度會與國際化程度有調節關係，公司規模與公司年齡為控制變數，來探討國際多角化與公司營運風險的關係。
    　　研究結果顯示公司的負債比例會增加公司的營運風險，這是因為公司的負債比例越高，破產風險越大，公司的營運風險也會增加，而公司的規模和年齡越大，公司的營運風險則越小，公司的負債比例會使得公司國際多角化對營運風險的影響降低，所以當公司的負債比例較多時，可以利用不同國家間匯率、租稅的差異，來達到減少利息支出或是節稅的效果。公司去開發中國家擴張的比例要適中，才能使公司國際化對營運風險的影響降到最小，如此利用彼此景氣循環的不同、產品及要素市場的差異，來增加公司營運彈性以及分散風險。而當企業在負債比例、到開發中國家投資比例為0的情況下，公司國際多角化對營運風險有正向的顯著影響。
    參考文獻: 中文文獻
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    描述: 碩士
    國立政治大學
    國際經營與貿易研究所
    89351007
    91
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    数据类型: thesis
    显示于类别:[國際經營與貿易學系 ] 學位論文

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