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    题名: 加盟連鎖對美國零售餐飲業財務績效的影響
    The Effects of Franchising on the Financial Performance of US Restaurants
    作者: 羅兆賢
    Lo, Chao Hsien
    贡献者: 張元晨
    Chang, Yuan Chen
    羅兆賢
    Lo, Chao Hsien
    关键词: 加盟連鎖
    日期: 2016
    上传时间: 2016-07-01 14:59:15 (UTC+8)
    摘要: 加盟制度在過去三十年有越來越多的學術文章討論，本論文針對美國標準產業分類碼為5812的零售餐飲業進行分析，探討加盟連鎖的企業財務績效指標是否優於未進行連鎖加盟的企業，本論文延伸Madanoglu, Lee and Castrogiovanni （2011）的研究，利用夏普比率（Sharpe Ratio）、崔納比率（Treynor Ratio）、簡森比率（Jensen Ratio）、索丁諾比率（Sortino Ratio）以及上行潛力比率（Upside Potential Ratio）作為風險調整後的財務績效指標，比較加盟餐飲連鎖公司與非加盟連鎖公司的財務績效指標表現的差異，結果顯示在夏普比率及崔諾比率方面，加盟公司表現並沒有顯著優於非加盟公司；而簡森比率、索丁諾比率及上行潛力比率加盟公司表現則顯著優於非加盟公司，整體而言，本文發現加盟公司在零售餐飲業中確實有較佳的財務績效表現，也解釋了為何加盟連鎖制度有越來越興盛的趨勢。
    There are more and more researches studied about franchising. This paper focuses on the retailed restaurants industry which are sorted by SIC codes as 5812. We are trying to figure out whether franchising retailed restaurants’ financial performance outperform non-franchising firms in the same industry. Following Madanoglu, Lee and Castrogiovanni （2011）, I use five financial measurements: Sharpe Ratio, Treynor Ratio, Jensen Ratio, Sortino Ratio and Upside Potential Ratio as financial performance of sample firms. The results show that the performances of franchising firms are insignificant different from that of non-franchising firms based on Sharpe ratio and Treynor ratios, but results based on Jensen ratio, Sortino ratio and Upside Potential ratio show that franchising firms perform better. Overall, it is seen that franchising firms outperform non-franchising firms in the retailed restaurants industry, which explained why franchising is getting more and more popular.
    參考文獻: Aliouche, E. H. and U. Schlentrich (2009). "Does franchising create value? An analysis of the financial performance of US public restaurant firms." International Journal of Hospitality & Tourism Administration 10(2): 93-108.
    Alon, I. (2001). "The Use of Franchising by US‐Based Retailers." Journal of Small Business Management 39(2): 111-122.
    Capon, N., Farley, J. U., & Hoenig, S. (1990). "Determinants of financial performance: a meta-analysis." Management Science 36(10): 1143-1159.
    Carhart, M. M. (1997). "On persistence in mutual fund performance." The Journal of Finance 52(1): 57-82.
    Castrogiovanni, G. J., Combs, J. G., & Justis, R. T. (2006). "Shifting imperatives: an integrative view of resource scarcity and agency reasons for franchising." Entrepreneurship Theory and Practice 30(1): 23-40.
    Combs, J. G. and D. J. Ketchen (2003). "Why do firms use franchising as an entrepreneurial strategy?: A meta-analysis." Journal of Management 29(3): 443-465.
    Combs, J. G., Ketchen, D. J., & Hoover, V. L. (2004). "A strategic groups approach to the franchising–performance relationship." Journal of Business Venturing 19(6): 877-897.
    Combs, J. G., Michael, S. C., & Castrogiovanni, G. J. (2004). "Franchising: A review and avenues to greater theoretical diversity." Journal of Management 30(6): 907-931.
    Fama, E. F. and K. R. French (1993). "Common risk factors in the returns on stocks and bonds." Journal of Financial Economics 33(1): 3-56.
    Hachemi Aliouche, E., Kaen, F., & Schlentrich, U. (2012). "The market performance of franchise stock portfolios." International Journal of Contemporary Hospitality Management 24(5): 791-809.
    Hsu, L.-T. J. and S. S. Jang (2009). "Effects of restaurant franchising: Does an optimal franchise proportion exist?" International Journal of Hospitality Management 28(2): 204-211.
    Jensen, M. C. (1968). "The performance of mutual funds in the period 1945–1964." The Journal of Finance 23(2): 389-416.
    Ketchen, D. J., Combs, J. G., & Upson, J. W. (2006). "When does franchising help restaurant chain performance?" Cornell Hotel and Restaurant Administration Quarterly 47(1): 14-26.
    Lafontaine, F. and S. Bhattacharyya (1995). "The role of risk in franchising." Journal of Corporate Finance 2(1): 39-74.
    Lafontaine, Francine (1992). "Agency Theory and Franchising: Some Empirical"
    Madanoglu, M., Lee, K., & Castrogiovanni, G. J. (2011). "Franchising and firm
    financial performance among US"
    Martin, R. E. (1988). "Franchising and risk management." The American Economic
    McAlister, L., Srinivasan, R., & Kim, M. (2007). "Advertising, research and development, and systematic risk of the firm." Journal of Marketing 71(1): 35-48.
    Newby, R. and M. Smith (1999). " A comparison of the impact of franchising on return"
    Oxenfeldt, A. R. and A. O. Kelly (1969). "Will successful franchise systems ultimately
    restaurants." Journal of Retailing 87(3): 406-417.
    Roh, Y. S. (2002). "Size, growth rate and risk sharing as the determinants of propensity to franchise in chain restaurants." International Journal of Hospitality Management 21(1): 43-56.

    Sharpe, W. F. (1964). "Capital asset prices: A theory of market equilibrium under conditions of risk." The Journal of Finance 19(3): 425-442.
    Sortino, F. A. and R. Van Der Meer (1991). "Downside risk." The Journal of Portfolio Management 17(4): 27-31.
    Srinivasan, R. (2006). "Dual distribution and intangible firm value: Franchising in restaurant chains." Journal of Marketing 70(3): 120-135.
    Treynor, J. L. (1965). "How to rate management of investment funds." Harvard business review 43(1): 63-75.
    描述: 碩士
    國立政治大學
    財務管理研究所
    103357017
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0103357017
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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