臺灣博碩士論文加值系統

本研究探討國際化程度對台灣上市櫃公司績效的影響，以2000~2006的上市櫃廠商作為研究樣本。本研究利用分量迴歸法探討在公司績效條件分配的各分量點上，自變數國際化程度對應變數公司績效的"分量"邊際效果，不同於OLS只估計"平均"邊際效果。此外，我們亦檢驗所得出的分量迴歸估計值，在對稱的分量點上是否有所差異。

我們研究發現在各個分量點上，國際化廣度對Tobin’s Q 及 ROA皆有正面且顯著的影響，且分量迴歸估計得出的國際化廣度係數，在對稱的分量點上有顯著的差異。此結果顯示在Tobin’s Q的條件分配中，國際化廣度在分配的各分量點上對公司市場價值有顯著不同的影響。本研究結果所得到的重要意涵:Tobin’s Q高的公司進行國際化，投資大眾會給予其較高的期待，因而國際化對公司市場價值影響較大；然而Tobin’s Q低的公司從事國際化活動，投資大眾則給予較低的期待與保守的態度，因而國際化對公司市場價值的影響則較小。

This study examines the effect of internationalization on the performance of Taiwanese firms by using a sample of non-financial firms listed on the TSEC and OTC markets during the six-year period from 2000 to 2006. We employ quantile regression approach to examine the marginal effect of internationalization on performance at various quantiles of conditional performance distribution and test whether the parametric coefficients of internationalization are homogeneous or heterogeneous in the conditional performance distribution.

Our empirical results indicate that Breadth (measured by the number of foreign countries where a firm has subsidiaries) has positive effects on Tobin’s Q and ROA, and the coefficients of Breadth are distinct in the magnitude across Tobin’s Q distribution. This result suggests that the effect of Breadth on Tobin’s Q varies dramatically across the market value distribution. The important implication is that for firms with high values of Tobin’s Q, their market values are particularly sensitive to internationalization activities; however, for firms with low values of Tobin’s Q, the stock market will barely recognize their attempts to internationalize.

Contents

Chapter 1. Introduction..................................1

Chapter 2. Literature Review.............................5
2.1 Definitions of Internationalization.................5
2.2 Measurement of Internationalization.................7
2.3 Internationalization Theory.........................9
2.3.1 Internalization Theory...........................9
2.3.2 Industrial Organization Theory..................10
2.3.3 Eclectic Paradigm...............................10
2.3.4 Resource-Based View.............................11
2.4 Prior Evidences on Internationalization and Performance..............................................12
2.4.1 Linear..........................................13
2.4.2 U-shaped and inverted U-shaped..................13
2.4.3 S-shaped........................................15
2.5 Benefits and Costs of Internationalization.........20
2.5.1 Benefits of Internationalization................20
2.5.2 Costs of Internationalization...................22

Chapter 3. Methodology..................................25
3.1 Quantile Regression................................27
3.1.1 Conditional Quantile............................27
3.1.2 Quantile Regression Model and Estimate..........29
3.2 Bootstrap Method...................................31
3.3 Applications of Quantile Regression................32

Chapter 4. Data, Measurement, Empirical Model and Hypotheses...............................................35
4.1 Data...............................................35
4.1.1 Data Source.....................................35
4.1.2 Sample Selection Criteria.......................35
4.2 Measurement........................................36
4.2.1 Dependent Variables.............................36
4.2.2 Independent Variables...........................37
4.2.3 Control Variables...............................38
4.3 Empirical Model....................................41
4.4 Hypotheses Development.............................42

Chapter 5. Empirical Results............................45
5.1 Estimated Effects of Breadth and Depth on Tobin’sQ45
5.2 Estimated Effects of Breadth and Depth on ROA......47
5.3 Inter-Quantile Regression..........................49

Chapter 6. Conclusions..................................58

References...............................................60


List of Tables

【Table 1】Approved Foreign Direct Investment.............4

【Table 2】Approved Mainland China Investment.............4

【Table 3】The Empirical Results of Relationship between Internationalization and Performance.....................19

【Table 4】Descriptive Statistics of Variables (N=4667)..40

【Table 5】Correlation Matrix of Variables (N=4667)......40

【Table 6】OLS and Quantile Regression Results
(Dependent variable is Tobin’s Q)............51

【Table 7】OLS and Quantile Regression Results
(Dependent variable is ROA)...................52

【Table 8】Summary of the Results for Hypotheses.........53

【Table 9】Inter-Quantile Regression Results
(Dependent variable is Tobin’s Q)............54

【Table 10】Inter-Quantile Regression Results
(Dependent variable is ROA)..................55

List of Figures

【Figure 1】 U-shaped and inverted U-shaped relationship
.........................................................15

【Figure 2】 A three-stage sigmoid (S-shaped)relationship
.........................................................16

【Figure 3】 An inverted S-shaped relationship...........18

【Figure 4】Estimated coefficients and 95% confidence interval (Dependent variable is Tobin’s Q)..............56

【Figure 5】Estimated coefficients and 95% confidence interval (Dependent variable is ROA).....................57

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