標題: 台灣電子資訊產業長期投資行為與績效
Long-term Investment Behavior and Performance of Taiwan’s Informational and Electronic Industries
作者: 詹雅筑
Ya-Chu Chan
洪志洋
謝國文
Chih-Young Hung
Kuo Wun Shieh
管理科學系所
關鍵字: 長期投資;公司績效;部份調整模型;long-term investment;corporate performance;partial adjustment model
公開日期: 2007
摘要: 近年來企業長期投資日漸增加,長期投資對企業經營的重要性也越來越大,在經濟全球化及企業大型化發展的情勢下,企業為了取得競爭優勢或在本業飽和情況下,強化其價值創造能力,必須要善用所有的資源,其中當然包括長期投資。與過去研究最大之不同處在於:本研究對於長期投資的管理行為模式進行探討,針對企業的長期投資行為加以分類,並探討分類後與績效之間的關係。 本研究以1997年至2006年我國電子產業之上市公司為研究對象,研究結果發現:企業為了強化其價值創造能力,增加長期投資,不一定能使企業的經營績效提升,必須考慮的因素很多,本研究是以公司內部組織結構的複雜程度為探討基礎,可反應企業內部執行能力的強弱及反應總體環境的速度,且以ROA及Tobin’s Q兩種不同構面衡量企業經營績效。若企業為多角化型態,當公司內部執行能力強,越能在企業所認知的最佳時機進行投資,其ROA較佳;由於這類型企業屬於激動型,具有積極及冒險的特性,假設市場投資者為風險趨避型態的情況下,對投資者而言是風險的增加,會給予較低的市場評價,其Tobin’s Q較低。在企業本身剩餘資源太多,可透過多元化的投資,提高資源使用率,因此執行能力強的多角化企業其ROA比執行能力強的專業化企業佳。
Recently, enterprise’s long-term investment increases day by day, the long-term investment importance to in enterprises manage is larger and larger. Under the globalization and enterprise’s maximization development, or in case of original profession saturation in order to make the competition advantage in enterprises, strengthening its value creativity must make the best of all resources, among them certainly include long-term investment. Lie in the place different from studying the largest one in the past: This research carries on the discussion to the management behavior of long-term investment, direct against the classification of long-term investment behavior of enterprises, and discussion the relation between of the classification of long-term investment and the corporate performance. Results of the empirical study are follows: 1. ROA of Type one of Long-term investment is higher than ROA of Type three. 2. Tobin’s Q of Type one of Long-term investment is lower than Tobin’s Q of Type three. 3. ROA of Type one of Long-term investment is higher than ROA of Type two.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT009531533
http://hdl.handle.net/11536/39087
Appears in Collections:Thesis