國際化程度對成本效率的影響-以台灣上市資訊電子業為例

Abstract

台灣資訊電子業國際化程度與成本效率-以上市公司為例 研究生：郭玟伶 指導教授：胡均立 博士 國立交通大學經營管理研究所碩士班 摘要 由於經濟環境的變遷，乃至地球村的產生，企業所面臨的競爭已不分國界，為追求持續成長，企業開始進行國際化，在全球各地找尋適合自己的區位，進行投資，以提高本身之競爭力。我國資訊電子產業上下游整合良好的情況下，在國際間具有產業地位，為我國第一大出口產業，但近年台灣隨著經濟的發展，人工成本提高、土地取得不易等等因素，低成本優勢不再，企業乃積極轉向海外投資。但企業在有限資源的限制下，國際化是否真的會使企業成本效率提升，為本文主要探討之議題。 本文針對我國資訊電子業六十八家上市公司，1999年至2001年之財務資料，運用Frontier 4.1軟體，進行實證分析。國際化程度之衡量指標包括ESTS、FATA、RDI及PDIO，另以Battese and Coelli隨機成本邊界為基礎，估計資訊電子業各廠商之相對無效率值，再分別以二階段估計法及一階段估計法探討我國資訊電子業國際化程度對廠商無效率值之影響，並對無效率項給予不同的設定比較各模型不同的結果。進而從中了解我國廠商之成本效率是否逐年成長。 國際化程度對成本效率之實證結果如下分述： １、出口比例較高的廠商，相對其他廠商成本較無效率。 ２、海外資產占總資產的比例較高的廠商，較具成本效率，即提高海外投資會使廠商成本效率提高 ３、有較高研究經費密集度之廠商，較具成本效率。 ４、國際經營據點太過分散，會使廠商成本效率降低。 關鍵詞：國際化程度、電子業、成本效率、隨機邊界法

Effects of the Degree of Internationalization on Cost Efficiency: An Example of Listed Information Technology and Electronics Companies in Taiwan Student: Wen-Ling Kuo Adviser: Dr. Jin-Li Hu Institute of Business and Management National Chiao Tung University ABSTRACT Firms search suitable locations all over the world to invest, in order to promote its competitiveness. The information and technical industry is the largest export industry of Taiwan. After Taiwan’s rapid economic growth since the 1960s, land and labor costs become high. Therefore, many firms actively engage in overseas production. However, one may wonder whether or not internationalization indeed improves the cost efficiency of Taiwan’s firms? From the Taiwan Economic Journal database, the researcher constructs a panel-data set of 68 listed companies in the information technology and electronics industries in Taiwan during 1999 to 2001. We then follow the stochastic frontiers (SF) method to compute the cost efficiencies of these firms. The software Frontier 4.1 is used for estimation. The one-stage and two-stage estimation approaches, by Battese and Coelli (1992, 1995), respectively, are performed and compared. Indices such as export sales as a percentage of total sales (ESTS), foreign assets as a percentage of total assets (FATA), research and development intensity (RDI), and psychic dispersion of international operations (PDIO) to measure the degree of internationalization. The main empirical findings about how the degree of internationalization affects cost efficiency are as follows: 1. The higher ESTS is, the lower cost efficiency will be. 2. The higher FATA is, the higher cost efficiency will be. 3. The higher RDI is, the higher cost efficiency will be. 4. The higher PDIO is, the lower cost efficiency will be.