產業競爭度的改變與公司績效關係之研究

Abstract

本研究主要探討在不同產業競爭度下，競爭度的改變會對公司績效是否會造成不同的影響。研究結果發現，在高競爭產業，產業競爭度的增加會減少公司市場價值、營運績效以及資本支出；但在一般競爭產業，產業競爭度的增加會提升公司市場價值、營運績效以及資本支出，在低競爭產業則是無顯著的影響。我們進一步研究發現，一般競爭產業的營運績效提升，是來自於營運效率的增加；而高度競爭產業的績效衰退是來自於營運效率降低。

This paper investigates whether competitive pressure reduces managerial slack. We use the increase in competition as an exogenous shock for firm to examine the relation between the market product competition and firm performance. We find that increase in competition makes firms in high competition industries have lower firm value, operating performance and capital expenditures. The outcome in medium competition industries is totally conversed. Further we find that increase in competition makes firms in medium competition industries better through the improvement of the efficiency in production. But firms in high competition are suffering as the cost in production raises.