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題 名 | 企業生命週期、資產組合與企業未來績效關連性之研究=The Association between Firm Life-Cycle Stage, Assets Portfolio, and Firm's Future Performance |
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作 者 | 楊朝旭; 黃潔; | 書刊名 | 商管科技季刊 |
卷 期 | 5:1 2004.03[民93.03] |
頁 次 | 頁49-71 |
分類號 | 494.7 |
關鍵詞 | 企業生命週期; 資產組合; 企業績效; Firm life-cycle stage; Firm performance; Assets portfolio; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究旨在探討企業生命週期、資產組合運用與企業未來績效之關係。針對我國上市公司進行變異數分析及過歸分析後,本研究發現處於不同生命週期階段之企業,其資產運用之特徵有顯著地差異。我國企業在成長期時運用較高比重的營運資金與無形資產,並隨著企業進入成熟及衰退期而逐漸遞減。相反的,長期投資與固定資產的運用比重在成長期時最低,隨著企業進入成熟及衰退期而有逐漸增加的趨勢。此外,本研究亦發現資產運用組合與企業未來績效的關連性是企業生命週期的函數。無形資產(固定資產與長期投資)與企業未來績效的正向關連性在成長期(衰退期)中最高。 |
英文摘要 | The purpose of this paper is to examine the association between firm life-cycle stage, assets portfolio, and firm's future performance. ANOV A and OLS regressions are applied to test the hypotheses developed. As predicted, using a sample of firms listed in Taiwan Stock Exchange, this paper finds that the assets portfolio characteristics in different firm life-cycle stages (growth, maturity, and decline) are distinct. Especially, firms in the growth (decline) stage have significantly higher percentage of working capital and intangible assets (long-term investments and fixed assets) in their assets portfolios. Besides, the association between assets portfolio .and firm's future performance is a function of firm life cycle stage. Particularly, greater reliance on intangible assets (long-term investments and fixed assets) will have as stronger positive impact on future performance for firms in the growth (decline) stage than for firm in the other two states. |
本系統中英文摘要資訊取自各篇刊載內容。