頁籤選單縮合
題 名 | 企業生命週期及多角化策略與公司財務特性之關係=The Relationships of Business Life Cycle, Diversification Strategy, and Financial Characteristics |
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作 者 | 陳家彬; | 書刊名 | 國立中興大學臺中夜間部學報 |
卷 期 | 2 1996.11[民85.11] |
頁 次 | 頁243-293 |
分類號 | 553.977 |
關鍵詞 | 企業生命週期; 多角化策略; 財務特性; 融資途徑; Business life cycle; Diversification strategy; Financial characteristics; Financing channels; |
語 文 | 中文(Chinese) |
中文摘要 | 企業在成長的過程中會經歷不同的生命週期階段,不同階段本身會有不同的 企業內部條件和面臨不同的外在環境,因此,經營者必須跟隨所面臨的問題制定 企業發展之策略,尋求適當的資金來供給組織運用,如此才能落實策略既定的目 標,發揮競爭優勢,繼續成長。 本研究的主要目的在探討企業生命週期、多角化策略、公司財務特性與融資 途徑之間的關係,所取用的資料來自於政府及企業公開說明的有關文件,以國內 紡織業及電子業中公開上市公司為研究對象,有效樣本計有紡織業31家244個樣 本和電子業29家122個樣本,使用統計方法將所收集資料進行分析後,得到下列 重要之結果: 在企業生命週期方面,紡織業中會隨著成長階段的不同而擴大業務多角化的 範圍,而電子業則沒有這種趨勢。另外,綜合兩個產業分析結果,可以發現企業 隨著生命週期的不同,在創立期與成長期偏向採行單一及重點業務的策略,而於 成熟共和再生期則偏重採行無關策略。在財務特徵上,企業在進入成熟期後投資 在固定資產的擴充以及在成長期及再生期的未分配盈餘、資產攤提及稅捐等會維 持在較高的水準。在各生命週期的外部融資管道方面,則以均衡的債務/權益比 率方式向外借入資金來支持公司的營運。 有關多角化策略方面,企業在採行不同的策略時,公司的財務特徵和融資途 徑皆有所不同。在獲利能力上,採行相關業務及單一業務策略的企業會有較高的 成效;在投資固定資產方面,採行相關業務策略者需準備較充裕的資金來投資擴 廠;在負債權益比方面,採行無關業務策略者,因企業舉債能力增加,可以使用 較高負債權益比進行外部融資;在未分配盈餘調配方面,採行單一業務策略者, 多保留較多未分配保留盈餘在公司內以供給營運的資金需求。 |
英文摘要 | The main purpose of this study is to investigate the relationships of business life cycle, diversification strategy, financial characteristics, and financing channels. The sample consists of 31 textiles and 30 electronics publicly traded firms. The data are obtained from government publications and other public sources for business activities. After statistical analysis, we have the following primary findings: Fore textile industry, the enterprises tend to increase the scope of diversification at different stages of business life cycle. However, the electronics firms do not have this tendency. Also, for both textiles and electronics industries, the firms adopt different stategies at various stages of life cycle. They tend to employ either single-business of dominant-business diversification strategy at the introduction and growth phases, and to use unrelated- business strategy at the maturity and rebirth phases. Further, the investment on fixed assets at the maturity stage and the undistributed earnings, depreciation and taxes at the growth and rebirth phases are at a significantly higher level. A balanced debt/equity financing method is used at all the stages of life cycle. In addition, enterprises using different diversification strategies have different financial characteristics and financing channels. Specifically, firms who adopt related-business and single-business strategies have greater profitability. For the investment on fixed assets, firm with related-business strategy need more funds to do expansions. Moreover, when unrelated- business strategy is employed, the firms tend to use more debt in their external financing. Finally, firms using single-business strategy need more retained earnings to provide the internal capital for operations. |
本系統中英文摘要資訊取自各篇刊載內容。