「外人直接投資偏誤」之衡量與決定因素－行為財務觀點

THE MEASUREMENT AND DETERMINANTS OF FOREIGN DIRECT INVESTMENT BIAS(FDIB) – THE VIEW OF BEHAVIORAL FINANCE

古永嘉

國立台北大學企業管理學系教授

孫明德

國立台北大學企業管理學系博士候選人

摘要

　　以往對於外人直接投資之研究，多以少數國家或地區為樣本為研究對象，探討經濟因素的影響，但對於直接投資為何在某些投資與被投資國組合中較為集中的現象與成因，則尚未加以探討。本研究參考行為財務之熟悉度偏誤觀點，建構「外人直接投資偏誤指標」並納入資訊成本及文化距離等因素，以1993-2003年間占全球投資金額81%前16大投資國與占全球73%之31大被投資國數據，利用縱橫資料迴歸模式透過跨國比較加以實證。研究結果發現，就整體樣本而言，直接投資偏誤主要受到地理距離及語言等資訊成本因素之影響，文化距離因素則並不顯著。其次，由於被投資國被設定角色不同，經濟變數之影響在本研究之大樣本影響結果與以往研究以小樣本不同，甚至因此呈現不顯著情況，此外，由於被投資國角色不同，金融投資的考量也無法全盤應用，上述研究成果可對現有直接投資理論加以補充外，由於本研究之樣本範圍遠大於以往相關研究，也有效提高本項實證結果的可信度和參考價值。　

關鍵詞：多國籍企業、外人直接投資、行為財務、熟悉度偏誤、文化距離

ABSTRACT

　　Prior research that analyzed determinants of Foreign Direct Investment (FDI) mostly used economic factors as explanatory variables, but FDI which was centralized or dispersed couldn’t be explained by these factors. Furthermore, samples were from few countries or regions. This research designed the “Foreign Direct Investment Bias (FDIB) ” index by the Behavioral Finance view “Home Bias”, used the Panel Data Regression Model, employed geographical distances, language and culture distance as the explanatory variables, and expanded sample countries/regions with data from the top 16 investing countries responsible for 81% of global investing and the top 31 host countries receiving investing 73% of total global investments during the period 1993-2003. Adopting the perspective of international comparison, firstly, this research found that countries’ FDIB mainly considered the information cost of geographical distances and language variable rather than culture distance in the full model. The results support the direct investment theory and can influence future studies. Secondly, the impacts of the small or large models are different cause the role of destination countries. By the same reason, the FDI impact factor considerations are not the same as Portfolio investment.　

Keywords: Multinational Business, FDI, Behavioral Finance, Familiar Bias　

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證照協助大學畢業生就業之效益分析：以企管類科系為例

DO OCCUPATIONAL CERTIFICATES BENEFIT UNDERGRADUATE STUDENTS’ FULL – TIME EMPLOYMENT? : BUSINESS – RELATED PROGRAM AS AN EXAMPLE OF EMPIRICAL STUDY　

吳明鋗

明志科技大學經營管理系講師

國立台灣師範大學科技應用與人力資源發展學系博士班

李隆盛

國立台灣師範大學科技應用與人力資源發展學系教授借調

國立聯合大學校長及經營管理學系教授

摘要

　　愈來愈多的大學校院鼓勵學生取得證照以利順利就業，但是也愈來有愈多人士質疑證照協助大學畢業生就業的實質效益。本文透過文獻探討就此趨勢與課題進行討論，並針對每年畢業生眾多的企管類科系，利用教育部資助的「大專校院畢業生流向資訊平台」－「94學年度大專畢業後一年問卷調查」結果，應用邏輯式迴歸分析，探討此類學生持有證照與全職就業的關連情形。結果發現：整體畢業生之持有證照與全職就業低度正相關，其中私校畢業生對證照的依賴，勝過於公校；專業高階與多益檢定對私立技職生更有協助。　

關鍵詞：證照、高等教育、企管教育、人力資源、TIPED

ABSTRACT

　　More and more universities/colleges have encouraged their undergraduate students to take a variety of occupational certificates for benefiting their employment, but there is an increasing number of people wondering whether those certificates substantially benefit employment or not. Through a literature review, the trend and the issue were discussed first. Then, the field of business-related programs, which has a great deal of undergraduate students, was selected as an example to adopt its graduates’ follow-up survey results in a reliable database supported by the Ministry of Education of Taiwan to conduct a logistic regression analysis. Consequently, it is founded: (1) A variety of occupational certificates slightly benefit all graduates’ immediate full-time employment; (2) Graduates from private universities/colleges are the distinctive beneficiaries of certificate; (3) Among all sorts of certificates, only higher ranking and professional-driven ones as well as TOEIC are highly valued by employers.　

Keywords: Occupational Certificate, Higher Education, Business Education, Human Resource, Full-time Employment　

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公司治理會增強或削弱競爭力與多角化對公司價值影響？

DOES CORPORATE GOVERNANCE ENHANCE OR WEAKEN COMPETITIVENESS
OR DIVERSIFICATION EFFECT TO 　

倪衍森

淡江大學管理科學研究所副教授

黃寶玉

淡江大學管理科學研究所博士候選人

康唯珍

淡江大學管理科學研究所碩士

摘要

　　本研究乃結合管理變數中，與成長有關的競爭力變數及與風險有關的多角化變數，以股價評價模式來推論這些變數對公司價值的影響；並在公司治理變數中，以管理當局代理問題有關之經理人持股及與股東代理問題有關之股權集中度，來探討這些變數是否會增強或削弱管理變數對公司價值的影響；此外在研究方法上，Petersen （2009）指出不少panel data模型的殘差處理有相當程度的偏誤，是以本文採取Petersen（2009）的修正模型來作為本文的實證模型，並有以下重要的研究發現。首先，市場佔有率對公司價值的影響並不正面，此可能源自削價競爭所致，但是當股權集中度提高時，將有助於公司削弱此不利因素；再者，多角化亦不利於公司價值的提升，但是經理人持股比率較高的多角化公司，將會降低此不利因素對公司價值的衝擊；換言之，雖然有些多角化與競爭力的代理變數似乎會造成公司治理上的問題，並進而降低公司價值，但公司治理良好的產業多角化企業或高市佔率的企業，則反而有降低風險與提高成長之效。　

關鍵詞：公司治理、競爭力、多角化

ABSTRACT

　　This research is to investigate whether corporate governance variables such as managers’ shareholdings and high concentration of directors’ shareholdings will enhance or weaken competitive and diversified variables to the effect of firm values through the combining management variables competitiveness deemed as growth variable and diversification variables deemed as risk variable through the stock pricing model. In addition, Petersen (2009) point out the residual of several panel data models exist considerable degree of bias, so we adopt the revised models raised by Petersen (2009) as the empirical models for this research and disclose the following important findings. First of all, market shares of enterprises are negative for firm value due to the probable results of enterprises’ cutting price strategies, but high concentration of directors’ shareholdings will weaken this negative effects. Next, diversifications are unfavorable for raising firm values, but higher managers’ shareholdings would reduce the negative impact to firm values. In the other word, some proxy variable for competitiveness or diversification seem to cause the problem of corporate governance, but industry diversification or high market share enterprises with sound corporate governance might have the effect of reducing risks and raising growth for enterprises. 　

Keywords: Corporate Governance, Competition Power, Diversification　

回目錄

企業社會責任之揭露對會計資訊價值攸關性－以台灣資訊電子業上市公司為例

THE DISCLOSURE OF CORPORATE SOCIAL RESPONSIBILITY ON THE VALUE – RELEVANCE OF ACCOUNTING INFORMATION : AN EMPIRICAL ANALYSIS OF THE ELECTRONIC INDUSTRY IN TAIWAN　

林文玲

南開科技大學資訊管理系講師

國立雲林科技大學管理研究所博士班會計組

傅鍾仁

國立雲林科技大學會計學系教授

摘要

　　21世紀企業將面臨永續發展的經濟型態，企業為了提升自身競爭力，則必須承擔日漸受到重視之社會責任，因此，企業社會責任之揭露日益重要。本研究以台灣資訊電子業上市公司為研究對象，採用Ohlson（1995）股權評價模式進行分析，旨在探討公司揭露企業社會責任對會計資訊之價值攸關性。實證結果顯示：(1)台灣資訊電子業上市公司揭露企業社會責任，對其股價具有調節的影響效果；(2)台灣揭露企業社會責任的資訊電子業上市公司，其盈餘的價值攸關性相對較高；(3)台灣資訊電子業上市公司揭露企業社會責任，其帳面價值與盈餘間之價值攸關性具替代關係。　

關鍵詞：企業社會責任、資訊揭露、價值攸關性

ABSTRACT

　　The enterprises must undertake the corporate social responsibility (CSR) to promote their competitive power in 21 century. Thus, it is getting more and more important to disclose CSR. This study applies Ohlson’s (1995) valuation model as an analyzing tool and uses a sample of listed companies in electronic sector in Taiwan Stock Exchange Market to investigate the relationship between the disclosure CSR and the accounting information. Our findings indicate that: (1)the enterprises which disclosed CSR in the electronic industry in Taiwan have moderating effects on equity market value. (2)The enterprises which disclosed CSR in the electronic industry in Taiwan are also accompanied with the higher value-relevance of EPS. (3)There is a trade-off between earning and book value of equity, when the enterprises of the electronic industry in Taiwan disclose CSR.　

Keywords: Corporate Social Responsibility, Information Disclosure, Value-Relevance

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