| 摘要: | 在全球化的趨勢下，台灣對外的投資機會日漸增加，企業愈來愈以全球發展為導向，而大部份上市家族企業的營運活動亦往海外發展，紛紛開始從事對外投資而成為多國籍企業。本研究首先探討多國籍家族企業資本支出比率、多角化程度以及研究支出比率與企業價值之關聯性，又公司具有較佳的成長機會其所從事的投資活動能為公司帶來較高的利益，進而提升公司價值，故本研究並進一步探討成長機會在投資活動與企業價值間是否存在中介效果。
實證結果顯示，企業價值與研究支出比率及多角化程度呈不顯著負相關，而與資本支出比率呈顯著正相關及與成長機會呈顯著正相關；另外，成長機會在投資活動與企業價值間是否存在中介效果的研究結果表示，多國籍家族企業其資本支出比率、多角化程度以及研發支出比率各自與成長機會的交乘項皆和企業價值呈顯著關係，代表著多國籍家族企業成長機會的高低會使其資本支出比率、多角化程度、研究發展費用率對企業價值的關聯性更為密切。
Because of the trend of globalization, investment opportunities increasing steadily in Taiwan. While Companies become more and more outward-focused, the majority of family firms that listed on the TSE start to run business overseas, and then become multinational enterprises. In study, first, we discuss the relations of capital expenditure ratio, diversification degree, R&D ratio and firm value in multinational family business. The reviews point out that companies with better growth opportunities not only can result in higher benefits for the company on investment but also enhance the value of the company. Second, in study, we investigate how the growth opportunities influences the relations of investment and corporate value.
The data source is from Taiwan Economic Journal and we compile information for listed multinational companies from 2006 to 2010. In chapter 4, we will test Hypothesis by descriptive statistics, correlation analysis and multiple regression analysis. Finally, The empirical results show that firm value and capital expenditure ratio of a significant positive correlation, but and growth opportunities of a significant negative correlation. Growth opportunities for investment in firm value have the effect of intermediate results, empirical results for the significant correlation. In other words, growth opportunities does change the investment of multinational family business enterprise value. |
