The enlargement of the European Union (EU) in May 2004 has brought in ten new member states from central and eastern Europe (CEE). A new single market with bigger consumption population and inexpensive labor force has drawn the worldwide enterprises¡¦ attention; they see the emergence of business opportunities. There are also more and more Taiwanese enterprises showing interest in entering central eastern European market However, they have quite limited knowledge about CEE region in general. As a result, the crucial question every potential investor wants to ask would be: what are the key factors for Taiwanese entrepreneurs to successfully start a business in this overseas region? This research especially focuses on Taiwanese entrepreneurs having a small or medium business in Hungary, with the purpose of providing practical and analytical information to potential entrepreneurs. The target of the research is the successful Taiwanese entrepreneurs in Hungary. The methodology mainly follows the external/ internal environmental analysis. In the external environment part, first of all, by examining Hungarian economic indicators and development, and comparing them with the other CEE countries, we will find out the national competitive advantages of Hungary. Second, by looking into the industrial environment where Taiwanese businesses are situated, we can observe specific facts about the Hungarian market, the competitors and the industrial value chain relationship. In the internal environment part, through the in-depth case studies on three successful entrepreneurial enterprises in Hungary, we can conclude the managerial features they share in common. If we compare those with threats and opportunities in the external environment, we will discover the key competitive advantages for Taiwanese entrepreneurs in Hungary.

The article is about the factors that influence the Taiwanese businesses¡¦ decision to go abroad for listing. Our data are mainly about the Taiwanese businesses¡¦ in Hong Kong, Singapore, Thailand, Vietnam, Shanghai, and Shenzhen. The requirements of main board listing in Hong Kong and Singapore are strict and those in Thailand and Vietnam are loose. There are higher average economic growth rate and better market return in foreign listing market. Although the new listing number is higher than Taiwan, the stock liquidity is lower than Taiwan except Shanghai and Shenzhen market. As the P/E ratio , foreign market is similar to Taiwan except Shanghai¡B Shenzhen and Thailand markets. Overall, the advantages of Taiwan IPO market are not too many except the liquidity. As overseas Listing of Taiwanese businesses, we find that shoes companies and growth enterprise will get together in Hong Kong, and the average market values and money- raising ability are higher. In Singapore, the industries of Taiwanese business are widely distributed. Moreover, the industry in Thailand, Vietnam and China are mainly construction and living- related. The founding years before listing of foreign Taiwanese business are longer than those listing in Taiwan. Therefore, Taiwanese businesses display different styles in different listing market. We divided the influencing factors into macro factors, market factors, industry factors, listing requirement factors and unique factors. We used binary logistic regression as our model and found that the macro factors, the market factors, and listing requirement are related to the Taiwanese businesses¡¦ decisions. When there was higher economic growth rate, higher stock return rate or there were more new listed companies in overseas security markets, more Taiwanese business went abroad for listing. But opposite to our intuition, Taiwanese business did not list in a market with higher P/E ratio. The strict listing requirement did not stop Taiwanese business to list there. Therefore, we think only by lowering the listing requirement will not attract Taiwanese business to come back to Taiwan for listing. Finally, we command that by setting three different ways of Taiwanese businesses¡¦ listing, reducing the money limit and strengthening the collecting industries in Taiwan, we can attract more overseas business coming back to Taiwan for listing.

Abstract: Taiwan has limited resources graphically, so 97% of primary energy source is dependent on import. Industrial sectors are the main sources to Taiwanese economic development since the 1970s, and the oil is the base of the industries, therefore, the fluctuation of world oil price will lead to the fluctuation of domestic business cycles. Besides, Taiwanese economy has highly depended on international trade; therefore the international business cycles also have influence on the domestic business cycles. Furthermore, the international trade accounts for substantial percentage of balance of international payment. Thus, the change in the international trade will also have impact on Taiwanese economy. This paper investigates the influence of international business cycles to the Taiwanese economy. Using a structural vector-autoregressive model (SVAR model) of a small open economy (OE), our SVAR model includes industry product index (IP) of three regions (Asia, Europe, and North America), world oil price, the Taiwanese industry product index and the Taiwanese trade balance. We try to understand how these factors and their variance decompositions explain Taiwanese business cycles. We chose two periods to do the analysis¡G1974:01-1984:01 and 1985:01-2002:04. To summarize, Taiwanese business cycles were much more impacted by the factors from itself. Besides, we can also say that the impact is neither from nominal nor from real variables. Domestic shocks will be more important in explaining Taiwanese economy. Taiwan has limited resource and depends on import; however, the government will control the oil price. Therefore, we conclude that the world oil price does not have huge impact on Taiwanese economy during our studying period. Asian shocks maybe have more influence than other regions on Taiwanese economy gradually during our studying period.

合作策略的興起為許多台灣廠商帶來新的啟發，因為構成台灣經主體的中小企業可以透過適當的合作策略運用，達成以往不易達成的企業目標，尤其是在面對變化快速、競爭日益激烈的企業經營環境，合作策略更能突顯其優點。然而在合作策略於企業界盛行以來，績效不佳的情形往往多於成功的案例(Harrigan 1986; Kanter 1990)，因此縱然標榜「一加一大於二」的合作聯盟似是非常吸引人，但卻好像並不怎麼好用。於是，廠商在企圖利用這種新興的策略方式來獲取合作利益，並進而達成因應環境趨動因素的要求及滿足企業內部趨動因素的目標時，對影響合作聯盟績效因素的研究就顯得格外重要了。因此，本研究企圖透過對個案的深入訪查了解合作績效的影響因素，及其相關議題，以下即本研究之結論。 　　1、若適當地利用合作行銷策略，將可以有效地達到下列三項企業目標：利用互補性的優勢快速地進入新市場區隔或強化既有區隔的優勢地位、取得關鍵性資源、降低企業投資風險。 　　2、合作動機對合作方式的選擇及管理機制設計有重大的影響。 　　3、在進行合作夥伴的選擇時，對夥伴的評估準則會影響合作方式的選擇及管理機制的設計。 　　4、廠商的合作動機、合作方式、及管理機制必須能相互配合，才會有較佳的合作績效。

家族企業是台商企業普遍的經營型態，隨著近幾年台商第一代創業主接近退休年齡，各個台商家族企業中逐漸掀起一波接班潮，未來能否突破接班的挑戰，是台商家族企業走向永續經營的關鍵。然而，家族企業對各接班規劃關鍵因素的認知，都有可能影響接班的最終成果，因此，本研究以台商家族企業的第一代創辦人及第二代接班人選為對象，分別探討家族企業對傳承與接班、治理、成長、確信性、退場策略、財富管理等六項接班規劃關鍵因素的重要性認知程度及影響力認知程度，以分析台商家族企業對接班相關議題的認知現況，以及重要性和影響力兩者認知的差異。此外，本研究更進一步分析職位、性別、年齡、身份等個人特性，以及產業類別、公司年齡、所在地、員工人數等企業特性對各個接班規劃關鍵因素認知的影響。 本研究以結構性紙本問卷進行調查，採用資料分析方法包含探索性因素分析、信度分析、相關分析、成對樣本T檢定、平均數比較、獨立樣本T檢定、單因子變異數分析等方法進行檢定。研究發現，各個接班規劃關鍵因素認知無論在重要性或影響力上，多數都彼此存在顯著正向相關，且重要性的程度均顯著大於影響力的程度。此外，更進一步發現身份、員工人數、產業類別會對認知的結果產生影響。 / Family business is one of general types of companies in Taiwan. As the first generation entrepreneurs reached the retiring age in recent years, many Taiwanese family businesses gradually tend to prepare for succession planning. Whether those Taiwanese family businesses could go through the challenges of succession in the future will be the key factor of their sustainable operation. However, their perceptions of succession planning related issues could influence the result of succession. With their first-generation founders and second-generation successors as research object, this study explored their perception level of the importance and capability to the key factors of succession planning, including succession and next generation, governance, growth, assurance, exit strategies, and wealth preservation. Then, we could capture the thought of family businesses and figure out the difference between importance and capability of each factors. Besides, this study also analyzed the influence of some individual characteristics（ position, gender, age, and status） and business characteristics（ industrial categories, established year, location, the number of employees）. This study employed a paper-based questionnaire survey with a structured format and tested by explorative factor analysis, reliability analysis, correlation analysis, paired sample t-test, comparison of means, independent-sample t-test, and one-way ANOVA. Through those data analysis, the results showed that almost all factors revealed in the study are significantly positively correlated to each other in the perception level of importance as well as the perception level of capability. And, the perception level of importance is always higher than the perception level of capability. Furthermore, some characteristics, including individual status, industrial categories, and number of employees can significantly influence the result of the perception level.

長久以來，國際化議題一直是實務界與學術界關心的重要焦點，對於小型開放經濟體的台灣而言，企業走向「國際化」更是必然的趨勢。國際化是否能為廠商帶來利潤？大部份的研究發現國際化確實有助於企業獲利的提昇，但亦有學者認為國際化為廠商所帶來的正面利益實屬有限，真正有助於提昇廠商績效的因素為廠商的「產品差異化能力」，甚至有學者更強烈地指出國際化與廠商績效的關係並不顯著，廠商本身所擁有的產品差異化能力才是最重要的獲利來源。 然而，相較於歐美大型多國企業，台灣企業規模相對較小，除國際化外，台灣企業擁有那些產品差異化能力可以提昇廠商的績效呢？雖然各方學者所持觀點不一，但其研究的範圍皆以西方已開發國家為關注焦點，顯少針對開發中國家加以研究。此不禁令人產生一些疑問：國際化是否也能為新興工業化國家的台灣企業帶來較佳的績效呢？若國際化不意謂著較佳的績效，那如此高度依賴海外市場的台灣企業該如何是好呢？ 此外，「管理能力」在廠商國際化的過程中所扮演的角色在過去研究中並未受到重視。然而，國際化程度的提高，並非對所有廠商在績效上皆能有正面的提昇，廠商必須在海外市場擴張的過程中，隨時調整其管理能力才得以能夠維持優良的廠商績效，此議題的瞭解，有助於對過去實證結果的分歧做更進一步的解釋。 針對上述研究問題，本研究回顧國際化程度、產品差異化能力，以及管理能力相關文獻，經由相關理論之推導，形成三個主要的研究命題，透過以台灣製造廠商為研究對象，同時以量化及質化的研究設計加以探討。 命題一與命題二分別以第三章564家大型製造廠商、第四章170公開上市資訊電子業、第五章3,194家中小型製造廠商、第六章601家中小型紡織業及818家中小型電子業，以及第七章1986年、1991年與1996年三期之大型 (275家，825個樣本) 及中小型 (322家，966個樣本) 製造廠商之長期追蹤資料加以驗證。經由不同廠商規模與產業，以及橫斷面與縱斷面的資料分析，得到國際化程度對廠商績效為一倒U型關係、產品差異化能力 (研發密集度) 對廠商績效為一正向的影響，亦即在研究一 (第三章) 至研究五 (第七章) 的結論發現，國際化程度與廠商績效的倒U型關係皆獲得支持，惟不同的樣本中，國際化程度與績效的最適點不同；產品差異化能力的部份僅於研發密集度與廠商績效的正向關係獲得支持，故支持本研究所提出之前兩項研究命題。 本研究根據量化研究倒U型之結果，分別在研究六 (第八章) 以一家非上市 (櫃) 小型手工具製造業、一家中型上櫃紡織業，以及一家大型上市電子業為研究對象，分析管理能力對國際化與廠商績效關係之影響，經由三家個案廠商的分析，亦傾向於支持管理能力對台灣製造廠商之國際化程度與績效的關係有一正向的調節效果。亦即廠商的管理能力可以調節 (moderate) 國際化與廠商績效的關係，在面對海外市場擴張所面臨的複雜度增加，廠商若能適時調整其管理能力，即使處於高度國際化的狀況，亦能保有優良的廠商績效；反之，若廠商之國際化程度仍未達國際化之最適點，但其管理能力始終沒有在海外市場擴張的過程中做適時的調整，亦有可能產生績效不佳的狀況。因此，支持本研究所提出的第三個研究命題。 整體而言，本論文於第三章至第七章量化研究獲得國際化程度與產品差異化能力對廠商績效一致的結果；透過第八章的質化研究，亦達成管理能力於國際化與廠商績效間關係的釐清。因此本論文的完成亦讓研究者對於台灣企業的國際化程度、產品差異化能力及管理能力，在影響廠商績效的議題上有更豐富的認識與瞭解。 / Internationalization has been the focus to the business and academic communities for years. Actively entering foreign markets for most firms in Taiwan, a small-opened economy, has become a must in the globalized economy. Does internationalization bring better performance for business? Most empirical studies found that internationalization increases firms’ benefits; however, some researchers argued that there are limited the benefits associated with firms’ internationalization. Furthermore, it has been suggested that there’s no significant relationship between internationalization and firm’s performance. That seemed a tendency for researchers to argue that “capability for product differentiation” is the key to profitability. Comparing with multinational corporations (MNCs) from western developed countries, the sizes of Taiwanese firms are much smaller. What kind of capabilities for product differentiation, in addition to the internationalization, could contribute to their performance? So far researchers have different views. On top of that, when excusing the issue, most studies still focused on firms, mostly MNCs, from the developed countries, few has looked into the behaviors of firms from developing countries. This study bridges this gap and proposes the following research questions: (1) Does internationalization affect performance firms from newly industrialized economies, such as Taiwan? (2) Besides internationalization, what characteristics of firms in Taiwan contribute to their performance? Managerial capability truly plays an important role in firms’ internationalization process; however, previous studies did not pay much attention on this construct. Also, higher levels of internationalization does not necessary bring positive impact on firms’ performance. To maintain better performance, firms need to adjust as well as adapt their managerial capabilities during their foreign market expansion process. Understanding the relationship between managerial capability and international expansion helps us to shed new light on the inconsistency findings of past empirical studies. Thus, the third research question tries to understand the moderating role of managerial capability on the relationship between internationalization and firms’ performance. The study reviews related literatures on internationalization, capability for product differentiation, and managerial capability in terms of above mentioned research questions. After deriving three main research propositions, this study employs both quantitative and qualitative research designs to answer the research questions by taking Taiwanese manufacture firms as research samples. For the purpose of triangulation, this study examines propositions 1 and 2 by different sample profiles including cross-sectional and longitudinal data. They are: (1) 564 large manufacture firms (chapter 3); (2) 170 Taiwan Stock Exchange Market listed electronics firms (chapter 4); (3) 3,194 small and medium-sized enterprises (chapter 5); (4) 601 small and medium-sized textile firms and 818 small and medium-sized electronics firms (chapter 6), and (5) 275 (825 observations) large and 322 (966 observations) small and medium-sized firms for three periods (i.e., 1986, 1991, and 1996) (chapter 7). The first two main findings are: (1) the relationship between internationalization and performance could be graphically depicted as an inverted U-shaped curve, and (2) a positive relationship between capability for product differentiation in terms of R&D intensity and performance regardless of firm size and industry. Thus, our findings support the first two propositions. According to the U-shaped result of quantitative analysis, this study explores the relationship among managerial capability, internationalization, and performance by conducting three in-depth company interviews. The firms, including an unlisted hand tool firm, a medium-sized OTC textile firm, and one large listed electronics firm, represent a mix of companies. The third main findings tend to support that managerial capability has a positive moderating effect between internationalization and performance. If firms could adapt or adjust their managerial capabilities to handle the complexity during their foreign market expansion process at the right timing, they could still enjoy better performance with higher levels of internationalization. On the contrary, the complexity associated with high-level of internationalization will burn out the managers and eventually lead to poor performance. Thus, the result supports the third proposition. In summary, on the one hand, the study confirms the relationship among internationalization, capability for product differentiation, and firm’s performance through quantitative analyses in chapters 3 to 7. This study also identifies the moderating effect of managerial capability on the relationship between internationalization and firm’s performance through a qualitative analysis in chapter 8. Theoretically speaking, this dissertation provides better understanding on the relationship among internationalization, capability for product differentiation, managerial capability, and performance of Taiwanese firms.