加盟制度在過去三十年有越來越多的學術文章討論，本論文針對美國標準產業分類碼為5812的零售餐飲業進行分析，探討加盟連鎖的企業財務績效指標是否優於未進行連鎖加盟的企業，本論文延伸Madanoglu, Lee and Castrogiovanni （2011）的研究，利用夏普比率（Sharpe Ratio）、崔納比率（Treynor Ratio）、簡森比率（Jensen Ratio）、索丁諾比率（Sortino Ratio）以及上行潛力比率（Upside Potential Ratio）作為風險調整後的財務績效指標，比較加盟餐飲連鎖公司與非加盟連鎖公司的財務績效指標表現的差異，結果顯示在夏普比率及崔諾比率方面，加盟公司表現並沒有顯著優於非加盟公司；而簡森比率、索丁諾比率及上行潛力比率加盟公司表現則顯著優於非加盟公司，整體而言，本文發現加盟公司在零售餐飲業中確實有較佳的財務績效表現，也解釋了為何加盟連鎖制度有越來越興盛的趨勢。 / There are more and more researches studied about franchising. This paper focuses on the retailed restaurants industry which are sorted by SIC codes as 5812. We are trying to figure out whether franchising retailed restaurants’ financial performance outperform non-franchising firms in the same industry. Following Madanoglu, Lee and Castrogiovanni （2011）, I use five financial measurements: Sharpe Ratio, Treynor Ratio, Jensen Ratio, Sortino Ratio and Upside Potential Ratio as financial performance of sample firms. The results show that the performances of franchising firms are insignificant different from that of non-franchising firms based on Sharpe ratio and Treynor ratios, but results based on Jensen ratio, Sortino ratio and Upside Potential ratio show that franchising firms perform better. Overall, it is seen that franchising firms outperform non-franchising firms in the retailed restaurants industry, which explained why franchising is getting more and more popular.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0103357017 |
| Creators | 羅兆賢, Lo, Chao Hsien |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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