碩士 / 銘傳大學 / 國際企業學系碩士班 / 93 / This study explores critical influencing factors of the performance and the duration of foreign wholly-owned subsidiaries (WOS), and 266 foreign WOS representing 66 parents firms are analyzed during 1972-2001. Previous studies from other researchers have taken financial or non-financial measures to test the performance of foreign affiliates. But few scholars take the duration as a measure to evaluate the performance of foreign WOS. Foreign WOS are more important to multinational companies, and parents firms always invest more in WOS. If foreign WOS become valueless, their parents must close down their investment or divest their equities and money. Therefore the longer the duration is, the better of the performance of foreign WOS is.
By applying Survival Analysis, we use SAS package as tool to test if strategies or characteristics of parents and subsidiaries impact on the duration of foreign WOS. However, according to the censoring data in 2001, we divide our samples into two groups as survival firms and exit firms in 2001. Then compare their performance of parents and foreign WOS during 2002-2004. The results of this empirical research are as follow.
一、 The effects of the factors on the duration of foreign WOS：
(一) The strategy of foreign WOS--Cost-orientation strategy is significantly positive related to the duration, and the related diversification is positive but not significant.
(二) Characteristics of parents--The duration of WOS has a significantly positive relationship with the size of the parents, and a significantly negative relationship with the international experience of parents.
(三) Characteristics of foreign WOS：There are no significant factors in the concept. Besides, the controlling variable of the investment environment inside Taiwan is positive to the duration.
二、 The comparison of sub-samples：
Here, we use the market-to-book ratio (market value of assets/book value of assets) and return of equity as our measurement of parents’ performance, and the gain or loss of investment as the performance of foreign WOS. The findings show parents’ performance doesn’t impact on the status of foreign WOS, and the performance of parents as well as the performance of foreign WOS between these two groups (survival and exit firms) are not significantly different.
| Identifer | oai:union.ndltd.org:TW/093MCU05321016 |
| Date | January 2005 |
| Creators | Shin-Pei Lin, 林欣佩 |
| Contributors | 作者未提供, 孫梅瑞 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 108 |
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