本研究主要探討國際擴張程度與企業經營績效間的關係,並納入公司治理機制之股權結構,探討是否與兩者間存在調節效果。由於國際擴張程度與企業經營績效的關係一直以來未有定論,本研究採用新的衡量方式,以地理多角化與文化距離作為代理變數,以不同的觀點看待企業進行國際擴張後所面臨的利益與成本,以期能得到不同於以往的結論。本研究採取2010年的資料,針對台灣627家上市公司進行實證研究,實證結果顯示國際擴張與績效呈現負相關,但資電業與傳統產業卻分別獲得負相關與正相關的結論。此外,股權結構也扮演了重要的角色,若大股東、機構投資人、家族持股比率越高,則能為國際擴張與績效關係帶來正向的調節效果。
This study examined the impact of international expansion on firm performance, and the moderating effect of ownership structure on the relationship between these two. Contrary to prior studies, we employed regional diversification and culture distance to measure international expansion, and hopedto capture different results between international expansion and firm performance from the previous studies. This research chose 627 Taiwan-listed firms in 2010 as the sample. The results indicated that international expansion has a linear negatively effect on firm performance. Further, it showed a negative effect for firms in the electronics industry, but showed a positive effect in traditional industries. We also found that ownership structure such as blockholders, institutional investors, and family ownership has a positive moderating effect on the relationship between international expansion and firm performance.