| Abstract: | 台灣集團企業股權網絡、技術效率與市場結構之整合研究 An Integrated Analysis of the Ownership Network, Technical Efficiency, and Market Structure for Taiwan’s Business Groups 摘要晚近公司治理、技術效率與市場結構等三主題，在財務會計、生產經濟、產業經濟及國際企業之研究頗為盛行，然而在探討某一主題時，往往將另二課題視為外生或控制變數而殊少進行跨領域整合研究。本研究計畫擬以台灣上市櫃公司為研究對象，以三個年度完成如下研究議題：(1)台灣上市(櫃)公司中，約有60%屬於集團企業，故本文首先利用配對法，建構台灣集團企業與非集團企業等二組樣本群。(2)在股權結構上，本文除了考量台灣經濟新報所建構之股權結構變數外，擬審慎編製股權網路(股權中心性、股權密度、股權集中度與家族集團控股能力)，並檢視集團與非集團企業在股權網絡與其他營運指標之差異性。(3)在技術效率方面，擬以產業價值鏈思維，建構隨機邊界生產函數，評估廠商之技術效率與影響無效率之結構與行為變數，並析解成X無效率與規模無效率。（4）在市場結構方面，除了檢視結構-行為-績效（哈佛學派）與績效-行為-結構（芝加哥學派）之因果路徑外，特別審慎處理行為變數，包括創新活動、品牌權益及海外直接投資等涉及微笑曲線與國際化之營運策略課題。（5）建構計量經濟實證模型，有效聯結上述四大議題，並進行如下跨領域待證假說：（i）利益收斂與利益掠奪假說（公司治理與績效）;（ii）資源基礎、訊息基礎、地位基礎及權力觀點假說（股權網絡與創新活動、品牌權益及海外直接投資）;（iii）ODM、OEM、OBM選擇策略與國際化（微笑曲線之定位）;（iv）效率結構假說與市場力量假說（效率與市場結構）;（v）安逸生活者假說（獨占力與效率）。
In literature, the ownership structure, technical efficiency, and market structure are in essence examined respectively in the context of financial, Production Economics, industrial economics, and International Business. As one of the three themes is discussed, the others are often regarded as exogenous or control variables. This three-year research project aims to incorporate them in a single analytic framework with data of Taiwan’s firm-level panel data. Relevant issues to be deepened are as follows. (1) Among Taiwan’s listed firms, 60% belong to a business group. The matching method is hence applied to construct two samples of firms: firms belonging to a business group and independent firms(no business group). (2) For the ownership structure, in addition to the ownership structure indicators compiled by the Taiwan Economic Journal (TEJ), this research attempts to develop the ownership network (ownership centrality, ownership intensity, ownership concentration, and family-controlled business) and appreciate how it differs between the two samples of firms. (3) For the technical efficiency, the stochastic frontier production function conducted on the basis of the industrial value chain and the measured technical efficiency for firms is decomposed into X-inefficiency and scale inefficiency. (4) For the market structure, the causal relation between the structure-conduct-performance hypothesis asserted by the Harvard School and the performance-conduct-structure hypothesis defended by the Chicago School is studied. Furthermore, conduct-related variables such as foreign direct investment (FDI), innovation, and brand equity inherent in the smiling curve as well as corporate global strategies are specified. (5) Econometric modeling is conducted to test the hypotheses that integrate the aforementioned themes: (i) interest convergence hypothesis against entrenchment hypothesis (ownership structure and performance); (ii) resource-based, information-based, and position-based views (ownership network, FDI, innovation activity, brand equity); (iii) ODM, OEM, and OBM strategies under internationalization (smiling curve); (iv) efficiency structure hypothesis against market power hypothesis (efficiency and market structure); (v) quiet life hypothesis (monopoly power and technical efficiency). |
