廠商規模、行為與績效之研究—以成立A-TEAM後的自行車產業為例

Abstract

本研究採用產業經濟學中的「結構-行為-績效」的基本理念及架構來分析成立A-Team聯盟後的台灣自行車產業結構、行為績效對經營績效的影響，以台灣上市上櫃的三大成車廠(巨大、美麗達、愛地雅)為研究對象，採用期間為2003年第一季至2009年第三季，共計7個年度30季資料，以縱橫資料分析法(Panel Data)的隨機效果模式進行迴歸分析。 本研究使用解釋變數總資產額自然對數、員工人數自然對數以代表廠商的規模，產品廣告密集度、設備投資密集度、產品銷貨密集度、毛利率以代表廠商的投資行為，被解釋變數採取每股盈餘、營收成長率當作經營績效代理變數。實證結果如下: (1) 總資產額自然對數和毛利率和每股盈餘呈現顯著正相關，然而設備投資密集度和每股盈餘呈現顯著負相關。 (2)員工人數自然對數、總資產額自然對數、產品廣告密集度產品、銷貨密集度和毛利率皆與營收成長率呈現顯著正相關。

This study uses in the industrial economics “Market Structure-Conduct-Performance” the basic ideal and model to analyze how the market structure and corporate conduct impact on operating performance of the the Taiwan Bicycle Industry after Establish A-Team. We collect 3 bicycle firms (Giant Merida Ideal)which are listed in Taiwan stock market as empirical sample. The sampling period is from 2003 1st to 2009 3rd which is amoumt to 7 years and 30 seasons data.Random effect approach of the Panel data is adopted in this study to conduct the regression analysis The independent variables are total assets natural logarithm and Staff population natural logarithm as firm structure.The independent variables are product advertisement denseness, equipment investment denseness, selling goods denseness and ratio of margin as firm investment conduct.The dependent variables are earnings per share and earning growth rate as operating performance proxy variable. The empirical results are as follows: (1) The total assets natural logarithm and ratio of margin also have significantly positive effects on earnings per share, however equipment investment denseness have significantly negative effect on earnings per share. (2) The staff population natural logarithm, total assets natural logarithm, product advertisement denseness, selling goods denseness and ratio of margin also have significantly positive effects on earning growth rate.