Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18910
標題: 品牌公司與代工公司盈餘持續性之探討-兼論企業生命週期之影響
The Impact of Business Life Cycle on the Earnings Persistence of OBM and OEM Firms
作者: 林瑄
Lin, Hsuan
關鍵字: 盈餘持續性
Earning persistence
品牌
代工
企業生命週期
Brand
OEM
Business life cycle
出版社: 會計學研究所
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摘要: 我國經濟大多以代工產業起家,隨著全國經濟環境變遷,代工產業之利潤日益減少,激發企業發展品牌創造附加價值,近年來台灣品牌已在國際間嶄露頭角,但發展品牌是否能有效維持企業之盈餘,其盈餘持續性是否高於代工仍有待探討。因此本文將探討品牌公司與代工公司之盈餘持續性,額外加入企業生命週期概念,探討各生命週期階段品牌公司與代工公司之盈餘持續性,並分別檢測品牌公司與代工公司處於不同生命週期階段之盈餘持續性是否有差異。 本研究以2007年至2011年上市公司為樣本,利用Sloan(1996)模型來估計公司之盈餘持續性,再參考Anthony and Ramesh (1992)對企業生命週期的劃分方法將樣本分群。實證結果顯示:一、品牌公司之盈餘持續性高於代工公司;二、加入生命週期因素後發現,品牌公司在成長期、成熟期及衰退期之盈餘持續性皆顯著高於代工公司;三、以品牌公司為樣本,重新劃分企業生命週期後發現,成長期公司之盈餘持續性高於衰退期,成熟期相較於成長期與衰退期則無明顯差異;四、以代工公司為樣本,重新劃分生命週期後發現,成熟期公司之盈餘持續性均高於成長期及衰退期,成長期與衰退期之盈餘持續性則無顯著差異。
As the transition of the economy in Taiwan, the OEM industry which built the national economy decreased its profits day by day. Accordingly, this situation stimulates the enterprise to establish a brand and to create values added. There is so many brands stand out conspicuously in the world, however, could this method maintain the earnings efficiently and stable the earnings persistence? That’s the main question to think about. Therefore, the following is going to focus on the earnings persistence between the OBM and the OEM firms. In the meantime, with the conception of the business life cycle, this paper tries to discuss the different earnings persistence and observe the dissimilarity between the OBM and the OEM firms in each life cycle phase. This paper use Taiwanese listed companies as the sample from 2007 to 2011. This paper use Sloan (1996) model to estimate the earnings persistence, and employ the Anthony and Ramesh’s (1992) method to divide sample to different corporate life cycle stage. First, the empirical results show that the earnings persistence of the OBM firms is better than the OEM firms in Taiwan. Second, after considering the life-cycle factors, the earnings persistence of the OBM firms are better than the OEM firms in the growth, maturity and recession stage. Third, for OBM firms, the earnings persistence of growth are more persistence than recession stage, but the earnings persistence of mature companies are not significant greater than the growth and recessional companies. Finally, for OEM firms, the earnings persistence of maturity stage are greater than growth and recession stage, but the earnings persistence are no significant different between mature and recession stage.
URI: http://hdl.handle.net/11455/18910
其他識別: U0005-0108201311141100
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0108201311141100
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