全球化的浪潮下，不論企業規模為何，企業朝向國際化發展已蔚為風潮。過去三十年，已有許多關於「國際化」與「企業績效」間關係的研究，然而，研究對象多以歐美大型企業為主，其實證結果也經常出現不一致、矛盾的情形。近期研究中，則有學者建議以整合性架構「三階段理論」來作說明較為適當，故本研究亦將沿用此S型曲線概念來進行實證分析，以釐清國際化程度與企業績效關聯性此議題。 經由文獻探討後，本研究以出口銷售額占總銷售額之比例(ESR)為自變項，資產報酬率(ROA)、純益率(ROS)及股東權益報酬率(ROE)為依變項，探討國際化程度對於企業績效的影響。實證分析方面，本研究是以「小巨人獎」歷屆得獎企業中之42家中小型製造商為研究對象，研究期間共13年(1996~2008)，資料來源則以次集資料為主。經由SPSS 12.0中的曲線估計及迴歸分析來進行實證性探討後，有下列重要發現： 1.相較於傳統製造業，高科技產品之製造商較早進入國際市場 2.中小企業國際化程度與其績效間呈現倒U型曲線關係，最適水準為54.89% 3.企業員工人數對於績效有顯著正向影響 4.企業資本額對於績效有顯著負向影響 5.企業負債比率對於績效有顯著負向影響 Under globalization tide, no matter the enterprise scale is small or large, growth through internationalization is an important strategy. Over the past three decades, there are many researches about the relationship between internationalization and corporate performance. However, most of them have been focused on the large and well-established firms, and the conclusions of those studies have been inconsistent and contradictory. Recent research suggested the three-stage theory of international expansion is suitable to explain, so in this study we will use the concept of the sigmoid curve to comprehend the issue between the internationalization and performance. In this study, the relationship was examined through curve estimation and hierarchical regression analysis of data from 42 small and medium-sized enterprises (SMEs) in manufacturing industries over a 13-year (1996~2008) period. The some important findings are as below: 1.Compare with the traditional manufacturing industry, the manufacturers of the high tech product enter the international market quickly. 2.For the SMEs, the relationship between the degree of internationalization (DOI) and performance is inverted-U- shaped, the critical point is 54.89%. 3.The factor “staff population” has significantly positive influence on performance. 4.The factor “paid-in capital” has significantly negative influence on performance. 5.The factor “debt level” has significantly negative influence on performance.
