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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/76233


    Title: Financial constraints linking strategy to startups performance: A multi-level multi-country study
    Authors: 楊斯琴
    Contributors: 淡江大學財務金融學系
    Keywords: 財務限制;新創公司;Financial constraints;Strategic flexibility;Entrepreneurship;Technologically environmental turbulence;Country financial conditions;Economic growth;Financial liberalization
    Date: 2011-08
    Issue Date: 2012-05-03 20:46:27 (UTC+8)
    Abstract: 新創公司在經營上較一般非新創公司有更大程度的財務限制,新創公司如 何思考財務限制對公司經營績效的影響對於企業未來發展是相當關鍵議題。回顧 過去相關文獻發現,財務限制 (Financial constraints) 相關議題在國際財務領域與 策略領域皆各自擁有其相關立論觀點與研究結果,但長期以來兩領域間卻未能有 效整合彼此雙方觀點與結果,並對新創企業經營者提出可行方向與建議,例如過 去財務領域研究大多重視公司財務限制的決策面因素,但卻忽略有效財務規劃與 配置對於新創公司具有重大策略性應用意義。相同的,在策略領域研究中則多強 調管理人的選擇策略可能受財務限制影響,但卻忽略公司財務規劃本身對於新創 公司經營的影響,更進一步兩個領域皆忽視管理者應當同時審視財務規劃與策略 配置整合性思考與經營方向。除此之外,過去長期以來對於探討財務限制相關議 題時,皆未能仔細思考與融入新創公司當時所處環境脈絡 (例如,國家層次與產 業層次脈絡) 對於策略選擇的影響,尤其對於跨國企業經營鑲嵌 (embedded)在多 元國家特性之下,環境脈絡對於在國際財務管理與策略管理與重要性是不容小 覷。 根據上述討論本研究將進行相關假說驗證,其主要目的為: (1) 在第一階段 藉由跨國新創公司樣本釐清並解釋財務限制與公司績效關係是否受到策略彈性 與創業家精神所調節影響; (2)並接續在第二階段釐清並解釋財務限制與公司績 效關係是否受到產業層次脈絡因素所調節影響; (3)最後在第三階段以不同國家 資料深入瞭解國家層次脈絡對公司財務限制與新創公司績效間所調節角色。另 外,在實證方法的選擇方面,本研究將嘗試結合國際財務與策略理論觀點檢視新 創公司財務限制與其績效影響,並試圖以多層次理論 (Multi-level theory, MLT) 為基礎,結合國家層級與產業層級之脈絡變數分析環境脈絡因素對於新創公司財 務-績效間關係是否扮演重要調節角色地位。最後,本研究主要目的及預期貢獻 如下: 1. 研究目的 (1) 檢視與分析新創公司財務限制與公司績效的關係,以及策略彈性與創業家精神對此關係的影響; (2) 跨國比較新創公司財務限制與公司績效的關係,並深入瞭解國家與產業環 境脈絡調節效果; (3) 結合跨層次理論為基礎,驗證公司投資策略與績效受國家層級因素影響, 並進一步探討環境脈絡因素對於公司投資策略-績效間關係是否扮演重 要調節效果地位; (4) 總結財務限制在國際財務與策略領域之重要性,並以整合性觀點說明公司 投資策略選擇受到財務限制影響之重要性。 2. 預期研究貢獻 (1) 重新解釋新創公司財務限制與公司績效間的關係; (2) 結合財務限制與財務自由化相關研究探討財務限制對新創公司績效決定 的影響。 (3) 運用多層次觀點來了解新創公司企業家精神、策略彈性、科技動盪、國家 經濟、國家財務自由化的重要性,以補實過去國際財務管理領域對於此些 公司、產業、國家特性的整合觀點不足,並詳實敘明其重要性與其對於新 創公司所扮演脈絡影響效果; (4) 瞭解新創公司在先進國與後進國在財務限制與公司績效關係的差異,以強 化了解國際經濟環境差異對公司財務與策略決策的不可忽視。 本研究將期望能在實務應用方面可提供跨國新創公司管理者投資策略管理 建議,並且延伸過去研究與作為未來跨領域學術研究發展方向 (策略管理與國際 財務管理),也期許本研究為一不失精簡又提供豐富脈絡的研究依據。
    Financial constraints linking strategy to start-up firm performance : A multi-level multi-country examination This research examines the relationships between financial constrain and firm performance moderated by strategic flexibility (ability to adapt quickly to environmental changes) and entrepreneurship (innovativeness, proactiveness, & constructive risk taking) under different industrial context environment (technologically environmental turbulence) and country-level contextual (country financial conditions, economic growth, and financial liberalization), using sample of start-up firms. This research hypothesizes that strategic flexibility and entrepreneurship moderated the relationships between financial constrain and firm performance. Our results extend previous researches by not only highlighting the importance of financial constrain driving strategic flexibility and entrepreneurship, but also indicating how each facet of financial constrain either enhances or inhibits strategic flexibility and entrepreneurship. In addition, an understanding of the mechanisms by which firm’s external environment affect financing and strategic choices, and insight into the ways how to respond to different country-level contextual environment (and entrepreneurship) influences while maximizing various firm’s investment performance and responding appropriately to distribution behaviors. This research distinguish into three study level to test these hypothesizes. First this study can be referred as the firm-level study, which is include the firm’s level factors of conceptual framework; second this study can be referred as the country contextuallevel study which is added the industrial-level moderators more than first study; final this study can be referred as the country contextual- level study which is added the country level moderators more than first study. Regarding methodology aspect, this research uses switching regression model to test the financial constrains differs across groups of firms, and following the hierarchical linear modeling (HLM) analysis show that certain patterns of direct impact of firm’s financial constraints on performance as well as evidence for the moderating effects of contextual factors on the firm’s financial constraints-performance relationship. This research provides the foundation for straightforward but powerful managerial and theoretical guidelines without the possibly misleading oversimplifications and without compromising the richness of the contextual setting. Additionally, this investigation also discusses the limitations of the current research, future research directions, and the theoretical and practical implications of the empirical analysis.
    Appears in Collections:[財務金融學系暨研究所] 研究報告

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