特定無形資產對公司國際化與公司績效的影響

Impact of Specific Intangible Assets on Firm Internationalization and Performance

過去文獻對於解釋企業國際化與經營績效關聯的驗證仍需補充。本研究探討了特定無形資產(SIA)如何將國際化活動轉化為企業的盈利能力。我們發現特定無形資產對國際化與經營績效皆為顯著正向關係，擁有較高SIA的公司亦具備較高的Tobin’s Q與ROA。當公司具備良好的治理機制，SIA的影響效果會進一步轉強。此外，在同時考慮國際化的影響後，其結果隱含SIA可作為解釋企業國際化活動與經營績效之關聯的中介效果。有別於多數文獻關注美、歐地區之研究，本研究以出口為主要導向的國家為對象，提供該議題相關研究結果之補充。

The literature on the relationship between a firm’s degree of internationalization and its performance requires additional validation. Accordingly, the present study investigates how specific intangible assets (SIA) can mediate the conversion of internationalization activities into firm profitability. We discover that SIAs are positively related to both the internationalization and performance of firms. In addition, evidence shows that firms with high SIA tend to earn a higher return on assets and have higher Tobin’s Q than do firms without high SIA, and the difference becomes wider when such firms have strong corporate governance mechanisms in place. Moreover, the results suggest that SIA play a key mediating role in the association between corporate internationalization activities and firm performance. This study focuses on export-oriented nations, and the findings can thus supplement existing related research.