本文研究了網絡結構如何影響公司市場評價以及營運績效，其中以網絡限制(Network constraint)、資訊中心性(Information centrality)及整合中心性(Integration centrality)衡量。本研究使用COMPUSTAT資料庫中1998~2013年的主要消費者以及財務資料，本文首先發現了網絡限制以及資訊中心性與公司市場評價呈負相關，然而，有較高整合中心性的公司能夠提高自身的市場評價，此外，有較高網絡限制的公司可以提高自身的營運績效，而本文發現其營運績效的提升來自於網絡限制對於資產周轉率的上升。最後，本研究發現此三個網絡結構變數皆對資產周轉率具有正向的影響。

This paper investigates how network structural measures─network constraint, information centrality, and integration centrality─affect firms’ market valuation and operational performance. Using major customers and financial data from COMPUSTAT for the period 1998-2013, this study first concludes that network constraint and information centrality are negatively associated with firms’ market valuation. However, firms with high integration centrality can enhance their market valuation. In addition, firms with high network constraint can enhance their operational performance, in which the enhancement of operational performance can be attributed to the improvement of network constraint on assets turnover. Lastly, we find that all three network structure variables play positive impacts on firms’ assets turnover.

論文審定書 i
誌 謝 ii
摘 要 iii
Abstract iv
目 錄 vv
圖 次 vii
表 次 viii
第一章 簡介 1
第二章 文獻探討 2
2.1. 社會網絡 2
2.2. 公司市場評價 3
2.3. 公司營運績效 4
2.4. 假說建立 4
第三章 資料及變數定義 7
3.1. 資料 7
3.2. 被解釋變數以及解釋變數 7
3.3. 控制變數 9
第四章 研究方法 11
第五章 實證結果 12
5.1. 變數的敘述統計表 12
5.2. 變數的時間趨勢圖 13
5.3. 相關係數表 16
5.4. 市場評價之迴歸結果表 18
5.5. 營運績效之迴歸結果表 20
5.6. 事後分析(Post-hoc analysis) 22
5.7. 穩健性檢測 24
第六章 研究貢獻 30
第七章 結論 31
參考資料 32

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