本研究探討台灣集團企業中國大陸市場成長衍生台灣集團總部之管理限制，以中華徵信所2008 年至2012 年台灣194 家集團企業為樣本進行實證，結果顯示台灣集團總部投資中國市場不同區域，將耗損不同程度管理能力，致使集團總部成長受到管理限制的程度不同；投資區域越分散與中國大陸隸屬公司所有權越低，則集團總部成長受到管理限制的程度越低。若集團企業多角化程度高，會因經驗累積減緩管理資源消耗，弱化中國市場成長與集團總部成長受到管理限制之關係。

This paper examines the managerial limitations, mostly concerning those business groups whose headquarter is in Taiwan and the group-affiliated firms are investing in China. We used cross section data on China-oriented investment undertaken by 194 business groups from 2008 through 2012 to test the hypotheses. The empirical results indicate that business groups face a different degree of managerial limitations in various locations, and in particular, that the smallest managerial limitations occurred in Central China. Moreover, (1) when business groups invest in many areas at the same time and (2) the equity stake in group-affiliated firms held by business-group headquarters is low, the Penrose effect would be low. Finally, when business groups have rich diversified experiences, the Penrose effect owing to business groups' growth in Chinese market would be weakened.

Penrose 效應; 管理限制; 中國大陸市場; 集團企業

managerial limitations; penrose effect; chinese market; business groups