| Summary: | 碩士 === 國立中正大學 === 企業管理研究所 === 101 === Penrose(1959) developed the research that there are the important administrative restraints on the speed of the firm growth. The finite capacities of the firm’s internally experienced managers also limit the rate at which the firm can grow in a given period of time. Although lots of researches are talking about the administrative restraint, few researchers observe the Penrose effect when view of growing up in China. Thus, the current paper examines the administrative restraints, mostly concerning about the business groups when the headquarters in Taiwan but the business setting up in China. There are two main factors examined. First one is about the market and product, especially when they invest the different areas, they invest many areas at the same time and the similar products are produced. The second one is concerning about the insight of the subsidiary, including the ownership and the experience learned from the headquarters located in Taiwan. Furthermore, the effect of the moderators is also examined, including the family business group, the generations of business group, the diversified experiences, and the international experiences.
According to data collected from 194 Taiwan business groups by China Credit Information Service, LTD, the empirical result indicates that business groups always face the same but with different degree of administrative restraints. Data showing the smallest administrative restraint is happened in Central China. In addition, when business groups invest in many areas by the same time or the subsidiaries sell same product as that of the headquarters doing in Taiwan, the Penrose effect would be low. And when the headquarters has less ownership or managers have more internal experience, the Penrose effect would be also low. Otherwise, if they belong the family business groups or many generations control the groups, the Penrose effect would be strengthened because of the conflict. If business groups have the rich diversified experiences or experience the international affairs, the Penrose effect would be weakened.
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