摘要
在企業成長理論中，「Penrose Effect」的意義，是指企業內管理資源的限制，影響了企業在未來成長速度。本研究主要探討在台灣的市場內，企業是否會有Penrose Effect的現象發生。本研究所設定的時間範圍為2002~2007年，以三年為一個時間階段，分第一期與第二期，來探討台灣企業的在這兩段期間內成長率的變動。本研究為首例使用台灣企業樣本進行Penrose Effect實證的研究，並進一步檢驗其他可能因素影響Penrose Effect的程度。
研究結果顯示，台灣企業的第一期成長率與第二期成長率呈現負相關，也就是說，當台灣企業在第一期成長快速時，第二期的成長率就會相對的降低，證明了Penrose Effect現象在台灣企業中是存在的。在探討其他影響因素方面，本研究也發現，當企業資產報酬率越高、企業年齡越高、企業規模越大的狀況下，越能夠減弱第一期成長率對第二期成長率的負相關程度，也就是說，當這些因素數據越大，越有可能幫助企業在未來維持成長率，減少管理資源限制的影響。Penrose Effect意味著，台灣企業應為未來管理資源的培育做適當的分配，為企業長期的發展奠定良好的資源基礎。

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