台灣上市櫃企業集團多角化超額價值之實證研究

Abstract

本篇研究擷取2000年至2007年所有台灣上市櫃集團公司為樣本，採用Berger & Ofek (1995)產業乘數法，分別採用資產、銷貨及稅前息前淨利三種乘數，以實證方式探討多角化經營及高科技產業特性，對台灣不同集團分類，其超額價值之間的差異；並且透過複迴歸分析去衡量超額價值與企業經營變數、多角化及高科技特性間的關係。 本篇研究的實證結論彙整如下： （1）無論是使用資產、銷貨或稅前息前淨利乘數評價，多角化虛擬變數對所有集團樣本的迴歸係數都為負值，表示多角化造成公司價值減損，與 Berger & Ofek (1995)文獻的多角化減損實證結果一致。 （2）多角化公司集團超額價值為正，且大於單一公司集團。高科技公司集團超額價值為正，且大於非高科技公司集團。非高科技產業之多角化集團中，相關多角化集團超額價值為負，且小於非相關多角化集團。 （3）相關多角化與子公司總數僅對非高科技多角化集團樣本，顯著的造成公司價值增加，對其他集團分類影響皆不顯著。

The purpose of this study is to investigate the difference of excess values between various business groups in Taiwan, and to examine the correlation between excess value, business diversification, and the high-tech industry using multiple regression analysis. The excess values were calculated via the Berger & Ofek (1995) industry adjusted multiples based on asset value, sales, and EBIT. The samples for this study were listed companies in the Taiwan Stock Exchange (TWSE) between the years 2000 and 2007 and the historical financial data were cached from the Taiwan Economic Journal (TEJ) database. The results of this empirical study are as follows: (1) Regardless of asset value, sales, or EBIT, diversification has a negative influence on excess value whether the business groups are high-tech or diversified companies. This result is consistent with the research finding of Berger & Ofek (1995) on diversification. (2) The excess value of diversified business groups is positive and is greater than non-diversified business groups. The same result applies to high-tech business groups over non high-tech business groups. For diversified business groups in the non high-tech industry, the excess value of related diversified business groups is negative and is less than unrelated diversified ones. (3) Related diversification and the total numbers of company within a group are only significant positive to excess value for non high-tech and diversified business groups, increasing the value for the company. The result is insignificant for other business groups.