多角化對現金持有與績效之關聯-以電子業為例

Abstract

本研究主要在探討電子業廠商多角化對其現金與績效之影響，將研究企業分為半導體、面板與其他三類別，使用panal data的方式分別對各類別做分析。研究結果發現： 1. 多角化程度對經營績效的影響為負向關係，但統計上不顯著，惟將樣本產業侷限在半導體業時，多角化與績效就呈現顯著的負相關，其原因為半導體產業的資本密集與高技術密集特性所導致。 2. 多角化程度對現金持有的影響為負向關係，但以整體電子業為樣本時統計上不顯著，可是侷限在半導體業時，多角化與現金持有就呈現顯著的負相關。 3. 現金持有對績效在全部廠商、半導體、其他電子業中都有顯著的影響，由於企業持有大量現金持有有助於企業成長及支應景氣週期投資所需的資金，又企業的投資多寡又可以透過折舊來衡量，實證發現持有較多現金的企業投資(折舊)較多，其經營績效也顯著高於現金持有量較少的企業。

Abstract This paper explores the relation among diversification, cash holding and performance. By classifying sample firms into three groups namely : semiconductor, LCD, and others, we use a panal method to analyze these three categories separately. The key findings are as follows: 1. In the semiconductor group, multi-division firms have significantly poorer performance than focused firms because of the capital and technology intensiveness. 2. In the semiconductor group, multi-division firms hold significantly less cash than focused firms. 3. In the whole sample, it is found that the level of cash holdings has a significant impact on a firm’s performance: firms with abundant cash at hand support growth and investment needs as opportunities emerge. Thus, firms with more cash have better investment and performance than those with less cash.