隱含溢酬與成長策略關係之研究─以S&P500為例

Abstract

公司的市場價格與真實價值不同，其可能與公司的成長策略有關。主要是因為資訊不對稱而造成兩者之間的差異，又稱為隱含溢酬。一般市場上很容易對於公司的成長產生迷思而給予過高的溢酬。基本上，公司為了追求成長，採取多角化或是聚焦做為成長策略。然而過去文獻卻鮮少探討隱含溢酬與多角化之間的關係。因此本研究之目的在於探討隱含溢酬與多角化之程度是否有顯著相關。結果顯示，多角化的公司擁有較高的隱含溢酬，同時，高科技公司的多角化程度與隱含溢酬之間的關係相較於非高科技公司要來得顯著，表示投資人對於高科技公司的成長總是願意付出較高的代價。

Mispricing means the market price is deviated from intrinsic value. This difference, so called implied premium, might mainly be due to the information asymmetry from firm’s growth strategy. The market tends to have a myth of paying too much premium for firm’s growth. In general, firm pursue growth through diversification or focus strategy. Literatures have seldom discussed the relationship between implied premium and diversification. Therefore, the main purpose in this paper is to examine whether the implied premium is significantly associated with diversification or not. Our results show that diversified firms have higher implied premium. Meanwhile, the degree of diversification of high-tech firms has greater significant relationship than that of non high-tech firms. It implies that investors always pay too much for the growth of high-tech firms.