多角化策略型態對公司價值影響之實證研究－以高科技上市公司為例

Abstract

多角化經營是當前臺灣企業面臨轉型時常會運用的策略。多角化對公司績效的影響， 可直接讓管理者比較策略的優劣，但對於投資者或是股東，若能從公司價值所受多角化策 略的影響看出策略的優劣與執行效果，將是更直接與重要的。國外文獻報告中，多角化對 公司績效影響的研究並未得到一致的結論，而臺灣針對多角化對公司價值影響之研究中亦 只有偏重於採行多角化策略對公司價值的影響。因此本研究的目的在針對臺灣不同的多角 化策略型態對公司價值影響作一個較客觀且完整的探討。 本研究乃探討多角化策略型態對公司價值的影響，以臺灣證券交易所上市科技公司為 樣本，研究期間為民國81年至85年，研究結果如下： 一、從整體樣本的特徵資料顯示：多角化程度與公司資產總值、公司槓桿比例有顯著正相 關；而與所得稅╱銷貨比例沒有顯著的相關；就投資程度來看，多角化公司的投資程 度顯著高於非多角化公司。 二、由超額Q值與產業乘數法中的計算指標皆發現，多角化的行為會導致公司價值的下降， 且皆達到顯著水準。 三、依照各多角化類型超額報酬的差異來看： 1.主力產品型、相關多角化與非相關多角化之公司價值皆會低於單一產品型的公司價 值。 2.主力產品型、相關多角化與非相關多角化彼此之間之公司價值並沒有顯著的差異。 四、以多元迴歸分析發現獲利能力、公司規模對多角化公司價值呈現正的影響；而交叉補 貼與槓桿比例對多角化公司價值呈現負的影響；另外多角化程度在主力產品型中對多 角化公司價值呈現負的影響，但在相關與非相關多角化類型中對多角化公司價值呈現 正的影響。 In Taiwan, diversification is a prevalent strategy among business firms when faced with the pressure of switching to another line of business. For investor and stockholder, it is important not only to see the pros and cons of strategies and but also the effects of diversification on firm value. Up to now, researches on the effects of diversification have not provided a unifying conclusion. In Taiwan, the literature on the relationship between diversification and the value of firm is limited to the general diversification's effect on firm value. However, it is not clear whether the type of diversification will affect the firm value differently. Therefore, the purpose of this research is try to investigate the relationship between the type of diversification and the value of firms in Taiwan. The sample of this research is the listed technology firms in Taiwan.The sampling period is from 1992 to 1996. The result of the study can be summarized as fellow: I. Base on the overall sample characteristics, it is found that the higher the level of diversification is associated with more assets and higher ratio of leverage. But it is negatively related to investment level. II. Using Tobin's Q and industrial multiplier analysis, we found that diversification significantly reduces value. III.The value of dominant industry firms, the value of related industry firms and the value of unrelated industry firms are significantly lower than the value of single industry firms. IV. The value of dominant industry firms, the value of related industry firms and the value of unrelated industry firms are significantly different. V. By regression, this study found. profitability and firm size are positively related to the value of diversified firms; cross-* ?*3idization and the ratio of leverage are negatively related to the value losses of diversified firms; the degree of diversification will result in the value losses of dominated industry firms, but arise the value of related and unrelated firms.