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系統識別號 U0026-0812200915351880
論文名稱(中文) 多角化對公司價值之影響以台灣上市公司為例
論文名稱(英文) Diversification's Effect on Firm value, the case of Taiwanese Listed Companies
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance & Banking
學年度 97
學期 2
出版年 98
研究生(中文) 劉凱禎
研究生(英文) KAI-CHEN LIU
電子信箱 jeff_liu@chilintech.com.tw
學號 r8795112
學位類別 碩士
語文別 中文
論文頁數 71頁
口試委員 口試委員-楊美玲
口試委員-陳俊男
指導教授-王明隆
中文關鍵字 超額價值  產業多角化  電子產業 
英文關鍵字 Excess value  Industrial Diversification  Electronics Industry 
學科別分類
中文摘要 本篇論文主要探討產業多角化對公司價值的影響,並且了解產業相關多角化與非相關多角化、電子產業與非電子產業多角化和公司價值的關係。本研究利用Berger and Ofek (1995) 所提出的超額價值做為衡量公司價值的指標,資料來源方面,採用1995年到2006年之台灣上市公司的產業別資訊,以中華民國行業標準分類系統(CSIC)的四碼做為分類準則而建置成所需要的資料庫。實證結果和過去的研究一致,產業多角化有公司價值減損的現象,我們發現多角化程度越高,公司價值減損越大;非相關多角化比相關多角化對公司價值減損程度嚴重;電子產業多角化比非電子產業多角化對公司價值減損程度嚴重。此結果顯示,產業多角化可能無法為公司創造價值,電子產業多角化對公司價值減損更為嚴重。
英文摘要 The purpose of this paper is to examine the effect of industrial diversification on the value of the firms .We obtain data from Annual Report of listed companies in Taiwan, during the period 1995 to 2006. With the help of Standard Industrial Classification System of the Republic of China (CSIC) and our sample selection rules, we complete the necessary database. We seek to test those effects by using the excess value developed in Berger and Ofek (1995). Consistent with previous studies, we find that industrial diversification has value-reducing effects. The major empirical results are as followed. Firstly, industrially diversified firms have value-reducing effects. Secondly, unrelated industrially diversified firms have more value-reducing effects than related diversified firms. Thirdly, the industrially diversified firms of the electronics industry have more value-reducing effects than industrially diversified firms of the non-electronics industry. Hence, we find that industrial diversification have value-reducing effects in Taiwan. Moreover, the value-reducing effects are worse in electronics industry than in the non-electronics industry.
論文目次 目 錄 頁 次
第一章、 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 2
1.3 研究流程 3
第二章、 文獻回顧 5
2.1 多角化之定義 5
2.2 多角化之動機 7
2.3 多角化策略與公司價值 9
2.4 多角化的衡量方式 12
第三章、 研究設計 16
3.1 研究假說 16
3.2 資料來源與樣本選取 20
3.3 研究變數操作性定義 24
3.4 實證模型設定 31
第四章、 實證結果分析 33
4.1 樣本資料敘述統計分析 33
4.2 迴歸分析 37
第五章、 結論與建議 44
5.1 研究結論 44
5.2 研究限制與建議 45
參考文獻 47
附錄 中華民國行業標準分類說明 50
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