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系統識別號 U0026-2208201717000700
論文名稱(中文) 公司多角化與經營績效之探討─以台灣上市櫃公司為例
論文名稱(英文) Firm Diversification and the Performance in Taiwan
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 105
學期 2
出版年 106
研究生(中文) 吳憲政
研究生(英文) Sian-Jheng Wu
學號 R87021210
學位類別 碩士
語文別 中文
論文頁數 39頁
口試委員 指導教授-王澤世
口試委員-顏盟峯
口試委員-劉裕宏
口試委員-姜一銘
中文關鍵字 產品多角化  國際多角化  公司績效 
英文關鍵字 Product Diversification  International Diversification  Firm Performance 
學科別分類
中文摘要 本研究主要探討我國上市(櫃)公司實施產品多角化及國際多角化策略對績效的關係。過去文獻顯示公司實施產品多角化多會對績效造成負向影響(Lang and Stulz, 1994; Palich, Cardinal and Miller, 2000);而公司實施國際多角化亦會對績效造成負向影響(Geringer, Tallman and Olsen, 2000; 曹壽民、金成隆與呂學典,2011)。造成公司績效下降原因可能是非基於公司利益極大化動機實施多角化策略,或實施多角化策略後成本大於利益。因實施多角化策略可能影響公司績效,是以成為公司經營管理者或股東在意的議題。
本研究以2000至2014年,台灣上市上櫃公司為研究對象,將過去文獻提出可能影響公司績效或多角化策略的變數納入控制,並以迴歸分析方法進行實證,探討公司實施多角化與績效的關係。
實證結果顯示,當公司單獨實施產品多角化或國際多角化時,會使公司績效下降;反之,當公司同時實施產品多角化及國際多角化時,可真正達到範疇經濟並發揮多角化之綜效(Teece, 1980; Daniels, Radebaugh and Sullivan, 2002),進而使公司績效提升。
英文摘要 This study mainly explores the relationship between the implementation of product diversification, international diversification and corporate performance. Past literature shows that the implementation of the product diversification cause a negative effect on the corporate performance (Lang and Stulz, 1994; Palich et al., 2000); and the company's implementation of international diversification also have a negative effect on the corporate performance (Geringer, et al. , 2000; Tsao et al., 2011). The reason for the decline in corporate performance may be that the diversification strategy is not based on the maximization of corporate profits, or the cost of implementing a diversification strategy is greater than the benefits. The implementation of the diversification strategy may affect the performance of the company, so that becomes the issue that the company managers or shareholders focus on.
In this study, we chose Taiwan’s OTC companies as the object from 2000 to 2014. The past literature shows the effect the company's performance or diversification; we put strategy variables into control to empirically explore the relationship between the implementation of the company's diversification and the performance with the regression analysis method.
The empirical results show that when the company implements solely either the product diversification or the international diversification will reduce the performance of the company; Otherwise, when the company concurrently implement the product diversification and international diversification will achieve the scope of the economy and play a synergistic effect (Teece, 1980; Daniels et al., 2002), thereby increase the corporate performance.
論文目次 第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究流程與架構 3
第二章 文獻探討 5
第一節 公司績效相關文獻 5
第二節 產品多角化相關文獻 6
第三節 國際多角化相關文獻 7
第四節 假說發展 8
第三章 研究方法 10
第一節 實證模型設計與變數說明 10
第二節 資料來源及樣本選取 14
第四章 實證結果分析 23
第一節 樣本資料分析 23
第二節 多元迴歸分析 28
第五章 結論與建議 33
第一節 研究結論 33
第二節 研究限制與建議 34
參考文獻 36
參考文獻 一、中文部份
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