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Please use this identifier to cite or link to this item: http://ir.ncue.edu.tw/ir/handle/987654321/17015

Title: 多角化、成長機會對公司價值之關係與影響—台灣上市公司為例
A Study Of Relationship And Influence Among Diversification, Growth Opportunity And Firm Value In The Case Of Taiwan Listed Firms
Authors: 黃世朋;陳美華
Contributors: 商業教育學系
Keywords: 多角化;成長機會;超額公司價值;多角化折損
Diversification;Growth opportunity;Diversification discount;Excess firm value
Date: 2008
Issue Date: 2013-07-11T06:38:41Z
Publisher: 遠東技術學院
Abstract: 本篇研究擷取1993 至2006 年的所有台灣上市公司為樣本，分別採用銷貨乘數法與市價帳面比法來探討多角化程度、成長機會差異與超額公司價值三者之間的關係，並且透過控制成長機會的方式去衡量成長差異是否為導致多角化折損的主要原因。這篇研究的實證結論彙整如下：
一、進行多角化公司無論在多角化之前或多角化之後，其成長機會都會顯著低於單部門公司。
二、多角化程度越高的台灣上市公司會有顯著產生越大的多角化折損現象。
三、以多角化折損為前提，在控制成長差異變數後，台灣上市多角化公司的多角化折損現象並沒有消失。
四、採用銷貨乘數法與市價帳面比法兩者都可以解釋多角化公司與單部門公司之間的成長機會差異並非造成多角化折損的主要原因。
This research focuses on the relationships among diversification, growth opportunity and excess firm value by sales multiplier and market-book value method from Taiwan listed firms between 1993 and 2006. The results of this empirical study are as followed:
I. Whether diversification corporates diversify or not, the growth opportunity of the firms were lower than those of single-segment corporates.
II. The higher diversification level which Taiwan Listed Firms had, the more diversification discount happened.
III.After diversification discount and growth opportunity variables were controlled, the diversification discount of Taiwan listed diversification corporates doesn’t disappear.
IV.The different growth opportunities between diversified single-segment firms cannot both account for diversification discount.
Relation: 遠東學報, 25(4): 519-540
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