| dc.contributor.advisor | 屠美亞 | zh_TW |
| dc.contributor.advisor | none | en_US |
| dc.contributor.author (Authors) | 林秀倩 | zh_TW |
| dc.creator (作者) | 林秀倩 | zh_TW |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 17-Sep-2009 19:10:33 (UTC+8) | - |
| dc.date.available | 17-Sep-2009 19:10:33 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-Sep-2009 19:10:33 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0090357012 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34033 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 90357012 | zh_TW |
| dc.description (描述) | 91 | zh_TW |
| dc.description.abstract (摘要) | 多角化經常是許多企業追求持續成長、價值創造所採取的策略之一，然而，大多數的實證結果均發現多角化策略減損了公司價值，而且企業的總價值顯著低於各部門獨立經營應有之價值，存在折價現象，顯示出多角化策略不僅無法創造價值，反而有損於公司價值。如此一來，「多角化」似乎背離了管理者理應採行提昇股東財富之策略。 為何多角化企業會存在折價現象呢？從實證上觀察到多角化企業的財務槓桿程度愈高，價值減損的幅度愈大，似乎兩者存在某種關係。因此，本研究將驗證財務槓桿與多角化企業價值之關係，探究多角化企業折價幅度是否與財務槓桿有關，以瞭解實務中多角化企業普偏負債比率較高的現象是否合理。本研究以美國公開交易公司作為研究對象，樣本期間為1996年至2001年，利用Berger & Ofek（1995）所提出的超額價值作為公司價值的衡量指標，本研究實證結果發現：一. 不同多角化策略階段下，財富移轉效果之影響存在顯著差異二. 不同多角化策略階段下，多角化策略與財務槓桿的交互作用效果與公 司價值之關係存在顯著差異三. 多角化策略確能帶來舉債利益，但隨著多角化程度增加而遞減。 在實證的過程中發現，若以靜態觀察多角化公司價值與財務槓桿間的關係，兩者的確存在顯著負向關係；然而，若捕捉策略調整下的動態過程，發現多角化策略價值變動數與財務槓桿之間為正向關係，意即財務槓桿愈高之企業，進行多角化策略後，價值增加的幅度愈大抑或價值減損的幅度愈小。換言之，財務槓桿並非導致多角化公司折價之因素，反而有利於價值創造。 | zh_TW |
| dc.description.tableofcontents | 表目錄 ii第一章 緒論 1 第一節 研究動機 1 第二節 研究目的 3第二章 文獻探討 5 第一節 多角化之定義 5 第二節 多角化策略之影響 6 第三節 多角化策略與公司價值 10 第四節 多角化策略與財務槓桿 14第三章 研究方法 15 第一節 研究假說 15 第二節 變數定義 16 第三節 研究方法 23 第四節 實證模型設定 29 第五節 樣本篩選 32第四章 實證結果與分析 35 第一節 敘述性統計分析 35 第二節 策略執行下財務槓桿之影響效果－多角化策略 40 第三節 策略執行下財務槓桿之影響效果－重新聚焦策略 47 第四節 不同多角化策略階段下財務槓桿之影響效果 54第五章 結論與建議 59 第一節 研究結論 59 第二節 研究限制與建議 62參考文獻 64 | zh_TW |
| dc.format.extent | 13252 bytes | - |
| dc.format.extent | 14522 bytes | - |
| dc.format.extent | 14985 bytes | - |
| dc.format.extent | 14247 bytes | - |
| dc.format.extent | 19099 bytes | - |
| dc.format.extent | 33362 bytes | - |
| dc.format.extent | 77754 bytes | - |
| dc.format.extent | 85666 bytes | - |
| dc.format.extent | 20814 bytes | - |
| dc.format.extent | 21406 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0090357012 | en_US |
| dc.subject (關鍵詞) | 多角化 | zh_TW |
| dc.subject (關鍵詞) | 超額價值 | zh_TW |
| dc.subject (關鍵詞) | 公司價值 | zh_TW |
| dc.subject (關鍵詞) | 財務槓桿 | zh_TW |
| dc.title (題名) | 財務槓桿對於多角化企業價值之再探討 | zh_TW |
| dc.title (題名) | none | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 一.中文部分 | zh_TW |
| dc.relation.reference (參考文獻) | 1.余易明，「集團企業多角化價值與融資優勢之時間趨勢研究」，國立中央大學企業管理研究所未出版碩士論文，民國88年 | zh_TW |
| dc.relation.reference (參考文獻) | 2.黃仲生，「多角化對公司價值影響之實證研究」，國立中山大學財務管理學系研究所未出版碩士論文，民國85年 | zh_TW |
| dc.relation.reference (參考文獻) | 3.黃儀芳，「多角化對公司價值之影響」，國立中正大學財務金融研究所未出版碩士論文，民國91年 | zh_TW |
| dc.relation.reference (參考文獻) | 4.戴維芯，「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」，國立交通大學科技管理研究所未出版碩士論文，民國87年 | zh_TW |
| dc.relation.reference (參考文獻) | 二.英文部分 | zh_TW |
| dc.relation.reference (參考文獻) | 1.Aaker, D. A., 1984, Developing Business Strategies, New York: John Willey and Sons | zh_TW |
| dc.relation.reference (參考文獻) | 2.Agrawal, Anup, and Charles Knoebar, 1996, Firm performance and mechanisms to control agency problems between managers and shareholders, Journal of Financial and Quantitative Analysis 31, 377-397 | zh_TW |
| dc.relation.reference (參考文獻) | 3.Amihud, Yakov, and Baruch Lev, 1981, Risk reduction as a managerial motive for conglomerate mergers, The Rand Journal of Economics 12, 605-618 | zh_TW |
| dc.relation.reference (參考文獻) | 4.Ansoff H.I., 1957, Strategies for diversification, Harvard Business Review 35, 113-124 | zh_TW |
| dc.relation.reference (參考文獻) | 5.Berger, Philip G., and Eli Ofek, 1995, Diversification’s effect of firm value, Journal of Financial Economics 37, 39-65 | zh_TW |
| dc.relation.reference (參考文獻) | 6.Berger, Philip G., and Eli Ofek, 1996, Bust-up takeovers of value-destroying diversified firms, Journal of Finance 51, 1175-1200 | zh_TW |
| dc.relation.reference (參考文獻) | 7.Berger, Philip G., and Eli Ofek, 1999, Causes and effects of corporate refocusing programs, Review of Financial Studies 12, 311-345 | zh_TW |
| dc.relation.reference (參考文獻) | 8.Berry, Charles H., 1975, Corporate growth and diversification, Princeton: Princeton University Press | zh_TW |
| dc.relation.reference (參考文獻) | 9.Booz Allen and Hamilton, 1985, Diversification: A survey of European Chief Exectives, Booz, Allen and Hamilton, Inc., NY | zh_TW |
| dc.relation.reference (參考文獻) | 10.Bradley, M., G. A. Jarrell and E. H. Kim, 1984, On the existence of an optimal capital structure: Theory and evidence/discussion, Journal of Finance 39, 857-870 | zh_TW |
| dc.relation.reference (參考文獻) | 11.Bromiley, P., 1990, On the use of financial theory in strategic management, Strategic Management Journal 6, 71-98 | zh_TW |
| dc.relation.reference (參考文獻) | 12.Campa, Joel, and Simi Kedia, 2002, Explaining the diversification discount, Journal of Finance 57, 1931-1962 | zh_TW |
| dc.relation.reference (參考文獻) | 13.Chatterjee, S. and B. Wernerfelt, 1991, The link between resources and type of diversification: Theory and evidence, Strategic Management Journal 12, 33-48 | zh_TW |
| dc.relation.reference (參考文獻) | 14.Comment, Robert, and Gregg A. Jarrell, 1995, Corporate focus and stock returns, Journal of Financial Economics 37, 67-87 | zh_TW |
| dc.relation.reference (參考文獻) | 15.Chandler, Alfred D., 1962, Strategy and structure: Chapters in the history of the American industrial enterprise, Cambridge, MA, M.I.T. Press | zh_TW |
| dc.relation.reference (參考文獻) | 16.DeAngelo, H. and R. Masulis, 1980, Optimal capital structure under corporation and personal taxation, Journal of Financial Economics 9, 3-30 | zh_TW |
| dc.relation.reference (參考文獻) | 17.Denis, J. David ,Diane K. Denis, and Keven Yost, 2002, Global diversification , Industrial diversification, and firm value, Journal of Finance 57, 1951-1979 | zh_TW |
| dc.relation.reference (參考文獻) | 18.Gort, M.,1962, Diversification and integration in American industry, Princeton, N. J., Princeton University Press | zh_TW |
| dc.relation.reference (參考文獻) | 19.Harris, M., C.H. Kriebel, and A. Raviv, 1982, Asymmetric information, incentives and intrafirm resource allocation, Management Science, 604-620 | zh_TW |
| dc.relation.reference (參考文獻) | 20.Hoskisson, R.E. and R.A. Johnson, 1992, Corporate Restructuring and Strategic Change: The effect of diversification strategy and R&D Intensity, Strategic Management Journal 13, 625-634 | zh_TW |
| dc.relation.reference (參考文獻) | 21.Jacqemin A. P. and C. H. Berry, 1979, Entropy measure of diversification and corporate growth, Journal of Industrial Economics27, 359-369 | zh_TW |
| dc.relation.reference (參考文獻) | 22.Jauch, L.R., and W. F. Glueck, 1988, Strategic Management and Business Policy, N.Y., McGraw-Hill. | zh_TW |
| dc.relation.reference (參考文獻) | 23.Jensen, Michael C., Agency costs of free cash flow, corporate finance and takeovers, American Economic Review 76, 323-329 | zh_TW |
| dc.relation.reference (參考文獻) | 24.Lamont, Owen, and Christopher Polk, 2001, The diversification discount: Cash flows versus returns, Journal of Finance 56, 1693-1721 | zh_TW |
| dc.relation.reference (參考文獻) | 25.Lang, Larry H. P., and Rene M. Stulz, 1994, Tobin’q corporate diversification and firm performance, Journal of Political Economy 102, 1248-1280 | zh_TW |
| dc.relation.reference (參考文獻) | 26.Lang, Larry, Eli Ofek, and Rene M. Stulz, 1996, Leverage, investment, and firm growth, Journal of Financial Economics 40, 3-29 | zh_TW |
| dc.relation.reference (參考文獻) | 27.Lewellen, Wilbur G., 1971, A pure financial rationale for the conglomerate merger, Journal of Finance 26, 521-537 | zh_TW |
| dc.relation.reference (參考文獻) | 28.Kamien, M. I. and Nancyl Schweartz, 1975, Market structure and innovation-A survey, Journal of Economic Literature13, 1-37 | zh_TW |
| dc.relation.reference (參考文獻) | 29.Kochhar, R., 1996, Explaining firm capital structure: The role of agency theory vs. transaction cost economics, Strategic Management Journal 17, 713-728 | zh_TW |
| dc.relation.reference (參考文獻) | 30.Kochhar, R. and Michael A. Hitt, 1998, Linking corporate strategy to capital structure: Diversification strategy, type and source of financing, Strategic Management Journal 19, 601-610 | zh_TW |
| dc.relation.reference (參考文獻) | 31.Mansi, Sattar A. and David M Reeb, 2002, Corporate diversification: What gets discounted? Journal of Finance 57, 2002, 2167-2183 | zh_TW |
| dc.relation.reference (參考文獻) | 32.Meyer, M., P. Miligrom, and J. Roberts, 1992, Organizational prospects, influence costs, and ownership changes, Journal of Economics and Management Strategy 1, 9-35 | zh_TW |
| dc.relation.reference (參考文獻) | 33.Pitts, R. A. and H. D. Hopkins, 1982, Firm diversity: Conceptualization and measurement, Academy of Management Review7, 620-629 | zh_TW |
| dc.relation.reference (參考文獻) | 34.Rajan, Raghuram, Henry Servaes, and Luigi Zingales, 2000, The cost of diversity: The diversification discount and inefficient investment, Journal of Finance 55, 35-80 | zh_TW |
| dc.relation.reference (參考文獻) | 35.Ramanujam, V. and P. Varadarajan, 1989, Research on corporate diversification: A synthesis, Strategic Management Journal 10, 523-551 | zh_TW |
| dc.relation.reference (參考文獻) | 36.Reed, R. and G A. Luffman, 1986, Diversification: The growing confusion, Strategic Management Journal 7, 29-35 | zh_TW |
| dc.relation.reference (參考文獻) | 37.Scharfstein, David, and Jeremy Stein, 2000, The dark side fo internal capital markets: Divisional rent-seeking and inefficient investment, Journal of Finance 55, 2537-2564 | zh_TW |
| dc.relation.reference (參考文獻) | 38.Snee, R. D., 1973, Some aspects of nonorthogonal data analysis: Developing prediction equations, Journal of Quality Technology 5, 67-79 | zh_TW |
| dc.relation.reference (參考文獻) | 39.Stein, Jeremy C., 1997, Internal capital markets and the competition for corporate resources, Journal of Finance 52, 111-133 | zh_TW |
| dc.relation.reference (參考文獻) | 40.Stulz, Rene M., 1990, Managerial discretion and optimal financing policies, Journal of Financial Economics 26, 3-27 | zh_TW |
| dc.relation.reference (參考文獻) | 41.Teece, David J., 1980, Economics of scope and the scope of the enterprise, Journal of Economic Behavior and Organization 1, 223-247 | zh_TW |
