| dc.contributor.advisor | 屠美亞 | zh_TW |
| dc.contributor.advisor | none | en_US |
| dc.contributor.author (作者) | 林秀倩 | zh_TW |
| dc.creator (作者) | 林秀倩 | zh_TW |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 17-九月-2009 19:10:33 (UTC+8) | - |
| dc.date.available | 17-九月-2009 19:10:33 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-九月-2009 19:10:33 (UTC+8) | - |
| dc.identifier (其他 識別碼) | 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 |
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| 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 |
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