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題名 多角化策略與Tobin`s Q關係之研究 作者 陳世明 貢獻者 顏錫銘 博士<br>黃國誠 博士
陳世明關鍵詞 公司價值
Tobin`s Q日期 1998 上傳時間 18-九月-2009 18:50:24 (UTC+8) 摘要 為了瞭解公司採取非相關多角化策略是否增進公司價值，本研究以Tobin`s Q為公司價值衡量指標，探討83年至86年之間台灣證券交易所上市公司進行非相關多角化所產生的價值是否大於單一產業公司。結合Tobin`s Q與純粹遊戲法，對多角化公司進行理論價值與實際價值的估算，並對樣本公司做統計檢定，是否多角化公司的實際價值顯著大於理論價值。接著以迴歸分析試圖找出影響嘟交化公司價值的產業因素與個別公司因素。實證結果顯示，採行非相關多角化策略公司的Tobin`s Q 值平均數是顯著低於單一部門公司的Tobin`s Q值平均數。Tobin` s Q值的中位數，也同樣顯示出多角化公司顯著比單一部門公司的價值低。多角化公司的實際Tobin`s Q值是顯著低於多角化公司的理論價值，表示多角化公司採行非相關多角化策略之後，並沒有發揮綜效，將公司的價值提升。以迴歸分析產業因素是否影響Tobin`s Q值，，主要在以公司規模、股利發放、及是否多角化等產業因素是否會影響Tobin`s Q值。統計結果顯示公司規模是影響公司價值的產業解釋變數。股利發放則對公司價值呈現正顯著的影響，表示公司發放股票股利來增加投資機會將增加公司的價值。多角化虛擬變數則只有83年與公司價值呈現負顯著的影響，表示採行多角化策略的公司會降低公司的價值。以迴歸分析探討獲利能力與負債比率是否可以解釋多角化公司價值降低的原因。統計結果顯示出獲利能力是顯著正影響公司的價值，如果公司的獲利能力增加，公司的價值也會提升。負債比例是顯著負影響公司的價值，表示公司負債比例越高，公司的財務風險相對提高，市場投資人對公司的評價將會降低。目 錄第一章 緒論 1第一節 研究動機 1第二節 研究目的 3第三節 研究限制 3第四節 研究架構 4第二章 文獻探討 5第一節 多角化的策略意涵 5第二節 公司價值評價方式 22第三節 多角化策略與績效的關係 28第三章 研究方法 42第一節 研究假說 42第二節 研究範圍 43第三節 分析方法 45第四節 資料來源 47第四章 實證結果與分析 48第一節 樣本描述 48第二節 多角化策略公司價值檢定 52第三節 樣本-電子產業多角化效果 56第四節 產業調整控制變數 58第五節 多角化公司價值降低的因素 64第五章 結論與建議 69第一節 研究結論 69第二節 研究建議 70參考文獻 73附 錄 80 參考文獻 Amit, R., "Diversification Strategies, Business Cycles and Economic Performance," Strategic Management Journal, v9.n2, Mar/Apr pp.99-110,1988.
Ansoff, H.I., "General Management in Turbulent." Environment Practising Manager, v11n1, Summer pp.6-27,1990.
Ansoff, H.I., "Strategies for diversification," Harvard Business Review, Vol. 35, No.5, pp.l13-124,1957.
Banz, R.W., "The Relationship Between Return and Market Value of Common Stock,"Journal of Financial Economics,Vol.9,pp3-18,1981.
Barton, S.L., "Diversification Strategy and Systematic Risk," Another Look.,Academy of Management Journal, 31(1), pp.166-175, 1988 Mar.
Berger, P.G. and E. Ofek , "Diversification`s Effect on Firm Value," Journal of Financial Economics, 37,pp.39-65.,1995.
Berry, C. H., "Corporate Growth and Diversification," Princeton University Press,Princeton,N.J., 1975.
Bettis, R. A., "Performance Difference in Related and Unrelated Diversified Firms," Strategic Management Journal 2, pp.379-393 ,1981.
Cater, J., "In Search of Synergy:A Structure Performance Test.,"Review of Economics and Statistics,Vol.59,pp.279-289,1977.
Chatterjee, S., & B. Wernerfelt., "The Link Between Resources and Type of Diversification:Theory and Evidence.," Strategic Management Journal 12,pp.33-48,1991.
Chung, K.H., & S.W. Pruitt,.," A simple approximation of Tobin`s q," Financial Management. 23(3): pp.70~74, 1994 Autumn.6.
Comment, R. and G. A. Jarrel, "Corporate Focus and Stock Return," Journal of Financial Economics, Vol.37, pp.67-87, 1995.
Curien, N., "The Theory and Measure of Cross-Subsidies; An Application to the Telecommunications Industry," International Journal of Industrial Organization,9(1), pp.73-108,1991.
Datta, D.K. , "Diversification and Performance: Critical Review and
Future Direction," Journal of Management Studies, Vol. 28, No. 5, pp.529-558.
,1991.
Devlin, G., "Diversification: A Redundant Strategic Option., "European Management Journal,Vol.9,pp.76-81,1991.
Dubofsky, P., and P.R.Varadarajan., "Diversification and Measures of Performance:Additional Empirical Evidence.,"Academy of Management Journal ,Vol.30,No.3,pp.597-608,1987.
Servaes, H., "The Value of Diversification During the Conglomerate Merger Wave,"The Journal of Finance,Vol.11.No.4,pp.1201-1225,1996.
Hoskisson, R., and M. Hitt., "Antecedents and Performance Outcomes of Diversification A Review and Critique of Theoretical Perspectives," Journal of Management 16, pp.461-509. ,1990.
Lang, H. P., and R. E. Stulz., "Tobin`s q. Corporate Diversification and Firm Performance," Journal of Political Economy 102,pp.1248-1280. ,1994.
Lewellen, W. G., "A Pure Financial Rationale for the Conglomerate Merger, " Journal of Finance , May, pp.563-574., 1971.
Lindenberg, E.B., and S. A.Ross., "Tobin`s q Ratio an d Industrial Organization .,"Journal of Business,Vol.54,pp.1-32,1981.
Luffman, G. A. and R. Reed., "Diversification in British Industry in the 1970s," Strategic Management Journal 3,pp.303-314.,1982.
Markides, C.C., " Diversification ,Restructuring and Economic Performance.," Strtegic Mangement Journal.,Vol.16,pp.101-118,1995.
Michael, A.,and I. Shaked., "Does Business Diversification Affect Performance," Financial Management 13, pp.18-25. ,1984.
Montgomery, A., "Product-Market Diversification and Market Power," Academy of Management Journal, 28(4), pp.789-798, 1985.
Nayyer, P. R., " Stock Market Reactions to Related Diversification Moves by Service Firms Seeking Benefits from Information Asymmetry and Economies of Scope," Strategic Management Journal, pp.469-591,1993.
Palepu, K., "Diversification Strategy, Profit Performance, and the Entropy Measure," Strategic Management Journal 6,pp.239-255.,1985.
Philip, G, Berger and, E. Ofek., "Diversification`s effect on firm value," Journal of Financial Economics 37 ,pp.39-65,1995.
Pitts, R.A.,and H.D. Hopkins., "Firm Diversity Conceptualiztion and Management.,"Academy of Management Review,Vol. 7,pp.620-629,1982.
Poter, M.E., "From Competitive Adventage to Corporate Strategy,"Harvard Business Review,Vol,No.3,pp.43-59,1987.
Ramanujam, V., & P. Varadarajan., " Research on Corporate Diversification, A Synthesis, "Strategic Management Journal, Vol. 10, pp.523-551,1989.
Roberts, E.B.& C.A.Berry.,"Entering new Business Selecting Strategies for Success ," Sloan Management Review,pp.8,1985.
Rumelt, R. P., "Strategy, Structure and Economic Performance," Division of Research, Harvard Business School., 1974.
Scott, J. T., "Purposive Diversification as a Motive for Merger, " International Journal of Industrial Organization. 7(1), pp.35-47, 1989.
Simmonds, P., "The Combined Diversification Breadth and Mode Dimensions the Performance of Large Diversifies Firms, " Strategic Management Journal, Vol pp.399-410,1990.
Teece, D. J., "Towards an Economic Theory of the Multiproduct Firms," Journal Economic Behavior and Organization, Vol. 3, pp3.9-63,1982.
William, P. L. and John S. Jahera, Jr ,"Firm-Diversification Effects on Performance as Measured by Tobin`s q," Managerial and Decision Economics 15,pp.259-266. ,1994.
Williamson, O.E., "Economic Organization: Firms, Markets and Policy Control," New York University Press, New York, NY. ,1986.描述 碩士
國立政治大學
企業管理研究所
86355058
87資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002001367 資料類型 thesis dc.contributor.advisor 顏錫銘 博士<br>黃國誠 博士 zh_TW dc.contributor.author (作者) 陳世明 zh_TW dc.creator (作者) 陳世明 zh_TW dc.date (日期) 1998 en_US dc.date.accessioned 18-九月-2009 18:50:24 (UTC+8) - dc.date.available 18-九月-2009 18:50:24 (UTC+8) - dc.date.issued (上傳時間) 18-九月-2009 18:50:24 (UTC+8) - dc.identifier (其他 識別碼) B2002001367 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/36551 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所 zh_TW dc.description (描述) 86355058 zh_TW dc.description (描述) 87 zh_TW dc.description.abstract (摘要) 為了瞭解公司採取非相關多角化策略是否增進公司價值，本研究以Tobin`s Q為公司價值衡量指標，探討83年至86年之間台灣證券交易所上市公司進行非相關多角化所產生的價值是否大於單一產業公司。結合Tobin`s Q與純粹遊戲法，對多角化公司進行理論價值與實際價值的估算，並對樣本公司做統計檢定，是否多角化公司的實際價值顯著大於理論價值。接著以迴歸分析試圖找出影響嘟交化公司價值的產業因素與個別公司因素。實證結果顯示，採行非相關多角化策略公司的Tobin`s Q 值平均數是顯著低於單一部門公司的Tobin`s Q值平均數。Tobin` s Q值的中位數，也同樣顯示出多角化公司顯著比單一部門公司的價值低。多角化公司的實際Tobin`s Q值是顯著低於多角化公司的理論價值，表示多角化公司採行非相關多角化策略之後，並沒有發揮綜效，將公司的價值提升。以迴歸分析產業因素是否影響Tobin`s Q值，，主要在以公司規模、股利發放、及是否多角化等產業因素是否會影響Tobin`s Q值。統計結果顯示公司規模是影響公司價值的產業解釋變數。股利發放則對公司價值呈現正顯著的影響，表示公司發放股票股利來增加投資機會將增加公司的價值。多角化虛擬變數則只有83年與公司價值呈現負顯著的影響，表示採行多角化策略的公司會降低公司的價值。以迴歸分析探討獲利能力與負債比率是否可以解釋多角化公司價值降低的原因。統計結果顯示出獲利能力是顯著正影響公司的價值，如果公司的獲利能力增加，公司的價值也會提升。負債比例是顯著負影響公司的價值，表示公司負債比例越高，公司的財務風險相對提高，市場投資人對公司的評價將會降低。目 錄第一章 緒論 1第一節 研究動機 1第二節 研究目的 3第三節 研究限制 3第四節 研究架構 4第二章 文獻探討 5第一節 多角化的策略意涵 5第二節 公司價值評價方式 22第三節 多角化策略與績效的關係 28第三章 研究方法 42第一節 研究假說 42第二節 研究範圍 43第三節 分析方法 45第四節 資料來源 47第四章 實證結果與分析 48第一節 樣本描述 48第二節 多角化策略公司價值檢定 52第三節 樣本-電子產業多角化效果 56第四節 產業調整控制變數 58第五節 多角化公司價值降低的因素 64第五章 結論與建議 69第一節 研究結論 69第二節 研究建議 70參考文獻 73附 錄 80 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002001367 en_US dc.subject (關鍵詞) 公司價值 zh_TW dc.subject (關鍵詞) Tobin`s Q en_US dc.title (題名) 多角化策略與Tobin`s Q關係之研究 zh_TW dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Amit, R., "Diversification Strategies, Business Cycles and Economic Performance," Strategic Management Journal, v9.n2, Mar/Apr pp.99-110,1988. zh_TW dc.relation.reference (參考文獻) Ansoff, H.I., "General Management in Turbulent." Environment Practising Manager, v11n1, Summer pp.6-27,1990. zh_TW dc.relation.reference (參考文獻) Ansoff, H.I., "Strategies for diversification," Harvard Business Review, Vol. 35, No.5, pp.l13-124,1957. zh_TW dc.relation.reference (參考文獻) Banz, R.W., "The Relationship Between Return and Market Value of Common Stock,"Journal of Financial Economics,Vol.9,pp3-18,1981. zh_TW dc.relation.reference (參考文獻) Barton, S.L., "Diversification Strategy and Systematic Risk," Another Look.,Academy of Management Journal, 31(1), pp.166-175, 1988 Mar. zh_TW dc.relation.reference (參考文獻) Berger, P.G. and E. Ofek , "Diversification`s Effect on Firm Value," Journal of Financial Economics, 37,pp.39-65.,1995. zh_TW dc.relation.reference (參考文獻) Berry, C. H., "Corporate Growth and Diversification," Princeton University Press,Princeton,N.J., 1975. zh_TW dc.relation.reference (參考文獻) Bettis, R. A., "Performance Difference in Related and Unrelated Diversified Firms," Strategic Management Journal 2, pp.379-393 ,1981. zh_TW dc.relation.reference (參考文獻) Cater, J., "In Search of Synergy:A Structure Performance Test.,"Review of Economics and Statistics,Vol.59,pp.279-289,1977. zh_TW dc.relation.reference (參考文獻) Chatterjee, S., & B. Wernerfelt., "The Link Between Resources and Type of Diversification:Theory and Evidence.," Strategic Management Journal 12,pp.33-48,1991. zh_TW dc.relation.reference (參考文獻) Chung, K.H., & S.W. Pruitt,.," A simple approximation of Tobin`s q," Financial Management. 23(3): pp.70~74, 1994 Autumn.6. zh_TW dc.relation.reference (參考文獻) Comment, R. and G. A. Jarrel, "Corporate Focus and Stock Return," Journal of Financial Economics, Vol.37, pp.67-87, 1995. zh_TW dc.relation.reference (參考文獻) Curien, N., "The Theory and Measure of Cross-Subsidies; An Application to the Telecommunications Industry," International Journal of Industrial Organization,9(1), pp.73-108,1991. zh_TW dc.relation.reference (參考文獻) Datta, D.K. , "Diversification and Performance: Critical Review and zh_TW dc.relation.reference (參考文獻) Future Direction," Journal of Management Studies, Vol. 28, No. 5, pp.529-558. zh_TW dc.relation.reference (參考文獻) ,1991. zh_TW dc.relation.reference (參考文獻) Devlin, G., "Diversification: A Redundant Strategic Option., "European Management Journal,Vol.9,pp.76-81,1991. zh_TW dc.relation.reference (參考文獻) Dubofsky, P., and P.R.Varadarajan., "Diversification and Measures of Performance:Additional Empirical Evidence.,"Academy of Management Journal ,Vol.30,No.3,pp.597-608,1987. zh_TW dc.relation.reference (參考文獻) Servaes, H., "The Value of Diversification During the Conglomerate Merger Wave,"The Journal of Finance,Vol.11.No.4,pp.1201-1225,1996. zh_TW dc.relation.reference (參考文獻) Hoskisson, R., and M. Hitt., "Antecedents and Performance Outcomes of Diversification A Review and Critique of Theoretical Perspectives," Journal of Management 16, pp.461-509. ,1990. zh_TW dc.relation.reference (參考文獻) Lang, H. P., and R. E. Stulz., "Tobin`s q. Corporate Diversification and Firm Performance," Journal of Political Economy 102,pp.1248-1280. ,1994. zh_TW dc.relation.reference (參考文獻) Lewellen, W. G., "A Pure Financial Rationale for the Conglomerate Merger, " Journal of Finance , May, pp.563-574., 1971. zh_TW dc.relation.reference (參考文獻) Lindenberg, E.B., and S. A.Ross., "Tobin`s q Ratio an d Industrial Organization .,"Journal of Business,Vol.54,pp.1-32,1981. zh_TW dc.relation.reference (參考文獻) Luffman, G. A. and R. Reed., "Diversification in British Industry in the 1970s," Strategic Management Journal 3,pp.303-314.,1982. zh_TW dc.relation.reference (參考文獻) Markides, C.C., " Diversification ,Restructuring and Economic Performance.," Strtegic Mangement Journal.,Vol.16,pp.101-118,1995. zh_TW dc.relation.reference (參考文獻) Michael, A.,and I. Shaked., "Does Business Diversification Affect Performance," Financial Management 13, pp.18-25. ,1984. zh_TW dc.relation.reference (參考文獻) Montgomery, A., "Product-Market Diversification and Market Power," Academy of Management Journal, 28(4), pp.789-798, 1985. zh_TW dc.relation.reference (參考文獻) Nayyer, P. R., " Stock Market Reactions to Related Diversification Moves by Service Firms Seeking Benefits from Information Asymmetry and Economies of Scope," Strategic Management Journal, pp.469-591,1993. zh_TW dc.relation.reference (參考文獻) Palepu, K., "Diversification Strategy, Profit Performance, and the Entropy Measure," Strategic Management Journal 6,pp.239-255.,1985. zh_TW dc.relation.reference (參考文獻) Philip, G, Berger and, E. Ofek., "Diversification`s effect on firm value," Journal of Financial Economics 37 ,pp.39-65,1995. zh_TW dc.relation.reference (參考文獻) Pitts, R.A.,and H.D. Hopkins., "Firm Diversity Conceptualiztion and Management.,"Academy of Management Review,Vol. 7,pp.620-629,1982. zh_TW dc.relation.reference (參考文獻) Poter, M.E., "From Competitive Adventage to Corporate Strategy,"Harvard Business Review,Vol,No.3,pp.43-59,1987. zh_TW dc.relation.reference (參考文獻) Ramanujam, V., & P. Varadarajan., " Research on Corporate Diversification, A Synthesis, "Strategic Management Journal, Vol. 10, pp.523-551,1989. zh_TW dc.relation.reference (參考文獻) Roberts, E.B.& C.A.Berry.,"Entering new Business Selecting Strategies for Success ," Sloan Management Review,pp.8,1985. zh_TW dc.relation.reference (參考文獻) Rumelt, R. P., "Strategy, Structure and Economic Performance," Division of Research, Harvard Business School., 1974. zh_TW dc.relation.reference (參考文獻) Scott, J. T., "Purposive Diversification as a Motive for Merger, " International Journal of Industrial Organization. 7(1), pp.35-47, 1989. zh_TW dc.relation.reference (參考文獻) Simmonds, P., "The Combined Diversification Breadth and Mode Dimensions the Performance of Large Diversifies Firms, " Strategic Management Journal, Vol pp.399-410,1990. zh_TW dc.relation.reference (參考文獻) Teece, D. J., "Towards an Economic Theory of the Multiproduct Firms," Journal Economic Behavior and Organization, Vol. 3, pp3.9-63,1982. zh_TW dc.relation.reference (參考文獻) William, P. L. and John S. Jahera, Jr ,"Firm-Diversification Effects on Performance as Measured by Tobin`s q," Managerial and Decision Economics 15,pp.259-266. ,1994. zh_TW dc.relation.reference (參考文獻) Williamson, O.E., "Economic Organization: Firms, Markets and Policy Control," New York University Press, New York, NY. ,1986. zh_TW
