本研究現金分紅以及股票分紅在分紅費用化前後，對多角化公司績效之影響。本研究以台灣上市櫃高科技公司為研究對象，從台灣經濟新報資料庫（TEJ）獲取從2005年至2014年間共532家企業的財務資料，整理為Panel Data型式的研究資料，並以回歸模型針對此資料做分析。研究結果發現，(1) 多角化策略對於公司績效的影響並不顯著，只有在控制住研發費用之後才會出現顯著之關係，(2) 在分紅費用化之後，非相關多角化的公司會更傾向於使用股票分紅，(3) 無論分紅費用化前或後，現金分紅都顯著地強化相關多角化策略對公司績效的影響，而股票分紅只在分紅費用化前有此效果。 ;The purpose of this study is to investigate the relationship between diversification strategy and organizational performance and also the role of profit sharing incentives. We study 532 high-tech companies from 2005 to 2014.All the data are from TEJ Database. The following results are found. (1) The direct effect of diversification strategies on organizational performance is not clear; only when the investment in research and development is controlled does the positive relationship become clear. (2) After 2008, unrelatedly diversified companies tend to adopt stock-based profit sharing incentive; once the investment in research and development is controlled, the amount of stock-based profit sharing matters. (3) Cash-based profit sharing incentive strengthens the relationship between diversification strategies and organizational performance; stock-based profit sharing incentive does so only before the implementation of employee bonus expensing regulation.
