內部控制與產品多角化

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鄭庭羽(Ting-yu Jheng) 查詢紙本館藏

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企業管理學系

論文名稱

內部控制與產品多角化
(Internal control and product diversification)

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摘要(中)

產品多角化活動為企業的投資策略之一，在公司治理的角度，若公司存在代理成本，管理階層可能基於自利動機而進行產品多角化策略，以增加公司營業結構的複雜性，藉由資訊不對稱達到操縱盈餘或其他有利於管理者個人利益之目的，故本文將以代理理論為基礎，針對以下兩個主題進行探討。第一個主題為內部控制對產品多角化之影響，探討公司內部控制有缺失時，是否較會採取產品多角化的投資策略，原因在自於管理者在內部控制有缺失的情況下，較容易進行盈餘操控。第二個主題為內部控制對產品多角化超額價值之影響，探討內部控制有缺失之公司，其採取多角化後的公司價值是否不增反減，因管理者與股東利益不一致的情況下，使得管理者進行大多數投資策略都是為了增加個人利益，而非提升公司價值。樣本選取方面，係透過Audit Analytics收集美國上市公司揭露內部控制之相關資訊，並於Compustat資料庫中收集公司其他財務資訊。
根據本研究實證結果發現，當公司內部控制有缺失時，與產品多角化為顯著正相關，故當內部控制缺失越多，越會進行產品多角化，且產品多角化之程度越高。換句話說，同時擁有多項內部控制缺失之公司，進行產品多角化的可能性越高。除此之外，內部控制有缺失之公司，其進行產品多角化後，對於公司價值的影響為顯著負相關，故內控有缺失之公司進行產品多角化後，會使公司價值降低。

摘要(英)

This paper is discussing two main topics on the basis of agency theory. The first one is about the effect of internal control on product diversification. And the second main topic is that how the internal control affects the product diversification firm’s excess value. We argue that when company has internal control deficiencies, It would like to taking diversification strategies, which means weakness Internal control to create the agency problem between shareholders and manager. Data are from the database of Audit Analytics and Compustat. We find that, the relationship between internal control deficiencies and diversification firms is significantly positive. And there are also some evidence of internal control deficiencies will destroy diversification firm’s value.

關鍵字(中)

★ 產品多角化
★ 內部控制
★ 內部控制缺失
★ 超額價值
★ 代理成本

關鍵字(英)

★ diversification
★ Internal control
★ Internal control deficiencies
★ Excess value
★ agency theory

論文目次

中文摘要 i
ABSTRACT ii
目錄 iii
圖目錄 iv
表目錄 v
第一章緒論 1
第二章文獻回顧 3
2.1 內部控制相關文獻 3
2.2 多角化與代理成本相關文獻 5
2.3 多角化與公司價值相關文獻 7
第三章假說發展 11
3.1 內部控制缺失對產品多角化的影響 11
3.2 內部控制缺失對多角化公司價值的影響 12
第四章研究設計 13
4.1 主要研究變數之衡量 13
4.2 實證模型 15
第五章實證結果分析 18
5.1 選樣 18
5.2 敘述統計 18
5.3 內部控制缺失對多角化之影響 23
5.4 多角化對公司價值影響 25
第六章結論 29
REFERENCE 31

參考文獻

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指導教授

曹壽民(Shou-min Tsao)

審核日期

2013-6-25

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