博碩士論文 101430003 詳細資訊




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姓名 陳威廷(Wei-ting Chen)  查詢紙本館藏   畢業系所 會計研究所
論文名稱 公司多角化在不同生命週期下之價值攸關性
(The Relevance between Enterprise Value and Diversification Strategies Adopted in Different Periods of Life Cycle.)
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摘要(中) 本研究係以Ohlson(1995)所提出之會計基礎評價模式為主軸,並使用Asset-based Entropy方法衡量全球多角化程度,探討企業進行全球多角化策略時,對於公司價值之影響;且以Anthony and Ramesh(1992)所提出之方法衡量企業之生命週期,單獨考量企業生命週期因素對於股價之影響;最後衡量企業在不同生命週期下,採行全球多角化策略時,投資人給予公司之評價。實證結果發現,企業採行多角化策略時,對於本身之股價會有減損但不顯著的影響;而投資人在考量企業價值時,也會因所處生命週期的不同而給予不同評價,在成長時期,投資人會給予公司正向且顯著的評價;最後探討所處不同生命週期時,投資人對企業採行多角化策略之評價,在成長期與成熟期時,企業採行多角化策略對於股價之影響遠大於衰退期,即企業在成長期與成熟期時,可拓展其對全球市場之投資,以提升公司之價值。
摘要(英) The research sheds light on the model proposed by Ohlson (1995) , and uses the Asset-based Entropy to assess the level of International diversification in order to find out how the diversification strategies will affect the enterprise values; also, uses the approach published by Anthony and Ramesh (1982) to measure the enterprises’ life cycles and merely consider how the life cycle will influence the stock price. At the end, the research focuses on how the investors will judge a firm when implementing diversification strategies in different periods.
The result shows that when a firm conducts a diversification strategy, the stock price will decrease but not significantly; an investor will also consider the firm’s value differently when the firm is in the different stage of its life cycle. When the firm is in a growth period, an investor will give a positive and significant assessment. The diversification strategy conducted in a growth and mature period has a more influential effect on stock price rather than in a slump period. That is to say, a firm can increase its investment in global market when in growth and mature period.
關鍵字(中) ★ 全球多角化
★ 企業生命週期
★ 公司價值
關鍵字(英) ★ International diversification
★ life cycle
★ firm value
論文目次 中文摘要 i
英文摘要 ii
目錄 iii
圖目錄 iv
表目錄 v
一.前言 1
1-1研究背景與動機 1
1-2研究目的 3
1-3研究流程 3
1-4研究架構 4
二.文獻探討 6
2-1全球多角化與公司價值 6
2-2企業生命週期與公司價值 8
三.研究方法 12
3-1觀念架構 12
3-2研究期間、樣本選取與資料來源 13
3-2-1研究期間 13
3-2-2樣本選取標準 13
3-2-3資料來源 13
3-3實證模型與變數定義 14
3-3-1全球多角化程度與企業之價值攸關性 14
3-3-2公司生命週期與企業之價值攸關性 15
3-3-3全球多角化程度在不同生命週期下與企業之價值攸關性 18
3-4研究方法 20
3-4-1敘述性統計分析 20
3-4-2迴歸分析 20
四.實證結果與分析 21
4-1敘述性統計分析 21
4-2實證分析結果 27
4-2-1全球多角化程度與企業價值攸關性分析 27
4-2-2生命週期與企業價值攸關性分析 28
4-2-3全球多角化程度在不同生命週期下與企業價值攸關性分析 30
五.結論與建議 33
5-1研究結論與貢獻 33
5-2研究限制與建議 34
參考文獻 35
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指導教授 王曉雯(Hsiao-wen Wang) 審核日期 2014-6-19
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