多角化與公司價值-析論所有權型態之影響;Impact of Diversification on Firm Value –Analyzing Influence of Ownership Patterns

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Title:	多角化與公司價值-析論所有權型態之影響;Impact of Diversification on Firm Value –Analyzing Influence of Ownership Patterns
Authors:	陳珠蓮;Chen,Ju-lien
Contributors:	會計學研究所
Keywords:	公司價值;所有權型態;家族企業;多角化;family firms;diversification;firm value
Date:	2012-08-19
Issue Date:	2012-09-11 19:09:52 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究以多角化策略作貫穿分析，探討公司採取地區多角化策略對公司價值之影響，並分析不同之所有權型態採取地區多角化策略對公司價值是否存在差異。本研究以2006年至2010年間台灣電子科技產業上市櫃273家公司為樣本，共1,365個觀察值。本研究以地區多角化與家族企業之相互影響作一系列探討，並根據葉銀華（1999）之家族企業定義：控制持股10%為臨界，區分家族企業與非家族企業，探討家族企業在多角化過程中所產生之效果。此外，進一步分析家族企業之特性是否有助於提升多角化策略對公司價值所產生之影響。實證結果顯示，相較於非家族企業，家族企業之公司價值較低；企業進行地區多角化活動會減損公司價值，但若加入所有權型態與地區多角化交叉影響因素，則會產生不同之結果，家族企業採取地區多角化策略反而會提升公司價值，家族企業因為代理問題較低，且可利用其特質與優勢，減緩地區多角化不利於公司價值之程度。The study use diversification strategy as a spindle, to explore the effect on firm value if firms adopt the geographic diversification strategy. We also analyze whether different ownership patterns adopt the geographic diversification strategy will cause different influence on firm value.Our research takes 273 listed companies of electronic technology industry in Taiwan as sample, and there are 1365 observations from 2006 to 2010. Our research has comprehensive discussion about the interaction between geographic diversification and family firms. Yin-Hua Yeh (1999) defined the family firms are who controlling the shareholding ratio above 10% critical point. We differentiate family and non-family firms according this definition, and compare family firms and non-family firms the impact of geographic diversification on firm value. Furthermore, our research analyzes the uniqueness of organization structure and resource utilization of family firms, in order to figure out if characteristics of family firms can increase the effect of diversification strategy on firm value. The experimental result shows that compare with non-family firms, family firms have lower firm value; Firms adopted geographic diversification strategy could decrease the corporate value, but different result will occur if we consider the factor of interaction between ownership patterns and geographic diversification. Family firms adopt the geographic diversification strategy, on the contrary, is helpful to increase the firm value. Family firms can use their characteristics and advantages, to mitigate the harmfulness of geographic diversification strategy on firm value.
Appears in Collections:	[Research institute of accounting ] Electronic Thesis & Dissertation

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