多角化對投資現金流量敏感度的影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：15

、訪客IP：3.138.114.154

姓名

洪詩婷(Shih-Ting Hong) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

多角化對投資現金流量敏感度的影響
(The impact of firm diversification on the investment-cash flow sensitivity.)

相關論文

★ 我國中小企業貸款門檻操縱行為分析 -以某銀行授信戶為例	★ 董事會結構與自願性財務預測之關聯性
★ 國際化、創新活動與公司績效：台灣上市公司董事會結構論析	★ 國際化對公司經營績效的影響：資訊透明度的中介效果
★ 內部人持股與會計師選擇關聯性之研究-以馬來西亞上市公司為例	★ 利用吸引力因子進行嚴重服務失誤補救之成效
★ 提升企業價值之永續發展策略－以H公司資源回收為例	★ 組織變革對業務人員銷售力的影響-以電子零組件通路商為例
★ 會計保守性與法說會的關聯性	★ 探索產品品牌、品牌個性與人格特質的對應關係
★ 復徵證券交易所得稅對台灣股市之影響	★ 法人說明會對國際化績效與創新的影響
★ 投資人情緒與資訊透明度關聯性之研究	★ 公司股權結構與內部人交易關聯性之研究
★ 分析師是否高估應計項目的價值-兼論其對現金增資偏低訂價之影響	★ 分析師預測與新上市公司新股折價關聯性之研究

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

公司進行多角化可以同時帶來成本與效益,但對於公司價值的影響尚未有定論。多角化帶來的成本當中,有一類型是由於多角化經營,使得公司變得更加錯綜複雜、資訊較不對稱,導致代理成本增加。根據融資順位理論,當資訊具不對稱性,使得外部融資成本增加,此時若有較好的投資計劃,公司則優先使用內部資金,此效果將導致投資現金流量敏感度的增加。
過去研究裡,討論導致投資現金流量敏感度增加、多角化對公司績效影響的文獻相當多,研究如何降低投資現金流量敏感度的文獻也不勝枚舉,但過去學術界尚無將多角化與投資現金流量敏感度的關係加以連結。本篇對象為美國上市公司,樣本選取期間為 1991 ~ 2009 年。探討多角化對投資現金流量敏感度的影響。實證結果發現,有進行多角化的公司(包含國際多角化與產品多角化),其投資現金流量敏感度較沒有進行多角化的公司高。進一步研究顯示,投資現金流量敏感度會隨著多角化的程度而增加,也就是說多角化程度較高的公司其投資現金流量敏感度也較高。
當公司進行多角化投資策略時,將使得投資現金流量敏感度增加,我們認為這項調節變數可能是導致公司績效變差的原因。由於多角化使得投資現金流量敏感度增加,未來公司若要進行多角化投資策略時,應多加留意多角化對投資現金流量敏感度的影響,若能降低多角化帶來的資訊不對稱與代理問題,將能有效降低其對投資現金流量敏感度的影響。

摘要(英)

This paper consists of America listed companies, over the period from 1991 to 2009. Our study investigates the impact of firm diversification on the investment-cash flow sensitivity. We argue that no matter the company is going through international diversification activities or taking industry diversification strategies. This study finds that , the impact of diversification on investment-cash flow sensitivity is significantly positive. Furthermore, empirical result indicates that the higher diversification firms have the higher investment-cash flow sensitivity.

關鍵字(中)

★ 國際多角化
★ 產品多角化
★ 投資現金流量敏感度

關鍵字(英)

★ Investment-cash flow sensitivity
★ Industry diversification
★ International diversification

論文目次

目錄
中文摘要 ..................................................I
abstract ..................................................II
目錄 .................................................III
表目錄 .................................................IV
符號說明 ..................................................V
一、緒論 ..................................................1
二、文獻探討 ..................................................3
2-1 投資現金流量敏感度相關文獻 ..................................................3
2-1-1 MM理論 ..................................................3
2-1-2 資訊不對稱與代理問題 ..................................................5
2-1-3 融資順位理論 ..................................................9
2-2 多角化相關文獻 ..................................................11
2-2-1 多角化成本與效益 ..................................................11
2-2-2 多角化與公司價值的關聯性 ..................................................16
三、研究假說 ..................................................17
四、樣本選取與研究方法 ..................................................19
4-1 資料來源與樣本選取 ..................................................19
4-2 實證模型與變數定義 ..................................................22
五、實證結果分析 ..................................................28
5-1 敘述統計與相關分析 ..................................................28
5-2 多角化對投資現金流量敏感度的影...............................................33
六、結論 ..................................................39
文獻參考 ..................................................41

參考文獻

參考文獻
中文部分
1. 李健琮, 「台灣經理人過度自信行為與公司投資相關性研究」,國立中山大學
財務管理研究所,碩士論文,2006年。
2. 許有嫻, 「多角化、國際化與公司績效關係之研究」,國立中正大學財務金融研究所,碩士論文,2007年。
3. 曹壽民、金成隆、呂學典, 「股權結構與多角化」,台大管理論叢,第22卷第1期,2011年12月。
4. 黃世朋、陳美華,「多角化、成長機會對公司價值之關係與影響—台灣上市公司為例」,遠東學報,第25卷第4期,519-540頁,2008年。
5. 喬友慶、于卓民、林月雲,「國際化程度與產品差異化能力對廠商績效之影響- 台灣大型製造廠商之實證研究」,管理學報,第19卷第5期,811-842頁,2001年。
6. 楊朝旭,「集團多角化對研發外溢調節效果之研究」,會計評論,第46期,31-65頁,2008年。
7. 詹家昌、莊文議與游志成,「市場不完美對投資與現金流量敏感度影響之研究」,管理評論,26(3),1-23頁,2007。
8. 鄭政秉、李揚、黃晉偉,「多角化海外投資對台灣製造業經營效率的影響」,
管理與系統,13卷第3期,315-331頁,2006年
9. 賴威廷,「企業多角化與代理成本、公司治理關係之研究」,東海大學企業管理研究所,碩士論文,2004年。
英文部分
1. Barton, S. L. “Diversification strategy and systematic risk: Another look” Academy of 28 Management Journal, 31 (1),pp.166-175,1988.
2. Berger, P. G., & Ofek, E. “Diversification’s effect on firm value”, Journal of Financial Economics, 37(1), pp. 39-65, 1995.
3. Berle, A.A. & G. C. Means, “The Modern Corporation and Private Property”, New York: Macmillan, 1932.
4. Campa, Jose Manuel and Simi Kedia, “Explaining the Diversification Discount, Journal of Finance”, Vol. 57, pp.1731-1762, 2002.
5. Capar, N., Kotabe, M., “The relationship between international diversification and performance in service firms”, Journal of International Business Studies, 34(1), pp. 345-355, 2003.
6. Chandler, A. D. “The visible hand: The managerial revolution in American business”, Cambridge: Harvard University Press, 1977.
7. Chen Hung-chun, “ Diversification, Financing and Investment Decisions”,國立成功大學會計學系,博士班論文,2009
8. Chatterjee, S., & Lubatkin, “M. Corporate mergers, stockholder diversification, and changes in systematic risk”.Strategic Management Journal,11(4):pp.255-268.,1990.
9. Cleary, S., "The relationship between firm invenstment and financial status", Journal of Finance, 54(2), 673-692, 1999.
10. Colins, J.M., “A market comparison of U.S. firms active in domestic, developed and developing countries”, Journal of International Business Studies, 2, pp. 271-287, 1990.
11. Contractor, F. J., Kundu, S. K., & Hsu, C. C., “A three-stage theory of international expansion: The link between multinationality and performance in the service sector”, Journal of International Business Studies, 34(1), pp. 5-18, 2003.
12. Daniels, J. D., & Bracker, J. “Profit performance: Do foreign operations make a difference? ”, Management International Review, 29 (1),pp.46-56,1989.
13. Deeds, D. L., & Hill, C. W. L., “An examination of opportunistic action within research alliances: Evidence from the biotechnology industry”, Journal of Business Venturing, 14(2), pp. 141-163, 1999.
14. Delios, A., & Beamish, P. W. , “Geographic scope, product diversification, and the corporate performance of Japanese firms. ”, Strategic Management Journal ,20 (8),pp.711-727, 1999.
15. Denis, D. J., Denis, D. K., & Sarin, A. “Agency problems, equity ownership, and corporate diversification. ”, Journal of Finance, 52 (1),pp.135-160.,1997.
16. Denis, D. J., Denis, D. K., & Yost, K. “ Global diversification, industrial diversification, and firm value”. Journal of Finance, 57 (5),pp. 1951-1979,2002.
17. Denis, David J., Diane K. Denis and Keven Yost, “Global Diversification, Industrial Diversification, and Firm Value” , Journal of Finance, Vol. 57, pp.1951-1979, 2002.
18. Denis, David J., Diane K. Denis, and Atulya Sarin, “Agency Problems, Equity Ownership, and Corporate Diversification”, Journal of Finance, Vol. 52,pp.135-160, 1997.
19. Chen, Sheng-Syan and Kim Wai Ho, “Corporate Diversification,Ownership Structure, and Firm Value: The Singapore Evidence, International Review of Financial Analysis”,Vol. 9, p.315-326,2000.
20. Fama, E. F., and M. C., Jensen, “Separation of ownership and control”, Journal of Law and Economics, 26, pp. 301-325, 1983.
21. Fazzari, S., R. Hubbard and B. Petersen “ Financing Constraints and Corporate Investment, ” Brookings Papers on Economic Activity, Vol.1, 141-195,1988.
22. Fazzari, Steven, R. G. Hubbard, and B. Petersen. “ Investment and finance reconsidered”,Brookings Papers on Economics Activity ,pp.141-195.,1988.
23. Franko, L. G., “The death of diversification? The focusing of the world’s industrial firms, 1980-2000”, Business Horizons, 47(4), pp. 41-50, 2004.
24. Geringer, J. M., Tallman, S., & Olsen, D. M. “ Product and international diversification among Japanese multinational firms”,. Strategic Management Journal, 21 (1),pp.51-80,2000.
25. Gertler, M. and S. Gilchrist “ Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms, ” Quarterly Journal of Economics , Vol . 109 , pp. 309- 340 , 1994
26. Gomez-Mejia, L., “Structure and Process diversification, compensation strategy, and firm performance”, Strategic management journal, 13, pp. 381-397, 1992.
27. Gort, M., “Diversification and Integration in American Industry”, Princeton, NJ : PrincetonUniversity Press,1962.
28. Grant, R. M. “ Multinationality and performance among British manufacturing companies”. Journal of International Business Studies, 18 (3),pp.79-89.,1987
29. Grant, R. M., Jammine, A. P., & Thomas, H. “Diversity, diversification, and profitability among British manufacturing companies”, 1972-1984. Academy of Management Journal, 31 (4),pp.771-801,1988
30. Harris, M., H. K.Charles and A. Raviv, “Asymmetric information, incentives and intrafirm resource allocation”,. Management Science, 28, pp. 604-620, 1982.
31. Hitt, M. A., & Smart, D. L. “Debt: A disciplining force for managers or a debilitating force for organizations? ” Journal of Management Inquiry, 3 (2) , pp. 144-152, 1994.
32. Hitt, M. A., Hoskisson, R. E., & Kim, H. “International diversification: Effects on innovation and firm performance in product-diversified firms”, Academy of Management Journal, 40(4), pp. 767-798, 1997.
33. Hitt, M. A., Tihanyi, L., Miller, T., & Connelly, B. “ International diversification: Antecedents, outcomes, and moderators”, Journal of Management, 32 (6),pp. 831- 867, 2006.
34. Hoshi, T., A. Kashyap, and D. Scharfstein. “ Corporate structure, liquidity and investment: Evidence from Japanese industrial groups”, The Quarterly Journal of Economics 106(1),pp.33-60.,1991.
35. Hoskisson, R. E., & Hitt, M. A. “ Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives. ”, Journal of Management, 16 (2),pp. 461-509,1990.
36. Hoskisson, R.E., Hitt, M.A., Johonson, R.A, Moesel, D.D., “Construct Validity of an objective (Entropy) categorical measure of diversification strategy”, Strategic management journal, 14(3), pp. 215-235, 1993.
37. Hu, X. and F. Schiantarelli “ Investment and Capital Market Imperfections: A Switching Regression Approach Using U.S. Firm Panel Data, ” Review of Economics and Statistics, Vol.80, pp.466-479 ,1998.
38. Jensen, M. C. “Agency costs of free cash flow, corporate finance and takeovers”.American Economic Review, 76 (2),pp.323-329,1986.
39. Jensen, M. C., & Murphy, K. J., “Performance pay and top management incentives”, Journal of Political Economy, 98(2), pp. 225-264, 1990.
40. Jensen, M. C., “Agency cost of free cash flow, corporate finance and takeovers”, American Economic Review, 76(2), pp. 323-329, 1986.
41. Jensen, Michael C. and William H. Meckling., “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3, pp. 305-360, 1976.
42. Jiraporn, P., Kim, Y. S., Davidson, W. N., & Singh, M. “Corporate governance, shareholder rights and firm diversification: An empirical analysis. ”, Journal of Banking & Finance, 30 (3),pp.947-963,2006.
43. Jose, M.L., L.M. Nichols, and J.L. Stevens, “ Contributions of Diversification , Promotion, and R&D to the Value of Multiproduct Firms: a Tobin’s q Approach ” ,Financial Management, Vol.15,pp.33-42,1986.
44. Jung, Y., “Multinationality and profitability”, Journal of Business Research, 23, pp. 179-187, 1991.
45. Kim, W. C., Hwang, P., & Burgers, W. P. “Multinationals’’ diversification and the risk- return trade-off. ”, Strategic Management Journal, 14 (4),pp. 275-286,1993.
46. Kogut, B., “Designing global strategies: Profiting from operational flexibility”, Sloan Management Review, 27(1), pp. 27-38, 1985.
47. Lamont O., C. Polk and J. Saa-Requejo, “Financial Constraints and Stock Returns,” Review of Financial Studies, 14(2),529-554 , 2001
48. Lamont, O. A., & Polk, C., “Does diversification destroy value? Evidence from industry shocks”, Journal of Finance Economics, 63(1), pp. 51-77, 2002.
49. Lamont, Owen and Christopher Polk, “Does Diversification Destroy Value? Evidence from Industry Shocks”, Journal of Finan- cial Economics, Vol. 63, pp.51-77, 2002.
50. Lang, L., & Stulz, R. M. “Tobin’’s q, corporate diversification and firm performance . ”, Journal of Political Economy, 102 (6): 1248-1280, 1994.
51. Lewellen, W. G. “A pure financial rationale for the conglomerate  merger. ”, Journal of Finance, 26, 521-537,1971.
52. Lin, Y.H., S.Y. Hu, and M.S. Chen., “Testing Pecking Order Prediction from  the Viewpoint of Managerial Optimism: Some Empirical Evidence from Taiwan” Pacific-Basin Finance Journal, 16, 160-181, 2008.
53. Lins, K., & Servaes, H. “International evidence on the value of corporate diversification”. Journal of Finance, 54 (6): 2215-2239,1999.
54. Lins, Karl and Henri Servaes, “International Evidence on the Value of Corporate Diversification”, Journal of Finance, Vol. 54, pp.2215-2239, 1999.
55. Majd, S., Myers, S.C., “Tax asymmetries and corporate income tax reform, in: M. Feldstein, ed., Effects of Taxation on Capital Accumulation”, University of Chicago Press, Chicago, IL., 1987.
56. Martin, J. D., & Sayrak, A. “Corporate diversification and shareholder value: A survey of recent literature. ” Journal of Corporate Finance, 9 (1),pp. 37-57, 2003.
57. Matsusaka, J. G. “ Takeover motives during the conglomerate merger wave. ” RAND Journal of Economics, 24 (3),pp.357-379, 1993.
58. Meyer, M. & Miligrom, P. & Roberts, J. “Organizational prospects,  influence costs, and ownership changes. ” Journal of Economics and  Management Strategy, 1(1), 9-35,1992.
59. Michel, A., Shaked, I., “Multinationality corporations vs. domestic corporations: financial performance and characteristics”, Journal of International Business Studies, 17(3), pp. 89-101, 1986.
60. Montgomery, C.A., “Corporate diversification”, Journal of Economic Perspectives, 8(3), pp. 163-178, 1994.
61. Morck R., Shleifer Andrei and Robert W. Vishny, “Management ownership and marketing valuation”, Jounal of Financial Economics, 20, pp. 293-315, 1998.
62. MORCK, R.; A. SHLEIFER; AND R. VISHNY. “Management Ownership and Market Valuation: An Empirical Analysis.” Journal of Financial Economics ,20: 293–315. ,1988
63. Nayyar, P. “Stock market reactions to related diversification moves by service firm seeking benefits from information asymmetry and economies of scope”, Strategic Management Journal, 14, pp. 469-591, 1993.
64. Nilakant, V., and H. Rao, “Agency Theory and Uncertainty in organization: An Evaluation”, Organization Studies, 15, pp. 649-672, 1994.
65. Oliner, S. R. and G. D. Rudebusch “ Monetary Policy and Credit Conditions:Evidence from the Composition of External Finance: Comment, ” American Economic Review, Vol.86, pp.300-309. ,1996.
66. Palich, L. E., Cardinal, L. B., & Miller, C. C., “Curvilinear in the diversification-performance linkage: An examination of over three decades of research”, Strategic Management Journal, 21(2), pp. 155-174, 2000.
67. Qian, G. “ Multinationality, product diversification, and profitability of emerging US small- and medium-sized enterprises. ” Journal of Business Venturing, 17 (6), pp. 611-633,2002.
68. Rajan, R. G. and L. Zingales, “What Do We Know About Capital Structure?  Some Evidence from International Data,” Journal of Finance 50(5), 1421-1460, 1995.
69. Reed, R., & Luffman, G. A. “Diversification: The growing confusion. ” Strategy Management Journal, 7 (1),pp.29-35,1986.
70. Rumelt, P. P.. “ Diversfication Strategy and Profitability. ” Strategic Management Journal. 3, 359-369 ,1982.
71. Rumelt, R. P., “ Strategy,Structure and Economic Performance,Division of Research ”, Harvard Business School, Boston, MA, 1974.
72. Servaes, Henri, “The Value of Diversification during the Conglomerate Merger Wave.”, The Journal of Finance 4, pp.1201~1225, 1996.
73. Shen, C. H., and C. A. Wang, “Whether Financing Constraint Affects Investment Decisions: Evidence from Taiwan Panel Data,” Academia Economic Papers 28(1), 67-95, 2000.
74. Shleifer, A. and R. W. Vishny, “ Liquidation Values and Debt Capacity: a Market Equilibrium Approach”, Journal of Finance, Vol. 47, p.1343-1366, 1992.
75. Stein, J.C., “International capital markets and the competition for corporate resources”, Journal of Finance, 52, pp. 111-133, 1997.
76. Stulz, R. M., “Managerial discretion and optimal financing policies”, Journal of Financial Economics, 26(1), 3-27,1990.
77. Sundaram, A. K., & Black, J. S., “The environment and internal organization of multinational enterprises”, The Academy of Management Review, 17(4), pp. 729-757, 1992.
78. Tallman. S., Li, J.T., “Effects of international diversity and product diversity on the performance of multinational firms”, Academy of Management Journal, 39(1), pp. 179-196, 1996.
79. Teece, D. J., “Economies of scope and the scope of the enterprise”, Journal of Economic Behavior and Organization, 1(3), pp. 223-247, 1980.
80. Tobin, J., “A general Equilibrium Approach to Monetary Theory,” Journal  of Money, Credit, Banking 1 (1),15-29, 1969.
81. Vermeulen, P. “ Business Fixed Investment: Evidence of a Financial Accelerator in Europe, ” Oxford Bulletin of Economics and Statistics, Vol.64,pp.217-235 ,2002.
82. Vogt, S. C., “The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firms.” Financial Management, 23, 3-20, 1994.
83. Wade, M. R., & Gravill, J. I. “Diversification and performance of Japanese IT subsidiaries: A resource-based view”. Information and Management, 40 (4), pp. 305- 316, 2003.
84. Weston, J. F., “The Nature and Significance of Conglomerate Firms”, St. John’’s Law Review, 44, pp. 66-80, 1970.
85. Williamson, O. E., “Corporate control and business behavior: an inquiry into the effects of organizational form enterprise behavior”, Englewood Cliffs, NJ: Prentice-Hall, 1970.
86. Zantout, Z., “External capital market control, corporate restructuring, and firm performance during the 1980s”, Journal of Business Finance & Accounting, 21, pp. 37-65, 1994.

指導教授

曹壽民(Shou-Min Tsao)

審核日期

2012-7-6

推文