內部控制與產品多角化

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：17

、訪客IP：13.58.61.197

姓名

鄭庭羽(Ting-yu Jheng) 查詢紙本館藏

畢業系所

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)

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)

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

中文部分
1. 朱明玉，「考慮多角化之金融控股公司機校與信用評等相關性之探討」，東吳大學經濟學系，碩士論文，2005年。
2. 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。
3. 林民頤，「遠東集團多角化經營策略與績效探析」，國立交通大學管理學院科技管理組，碩士論文，2010年。
4. 林盟堡，「台灣金控公司事業多角化與經營績效關係之探討」，國立台北大學經濟學研究所，碩士論文，2010年。
5. 施朝斌，「金融控股公司多角化經營效率之評估－SBM Super DEA Model」，東吳大學經濟學系，碩士論文，2006年。
6. 許和鈞，「金控公司多角化經營與績效之關聯性研究」，行政院國家科學委員會，專題研究計畫成果報告，2005年。
7. 黃誌緯，「內部控制有效性與企業績效及財務報導可靠性」，國立成功大學會計學系，碩士論文，2009年。
8. 蔡旻宣，「多角化與會計師選擇」，國立中央大學會計所，碩士論文，2011年。
9. 謝佩珊，「國際多角化與會計保守性」，國立中央大學企業管理所，碩士論文，2011年。
10. 蘇裕惠，「揭開企業財務運作的神秘面紗－沙賓法案404完全解析」，東吳大學會計系，2007年。

英文部分
1. Amihud, Y. and Lev, B., “Risk reduction as a managerial motive for conglomerate mergers” , Bell Journal of Economics, 12(2), pp. 605-617, 1981.
2. Ashbaugh-Skaife, H., Daniel W. Collins ,William R. Kinney, Jr. and Ryan LaFond.”The effect of SOX internal control deficiencies and their remediation on accrual quality”, The Accounting Review, 83(1) , pp. 217–250, 2008.
3. Berger, P. G., & Ofek, E. “Diversification’s effect on firm value”, Journal of Financial Economics, 37(1), pp. 39-65, 1995.
4. Berle, A.A. & G. C. Means, “The Modern Corporation and Private Property”, New York: Macmillan, 1932.
5. Campa, Jose Manuel and Simi Kedia, “Explaining the Diversification Discount”, Journal of Finance, 57, pp.1731-1762, 2002.
6. 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.
7. Chakrabarti, A., K. Singh and I. Mahmood, “Diversification and Performance: Evidence from East Asian Firms”, Strategic Management Journal, 28, pp. 101-120, 2007.
8. Chandler, A. D. “The visible hand: The managerial revolution in American business”, Cambridge: Harvard University Press, 1977.
9. Chatterjee, S., & Lubatkin, M., “Corporate mergers, stockholder diversification, and changes in systematic risk”, Strategic Management Journal, 11(4), pp. 255-268, 1990.
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. Committee of Sponsoring Organizations of the Treadway Commission (COSO). Internal Control—Integrated Framework. The Framework. New York, NY: COSO,1992.
12. 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.
13. Daniels, J. D., & Bracker, J. “Profit performance: Do foreign operations make a difference? ”, Management International Review, 29 (1),pp.46-56,1989.
14. Das, R. & Monhanty, B., “Choosing a diversification project in a regulated economy”, Long range planning, 14(2), pp. 78-86, 1981.
15. Davis, P., Robinson R., Pearce J. and Park S, “Business unit relatedness and performance: A look at the pulp and paper industry.” Strategic Management Journal 13,pp 349-361,1992.
16. 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.
17. Denis, D. J., Denis, D. K., & Yost, K. “ Global diversification, industrial diversification, and firm value”. Journal of Finance, 57 (5), pp. 1951-1979,2002.
18. Donaldson, W.,” Testimony concerning the impact of the Sarbanes-Oxley Act. House Committee on Financial Services”, U.S. House of Representatives. Washington, D.C.: Government Printing Office, 2005.
19. 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.
20. 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.
21. Gomez-Mejia, L., “Structure and Process diversification, compensation strategy, and firm performance”, Strategic management journal, 13, pp. 381-397, 1992.
22. Gort, M., “Diversification and Integration in American Industry”, Princeton, NJ :PrincetonUniversity Press,1962.
23. Grant, R. M. “ Multinationality and performance among British manufacturing companies”. Journal of International Business Studies, 18 (3), pp.79-89, 1987.
24. Harris, M., H. K.Charles and A. Raviv”Asymmetric information, incentives and intrafirm resource allocation” Management Science 28: 604-620, 1982.
25. 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.
26. 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.
27. Jensen, M. C. “Agency cost of free cash flow, corporate finance and takeovers”, American Economic Review, 76(2): 323-329,1986.
28. Jensen, M. C., & Murphy, K. J., “Performance pay and top management incentives”, Journal of Political Economy , 98(2): 225-264, 1990.
29. 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
30. 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, 15, pp.33-42, 1986.
31. Jung, Y., “Multinationality and profitability”, Journal of Business Research, 23, pp.179-187, 1991.
32. Lamont, O. A., & Polk, C. “Does diversification destroy value? Evidence from industry shocks”, Journal of Finance Economics, 63(1): 51-77, 2002.
33. Lamont, Owen and Christopher Polk, “Does Diversification Destroy Value? Evidence from Industry Shocks”, Journal of Finan- cial Economics, 63, pp.51-77, 2002.
34. Lang, L., & Stulz, R. M. “Tobin’s q, corporate diversification and firm performance . ”, Journal of Political Economy, 102 (6): 1248-1280, 1994.
35. Lins, K., & Servaes, H. “International evidence on the value of corporate diversification”. Journal of Finance , 54 (6): 2215-2239,1999.
36. 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
37. Markides, C. C., “Diversification, Restructuring and Economic Performance,” Strategic Management Journal, 16, pp. 101-118, 1995.
38. 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.
39. Matsusaka, J. G. “ Takeover motives during the conglomerate merger wave. ”RAND Journal of Economics, 24 (3),pp.357-379, 1993.
40. McDougall & Round, “A Comparison of Diversifying and Nondiversifying Australian Industrial Firms”, ACAD MANAGE J ,27( 2):384-398,1984.
41. Michel & Shaked ,” Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics”, Journal of International Business Studies,17(3):89-100, 1986.
42. Montgomery, C.A.,” Corporate diversification”, Journal of Economic Perspectives 8(3): 163-178, 1994.
43. Nathanson, D. A., & Cassano, J. S.,” Organization, diversity, and performance”, Wharton Magazine, 6(4), 19-26 ,1982.
44. 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: 469-591, 1993.
45. Nayyer, P. R., ",” Stock Market Reactions to Related Diversification Moves by Service Firms Seeking Benefits from Information Asymmetry and Economies of Scope,"”, Strategic Management Journal, pp.469-591,1993.
46. Nilakant, V., and H. Rao,” Agency Theory and Uncertainty in organization: An Evaluation” Organization Studies 15, 649-672 , 1994.
47. Palepu, “Diversification strategy, profit performance and the entropy measure”, Strategic Management Journal,6(3):239–255,1985.
48. 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.
49. Rumelt, R. P. “Strategy, structure and economic performance”, Boston: Harvard Business School, 1974
50. Sanders Wm.G. and M.A. Carpenter, “Internationalization and Firm Governance: The roles of CEO compensation, top team composition and board structure”, Academy of management jornal ,41(2), 158-178, 1998.
51. Scharfstein, D.S., Stein, J.C.”The dark side of internal capital markets: divisional rent-seeking and ineddicient investment”, Journal of Finance 55: 2537-2564 , 2000.
52. Shleifer, A. V., R.. “The takeover wave of the 1980s.” Science 249(4970): 745– 749.,1990.
53. Singh, M.,Mathur, I.,Gleason, K. C.,”Governance and performance implications of diversification strategies: Evidence from large U.S”, firms.Financial Review,39(4),489-526, 2004.
54. Stein, J.C.,”International capital markets and the competition for corporate resources”, Journal of Finance 52: 111-133 , 1997.
55. Sundaram, A. K., & Black, J. S.,”The environment and internal organization of multinational enterprises”, The Academy of Management Review, 17(4): 729-757,1992.
56. 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.
57. Teece, D. J.,” Economies of scope and the scope of the enterprise”, Journal of Economic Behavior and Organization, 1(3): 223-247, 1980.
58. Teece, D. J.,”Towards an economic theory of multiproduct firm”, Journal of economic behavior and organization 3, 59-63, 1982.
59. U.S. House of Representatives. “The Impact of the Sarbanes-Oxley Act. Hearing before the Committee on Financial Services”, Washington, D.C.: Government Printing Office, 2005.
60. U.S. Senate.” Oversight Hearing on Accounting and Investor Protection Issues Raised by Enron and Other Public Companies” ,Hearings before the Committee on Banking, Housing, and Urban Affairs. S. 107-948. February 12, 14, 26, 27. Washington, D.C.: Government Printing Office , 2002.
61. U.S. Senate.” Examining the Impact of the Sarbanes-Oxley Act and Developments Concerning International Commerce”, Hearings before the Committee on Banking, Housing, and Urban Affairs. S. 108-850. September 9. Washington, D.C.: Government Printing Office, 2004.
62. umelt, R. P., “ Strategy,Structure and Economic Performance,Division of Research ”, Harvard Business School, Boston, MA, 1974.
63. Varadarajan, P., and Vasudevan Ramanujam., “Diversification and Performance: A Reexamination using Diversification and Performance: A Reexamination using A New Two-Dimensional Conceptualization of Diversity in Firms”, Academy of Management Journal ,30.2: 380-393,1987.
64. 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.
65. Weili Ge , Sarah McVay,” The disclosure of material weaknesses in internal control after the Sarbanes-Oxley Act” , Accounting Horizons, 19(3):137-158, 2005.
66. Weston, J. F. “The Nature and Significance of Conglomerate Firms.” St. John’s Law Review 44: 66-80, 1970.
67. Williamson, O. E.” Corporate control and business behavior: an inquiry into the effects of organizational form enterprise behavior”. Englewood Cliffs, NJ: Prentice-Hall , 1970.

指導教授

曹壽民(Shou-min Tsao)

審核日期

2013-6-25

推文