政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/36551
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113451/144438 (79%)
造访人次 : 51245948      在线人数 : 893
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/36551


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/36551


    题名: 多角化策略與Tobin`s Q關係之研究
    作者: 陳世明
    贡献者: 顏錫銘 博士
    黃國誠 博士
    陳世明
    关键词: 公司價值
    Tobin`s Q
    日期: 1998
    上传时间: 2009-09-18 18:50:24 (UTC+8)
    摘要: 為了瞭解公司採取非相關多角化策略是否增進公司價值，本研究以Tobin`s Q為公司價值衡量指標，探討83年至86年之間台灣證券交易所上市公司進行非相關多角化所產生的價值是否大於單一產業公司。結合Tobin`s Q與純粹遊戲法，對多角化公司進行理論價值與實際價值的估算，並對樣本公司做統計檢定，是否多角化公司的實際價值顯著大於理論價值。接著以迴歸分析試圖找出影響嘟交化公司價值的產業因素與個別公司因素。
    實證結果顯示，採行非相關多角化策略公司的Tobin`s Q 值平均數是顯著低於單一部門公司的Tobin`s Q值平均數。Tobin` s Q值的中位數，也同樣顯示出多角化公司顯著比單一部門公司的價值低。多角化公司的實際Tobin`s Q值是顯著低於多角化公司的理論價值，表示多角化公司採行非相關多角化策略之後，並沒有發揮綜效，將公司的價值提升。
    以迴歸分析產業因素是否影響Tobin`s Q值，，主要在以公司規模、股利發放、及是否多角化等產業因素是否會影響Tobin`s Q值。統計結果顯示公司規模是影響公司價值的產業解釋變數。股利發放則對公司價值呈現正顯著的影響，表示公司發放股票股利來增加投資機會將增加公司的價值。多角化虛擬變數則只有83年與公司價值呈現負顯著的影響，表示採行多角化策略的公司會降低公司的價值。
    以迴歸分析探討獲利能力與負債比率是否可以解釋多角化公司價值降低的原因。統計結果顯示出獲利能力是顯著正影響公司的價值，如果公司的獲利能力增加，公司的價值也會提升。負債比例是顯著負影響公司的價值，表示公司負債比例越高，公司的財務風險相對提高，市場投資人對公司的評價將會降低。

    目 錄
    第一章 緒論 1
    第一節 研究動機 1
    第二節 研究目的 3
    第三節 研究限制 3
    第四節 研究架構 4
    第二章 文獻探討 5
    第一節 多角化的策略意涵 5
    第二節 公司價值評價方式 22
    第三節 多角化策略與績效的關係 28
    第三章 研究方法 42
    第一節 研究假說 42
    第二節 研究範圍 43
    第三節 分析方法 45
    第四節 資料來源 47
    第四章 實證結果與分析 48
    第一節 樣本描述 48
    第二節 多角化策略公司價值檢定 52
    第三節 樣本-電子產業多角化效果 56
    第四節 產業調整控制變數 58
    第五節 多角化公司價值降低的因素 64
    第五章 結論與建議 69
    第一節 研究結論 69
    第二節 研究建議 70
    參考文獻 73
    附 錄 80
    參考文獻: Amit, R., "Diversification Strategies, Business Cycles and Economic Performance," Strategic Management Journal, v9.n2, Mar/Apr pp.99-110,1988.
    Ansoff, H.I., "General Management in Turbulent." Environment Practising Manager, v11n1, Summer pp.6-27,1990.
    Ansoff, H.I., "Strategies for diversification," Harvard Business Review, Vol. 35, No.5, pp.l13-124,1957.
    Banz, R.W., "The Relationship Between Return and Market Value of Common Stock,"Journal of Financial Economics,Vol.9,pp3-18,1981.
    Barton, S.L., "Diversification Strategy and Systematic Risk," Another Look.,Academy of Management Journal, 31(1), pp.166-175, 1988 Mar.
    Berger, P.G. and E. Ofek , "Diversification`s Effect on Firm Value," Journal of Financial Economics, 37,pp.39-65.,1995.
    Berry, C. H., "Corporate Growth and Diversification," Princeton University Press,Princeton,N.J., 1975.
    Bettis, R. A., "Performance Difference in Related and Unrelated Diversified Firms," Strategic Management Journal 2, pp.379-393 ,1981.
    Cater, J., "In Search of Synergy:A Structure Performance Test.,"Review of Economics and Statistics,Vol.59,pp.279-289,1977.
    Chatterjee, S., & B. Wernerfelt., "The Link Between Resources and Type of Diversification:Theory and Evidence.," Strategic Management Journal 12,pp.33-48,1991.
    Chung, K.H., & S.W. Pruitt,.," A simple approximation of Tobin`s q," Financial Management. 23(3): pp.70~74, 1994 Autumn.6.
    Comment, R. and G. A. Jarrel, "Corporate Focus and Stock Return," Journal of Financial Economics, Vol.37, pp.67-87, 1995.
    Curien, N., "The Theory and Measure of Cross-Subsidies; An Application to the Telecommunications Industry," International Journal of Industrial Organization,9(1), pp.73-108,1991.
    Datta, D.K. , "Diversification and Performance: Critical Review and
    Future Direction," Journal of Management Studies, Vol. 28, No. 5, pp.529-558.
    ,1991.
    Devlin, G., "Diversification: A Redundant Strategic Option., "European Management Journal,Vol.9,pp.76-81,1991.
    Dubofsky, P., and P.R.Varadarajan., "Diversification and Measures of Performance:Additional Empirical Evidence.,"Academy of Management Journal ,Vol.30,No.3,pp.597-608,1987.
    Servaes, H., "The Value of Diversification During the Conglomerate Merger Wave,"The Journal of Finance,Vol.11.No.4,pp.1201-1225,1996.
    Hoskisson, R., and M. Hitt., "Antecedents and Performance Outcomes of Diversification A Review and Critique of Theoretical Perspectives," Journal of Management 16, pp.461-509. ,1990.
    Lang, H. P., and R. E. Stulz., "Tobin`s q. Corporate Diversification and Firm Performance," Journal of Political Economy 102,pp.1248-1280. ,1994.
    Lewellen, W. G., "A Pure Financial Rationale for the Conglomerate Merger, " Journal of Finance , May, pp.563-574., 1971.
    Lindenberg, E.B., and S. A.Ross., "Tobin`s q Ratio an d Industrial Organization .,"Journal of Business,Vol.54,pp.1-32,1981.
    Luffman, G. A. and R. Reed., "Diversification in British Industry in the 1970s," Strategic Management Journal 3,pp.303-314.,1982.
    Markides, C.C., " Diversification ,Restructuring and Economic Performance.," Strtegic Mangement Journal.,Vol.16,pp.101-118,1995.
    Michael, A.,and I. Shaked., "Does Business Diversification Affect Performance," Financial Management 13, pp.18-25. ,1984.
    Montgomery, A., "Product-Market Diversification and Market Power," Academy of Management Journal, 28(4), pp.789-798, 1985.
    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.
    Palepu, K., "Diversification Strategy, Profit Performance, and the Entropy Measure," Strategic Management Journal 6,pp.239-255.,1985.
    Philip, G, Berger and, E. Ofek., "Diversification`s effect on firm value," Journal of Financial Economics 37 ,pp.39-65,1995.
    Pitts, R.A.,and H.D. Hopkins., "Firm Diversity Conceptualiztion and Management.,"Academy of Management Review,Vol. 7,pp.620-629,1982.
    Poter, M.E., "From Competitive Adventage to Corporate Strategy,"Harvard Business Review,Vol,No.3,pp.43-59,1987.
    Ramanujam, V., & P. Varadarajan., " Research on Corporate Diversification, A Synthesis, "Strategic Management Journal, Vol. 10, pp.523-551,1989.
    Roberts, E.B.& C.A.Berry.,"Entering new Business Selecting Strategies for Success ," Sloan Management Review,pp.8,1985.
    Rumelt, R. P., "Strategy, Structure and Economic Performance," Division of Research, Harvard Business School., 1974.
    Scott, J. T., "Purposive Diversification as a Motive for Merger, " International Journal of Industrial Organization. 7(1), pp.35-47, 1989.
    Simmonds, P., "The Combined Diversification Breadth and Mode Dimensions the Performance of Large Diversifies Firms, " Strategic Management Journal, Vol pp.399-410,1990.
    Teece, D. J., "Towards an Economic Theory of the Multiproduct Firms," Journal Economic Behavior and Organization, Vol. 3, pp3.9-63,1982.
    William, P. L. and John S. Jahera, Jr ,"Firm-Diversification Effects on Performance as Measured by Tobin`s q," Managerial and Decision Economics 15,pp.259-266. ,1994.
    Williamson, O.E., "Economic Organization: Firms, Markets and Policy Control," New York University Press, New York, NY. ,1986.
    描述: 碩士
    國立政治大學
    企業管理研究所
    86355058
    87
    資料來源: http://thesis.lib.nccu.edu.tw/record/#B2002001367
    数据类型: thesis
    显示于类别:[企業管理學系] 學位論文

    文件中的档案:

    没有与此文件相关的档案.



    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈