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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/34033
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34033


    Title: 財務槓桿對於多角化企業價值之再探討
    none
    Authors: 林秀倩
    Contributors: 屠美亞
    none
    林秀倩
    Keywords: 多角化
    超額價值
    公司價值
    財務槓桿
    Date: 2002
    Issue Date: 2009-09-17 19:10:33 (UTC+8)
    Abstract: 多角化經常是許多企業追求持續成長、價值創造所採取的策略之一,然而,大多數的實證結果均發現多角化策略減損了公司價值,而且企業的總價值顯著低於各部門獨立經營應有之價值,存在折價現象,顯示出多角化策略不僅無法創造價值,反而有損於公司價值。如此一來,「多角化」似乎背離了管理者理應採行提昇股東財富之策略。
    為何多角化企業會存在折價現象呢?從實證上觀察到多角化企業的財務槓桿程度愈高,價值減損的幅度愈大,似乎兩者存在某種關係。因此,本研究將驗證財務槓桿與多角化企業價值之關係,探究多角化企業折價幅度是否與財務槓桿有關,以瞭解實務中多角化企業普偏負債比率較高的現象是否合理。本研究以美國公開交易公司作為研究對象,樣本期間為1996年至2001年,利用Berger & Ofek(1995)所提出的超額價值作為公司價值的衡量指標,本研究實證結果發現:

    一. 不同多角化策略階段下,財富移轉效果之影響存在顯著差異
    二. 不同多角化策略階段下,多角化策略與財務槓桿的交互作用效果與公
    司價值之關係存在顯著差異
    三. 多角化策略確能帶來舉債利益,但隨著多角化程度增加而遞減。

    在實證的過程中發現,若以靜態觀察多角化公司價值與財務槓桿間的關係,兩者的確存在顯著負向關係;然而,若捕捉策略調整下的動態過程,發現多角化策略價值變動數與財務槓桿之間為正向關係,意即財務槓桿愈高之企業,進行多角化策略後,價值增加的幅度愈大抑或價值減損的幅度愈小。換言之,財務槓桿並非導致多角化公司折價之因素,反而有利於價值創造。
    Reference: 一.中文部分
    1.余易明,「集團企業多角化價值與融資優勢之時間趨勢研究」,國立中央大學企業管理研究所未出版碩士論文,民國88年
    2.黃仲生,「多角化對公司價值影響之實證研究」,國立中山大學財務管理學系研究所未出版碩士論文,民國85年
    3.黃儀芳,「多角化對公司價值之影響」,國立中正大學財務金融研究所未出版碩士論文,民國91年
    4.戴維芯,「多角化策略型態對公司價值影響之實證研究-以高科技上市公司為例」,國立交通大學科技管理研究所未出版碩士論文,民國87年
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    Description: 碩士
    國立政治大學
    財務管理研究所
    90357012
    91
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0090357012
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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