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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/36551


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    題名: 多角化策略與Tobin`s Q關係之研究
    作者: 陳世明
    貢獻者: 顏錫銘 博士
    黃國誠 博士
    陳世明
    關鍵詞: 公司價值
    Tobin`s Q
    日期: 1998
    上傳時間: 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
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    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
    資料類型: thesis
    顯示於類別:[企業管理學系] 學位論文

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