本研究主要探討兩個關係，其中一個是企業多角化程度與其現金增資所募得之資金價格，另一則為企業多角化程度與其現金增資所需支付給承銷商之承銷費用。根據對現金增資所募得之資金價格所得到之迴歸結果，我們發現企業多角化的程度對於其所募得之資金價格有負面之影響，也就是企業多角化程度越高，現金增資所募得之價格越低。另一方面，從現金增資所需支付給承銷商之承銷費用之迴歸結果我們並無法有足夠之證據證明企業多角化真的能為其帶來利益。

This study investigated two associations: one is between the action of diversification conducted by firms and offer prices, and the other one is between the action of diversification conducted by firms and the gross spread of seasoned equity offerings (SEOs). The regression results on offer price showed that the degree of diversification of the firm has a negative effect on the offer price of SEOs for the same firm, but we could not find sufficient evidence that diversification is beneficial to a firm on the basis of the regression results on the gross spread.

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