本研究主要探討企業多角化與研發支出的交乘作用對公司權益資金成本的影響。本研究以事前(ex-ante)方法計算五種權益資金成本，並求取平均作為權益資金成本之代理變數。權益資金成本又為股東要求報酬率，若能有效地降低公司的權益資金成本也就代表公司價值的提升。
本研究進一步使用Entropy方法將公司多角化拆解成相關性多角化與非相關性多角化，並利用回歸分析來分別實證企業總多角化 (相關性、非相關性)與研發支出的交乘項對於權益資金成本的影響。本研究發現，企業總多角化與研發支出的交乘項和相關性多角化與研發支出的交乘項均能顯著降低公司的權益資金成本。這結果也顯示公司可以藉由多角化而提升研發費用的效率，尤其運用在相關領域更能充分的運用研發費用並有效降低公司的權益資金成本。

This study mainly examines the interaction effect of diversification and R&D expenditure on firm’s cost of equity capital. This research uses an ex-ante method to calculate cost of equity measurement and to average five measurements of cost of equity capital and then regards this as the cost of equity estimates. Cost of equity capital is also the required return of shareholders; that is, if firms have lower cost of equity capital, then they will enjoy increases in firm value.
Furthermore, this research applies Entropy method to separate total diversification into related and unrelated diversification, and empirically examines the regression of cost of equity capital on the interaction of total diversification (related diversification, unrelated diversification) and R&D expenditure, respectively. This study finds both of the interaction of R&D and total diversification and the interaction of R&D and related diversification significantly decrease the cost of equity capital. The results indicate that firms can promote the efficiency of R&D through diversification, and especially in related fields, R&D can be fully exploited and thus effectively decrease firm’s cost of equity capital.

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