本研究以2017年至2022年為研究期間，以台灣集團企業為研究樣本，透過迴歸模型，探討疫情衝擊下，多角化策略對於集團企業價值之關係。為考慮不同的多角化種類對企業價值有不同效果，本研究進一步將多角化細分為相關多角化及非相關多角化進行分析。
實證結果發現，未考量疫情影響下，總多角化程度與超額價值呈顯著正向關係，尤其相關多角化可透過內部資本市場及範疇經濟等優勢，為集團企業帶來超額價值，而非相關多角化程度與超額價值的關係則不顯著；在考量疫情影響下，總多角化程度與超額價值的關係不顯著，然而，在拆分相關及非相關多角化程度後，相關多角化在加入產業固定效果後變得顯著，非相關多角化則皆不顯著。由於面對疫情的衝擊，降低成本是最有效的措施，故集團企業可透過相關多角化策略來提高成本效率，將有助集團企業價值的提升。

This study examines the impact of COVID-19 on the value of conglomerates using regression analysis. To account for the different impacts of different types of diversification, the study subdivides diversification into related diversification and unrelated diversification. The sample consists of conglomerates in Taiwan from 2017 to 2022.
Without considering the COVID-19 pandemic’s impact, the degree of total diversification shows a significantly positive effect on excess value, particularly in related diversification. Related diversification brings excess value to conglomerates through the advantages of internal capital markets and economies of scope. There is no significant relationship between unrelated diversification and excess value.
When considering the COVID-19 pandemic’s impact, the degree of total diversification doesn’t show a significant relationship with excess value. However, after distinguishing between the types of diversification, related diversification degree exhibits a significantly positive relationship with excess value when industry fixed effects are included. Unrelated diversification remains insignificant in its relationship with excess value.
Reducing cost is the most effective way to face the economic shock. Conglomerates can enhance cost efficiency through related diversification strategies which can increase firm value.

中華資訊統計網：https://www.stat.gov.tw/
IMF: https://www.imf.org/en/Home
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