本研究探討高科技產業公司的區域多角化策略對公司權益資金成本之影響，研究資料從Thompson Institutional Brokers Earnings Services (I/B/E/S)與Worldscope中獲得，資料樣本為從2002年到2012年全球之29個國家。本研究使用Hail and Leuz (2006)的方法來定義事前權益資金成本，且事前權益資金成本隱含了現在市場股價以及分析師預測，我們使用4種過去研究的隱含權益資金成本以及加上Easton (2004)所定義的隱含權益資金成本，加權平均後並成為平均權益資金成本。本研究透過平均權益資金成本差異探討是否多角化策略對公司的權益資金成本有不同影響，並使用回歸分析比較多角化公司與非多角化公司的權益資金成本，其結果均顯示多角化策略會使公司權益資金成本提高。研究結果的發現與過去的研究相符，區域多角化策略對於公司價值出現減損的影響，最後我們也區分出高程度多角化廠商與低程度多角化廠商對於權益資金成本的關係，而結果顯示在高程度多角化廠商與權益資金成本為正相關，但在低程度多角化廠商與權益資金成本的關係卻為負相關。

This study mainly examines the relationship between corporate diversification and firm’s cost of equity capital in high-tech industry. We obtain data from Thompson Institutional Brokers Earnings Services (I/B/E/S) and Worldscope to yield a sample from 29 countries. We follow the Hail and Leuz (2006) method to estimate ex-ante cost of equity capital which implied with current stock prices and analyst forecasts. We adopt four implied cost of equity capital models that are commonly used in the literature. Moreover, we also add a special case of the Easton (2004) model. The results show that diversified firm’s cost of equity capital is larger than that of standalone firms. Consistent with previous studies, the results indicate that internationally diversified firms have value-reducing effects. Finally, we distinguish between high-diversified firms and low-diversified firms in our sample. Results show that high-diversified firms and cost of equity capital are positive related; however, low-diversified firms and cost of equity capital are negative related.

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