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研究生： 游尚衞
Yu, Shang-Wei
論文名稱： 以全球化觀點衡量多角化策略對公司權益資金成本之影響
The Effects of Diversification Strategy upon Cost of Equity Capital: A Global Perspectives
指導教授： 王明隆
Wang, Ming-Long
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2014
畢業學年度： 102
語文別： 英文
論文頁數： 44
中文關鍵詞： 多角化 、相關性多角化 、非相關性多角化 、權益資金成本
外文關鍵詞： diversification, related diversification, unrelated diversification, cost of equity capital
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    • 本研究主要探討公司多角化策略對公司權益資金成本之影響。本研究資料樣本為從2002年到2011年全球來自40個國家的3,459間公司。本研究透過權益資金成本差異的穩健度分析是否多角化策略對公司的權益資金成本有不同影響，並使用回歸分析去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。本研究進一步探討不同類別的多角化策略與公司權益資金成本的關係。本研究使用回歸分析去比較全部樣本的公司與多角化公司，檢視兩種樣本對於不同類別的多角化策略與公司權益資金成本的結果。研究結果發現，就非相關性多角化而言，在兩種樣本中非相關性多角化均會提高公司權益資金成本。而相關性多角化雖然在全部樣本的公司也會使公司的權益資金成本提高，但是其影響的程度顯著的較非相關性多角化的程度低。

    This study mainly examines the relationship between corporate diversification and a firm’s cost of equity capital. Our total sample is 12,474 firm-years from 40 countries. The results show that diversified firm’s cost of equity capital is larger than that of standalone firms. Further, we also examine the effects of different types of diversification on firm’s cost of equity capital, and perform the regression using the sample of total firms and diversified firms on cost of equity capital with two diversification measures. The results of the model for the total sample show that the effect of unrelated diversification on the cost of equity is higher than the effect of related diversification. The results of the diversified firms’ regression model also show a firm’s cost of equity capital increase with the degree of unrelated diversification.

    摘要.....................................................I ABTRACT.................................................II 誌謝.....................................................III CONTENTS.................................................IV LIST OF FIGURES..........................................VI LIST OF TABLES...........................................VI Chapter1 Introduction....................................1 1.1 Research Background and Motivations..................1 1.2 Research Objectives and Major Finding................3 1.3 Research Contribution................................4 1.4 Research Framework...................................5 Chapter 2 Literature Review..............................7 2.1 Literature Review of Motives of Diversification......7 2.2 Literature Review of Diversification Loss and Gain...8 2.2.1 Costs of Corporate Diversification.................9 2.2.2 Benefits of Corporate Diversification..............9 2.3 Literature Review of Related and Unrelated Diversification..........................................10 2.4 Literature Review of Diversification Measurement.....12 2.5 Hypothesis Development...............................13 Chapter 3 Data and Methodology...........................15 3.1 Data Selection and Description.......................15 3.2 Measurement of Cost of Equity Capital................17 3.2.1 Implied Cost of Equity Capital.....................17 3.3 Measurement of Corporate Diversification.............21 3.3.1 Corporate Diversification Dummy....................21 3.3.2 Entropy index......................................21 3.3.3 Revenue –Based Herfindahl Index....................24 3.4 Control Variables Selection..........................25 3.4.1 Beta, BETA.........................................25 3.4.2 Size, SIZE.........................................25 3.4.3 Leverage, LEV......................................25 3.4.4 Book to Market Ratio, BTM..........................26 3.4.5 Sales Growth and Inventory, SALEGRW and INV%.......26 3.4.6 Foreign Operations, FOREIGN........................27 3.4.7 Loss, LOSS.........................................27 3.5 Empirical Model......................................28 Chapter 4 Empirical Results..............................30 4.1 Descriptive Statistics...............................30 4.2 Results with Diversification and Cost of Equity Capital .........................................................33 Chapter 5 Conclusion and Suggestions.....................40 Reference................................................42

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