本研究旨在探討多角化投資宣告對股東財富的影響，並為首篇從成長機會觀點，分析多角化宣告時的市場反應差異。本文檢測1996年至2002年間NYSE、NASDAQ及AMEX之上市公司所進行的64筆多角化宣告事件。實證結果顯示，高成長公司在多角化宣告時，市場存在顯著的正超額報酬，反觀低成長公司卻出現顯著負異常報酬；此結果支持成長機會與多角化宣告報酬呈正向關係的論點。此外，本研究也發現公司規模與獲利能力將顯著影響多角化宣告的異常報酬。

This paper is the first mover to examine the effect of firm growth opportunity on market reactions of diversifying decision. Using a sample of 64 diversifying events in U.S. spanning from 1996 to 2002, the results show that the firms with high growth opportunities have significantly positive announcement abnormal returns, and however the firms with low growth opportunities have negative announcement returns. After taking into account other factors affecting diversifying announcement returns, the significant positive relationship between growth opportunity and announcement returns still hold. Besides, we find firm size and profitability are both significant determinants of diversifying returns.

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