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研究生：	徐輔謙 Hsu, Fu-Chien
論文名稱：	公司多角化與財務狀況於股東價值之交互作用 The Interaction Effect Between Corporate Diversification and Financial Condition upon Equity Value
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：	2011
畢業學年度：	99
語文別：	英文
論文頁數：	48
中文關鍵詞：	多角化、財務狀況、權益價值
外文關鍵詞：	Diversification, Financial condition, Equity value
相關次數：	點閱：100 下載：5
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本研究主要探討公司多角化策略對公司價值與權益價值之影響。本研究使用Worldscope和Datastream 兩種資料庫，資料樣本為從2000年到2009年全球來自48個國家的215,152間公司。本研究參考Berger and Ofek(1995)之超額價值方法，改以市價淨值比與本益比重新計算超額權益價值，做為權益價值之代理變數，實證多角化策略對公司價值與權益價值之影響。本研究透過財務狀況差異的結果穩健度分析是否在不同的財務狀況下，多角化策略會對公司價值與權益價值有不同的影響。因此，使用Altman’s Z-score，將樣本公司分為好、中、差三種財務狀況。比較多角化公司與單一產業公司的平均數是否有差異。結果發現，不同的財務狀況下，多角化策略會產生不同的影響。在財務狀況好的公司，多角化將對權益價值有正面影響；再財務狀況差的公司，多角化對權益價值有負面影響。而且，多角化對公司價值與權益價值的正面或負面影響，將會隨著多角化程度提高，受到更深的影響。
由於公司多角化會產生波動性效果與破產成本效果。本研究使用回歸分析去比較全部樣本的公司與只有權益的公司(all-equity firms)，檢視是否兩種樣本的係數有所不同。本研究發現在全部樣本的公司下，波動性效果與破產成本的效果有抵銷的效果。然而在只有權益的公司的樣本下，波動性效果將會消失，只保留破產成本的效果。

This study examines the impacts of diversified volatility effect upon the equity value. This study empirically investigates the effects of diversification and volatility on equity value creation using international data from 2000 to 2009. We use Worldscope and Datastream databases, and there are 215,152 firm-years from 48 countries. This study uses robustness check to examine whether corporate diversification has different effect on firm value and equity value in different financial conditions. We use Altman’s Z-score to divide sample firms in to three different financial conditions. The result shows that corporate diversification has different effect on firm value and equity value in different financial conditions. In the sample of good financial condition, corporate diversification has positive effect on equity value. In the sample of bad financial condition, corporate diversification has negative effect on equity value. The positive or negative diversified effect on firm value and equity value would be deeper along with higher degree of diversification.
Corporation would generate volatility effect and bankruptcy cost effect. This study uses regression model to examine the relation between volatility effect and bankruptcy cost effect. The result shows volatility effect and bankruptcy cost effect have offset in the sample of all firms. In the sample of all-equity firm volatility effect would disappear and only bankruptcy cost survives.

Contents

Chapter 1 Introduction	1
1. Research Motives and Background	1
1.2 Research Objective	3
1.3 Research Contribution	4
1.4 Research Framework	4
Chapter 2 Literature Review	6
2.1 Diversification to Firm Value and Equity Value	6
2.1.1 The Motive of Corporate Diversification	6
2.1.2 The Benefit of Corporate Diversification	7
2.1.3 The Cost of Corporate Diversification	8
2.2 The Effect of Corporate Diversification	9
2.2.1 The Information Asymmetry	9
2.2.2 The Volatility Effect	10
2.2.3 The Bankruptcy Cost Effect	12
2.2.4 The Wealth Transfer Effect	13
2.3 Measurement of Firm Value、Equity Value and Diversification	14
2.4 Hypothesis development	16
Chapter 3 Data and Methodology	18
3.1 Data Source	18
3.2 Measurements of Firm value and Equity Value	20
3.2.1 Excess Value (EV) Methodology	20
3.2.2 Equity Excess Value (EEV) Methodology	21
3.3 Measurements of Corporate Diversification	23
3.3.1 Industrial Diversification Dummy (IDD) Methodology	23
3.3.2 Revenue-Based Herfindahl Index (HI) Methodology	24
3.4 Z-score Methodology	25
3.5 Volatility (Vol) Methodology	25
3.6 Control Variables Selection	26
3.7 Empirical Model	27
Chapter 4 Empirical Results	29
4.1 Result of Descriptive Statistics	29
4.2 Results with Corporate Diversification and Value	31
4.3 Robustness of the Results to Variations in Financial Conditions	35
4.4 Regression Results to Variations in Financial Structure	42
Chapter 5 Research Conclusions and Suggestions	45
5.1 Research Conclusions	45
5.2 Research Constraints and Suggestions	46
Reference	47


The Table of Contents 
Table 1: Sample Distribution of Country	19
Table 2: Sample Statistics	30
Table 3: Results of Robustness Checks	33
Table 4: The Effect of Corporate Diversification on Firm Value and Equity Value	34
Table 5: Robustness of the Diversified Effect on Firm Value and Equity Value in Different Firm’s Financial conditions	37
Table 6: Robustness of the Diversified Effect on Firm Value and Equity Value in Different Firm’s Financial Conditions and Different Degrees of Diversification	39
Table 7: The Diversified effect on firm value and equity value between all firms and all-equity firms	44


The Figure of Contents  
Figure 1: Researcher Framework	5
Figure 2: The Relationship Between Call option and Firm Value	13


                                    

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校內：2012-07-28公開
校外：2013-07-28公開

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