本研究旨在探討台灣現金增資公司多角化策略與長期股價報酬間之關係。檢測1995年至2002年在台灣市場進行現金增資的386家公司，研究發現與各種標竿報酬對照，現金增資公司發生三年期長期績效衰退的現象。將現金增資公司分為高科技產業與傳統產業進行檢測，結果顯示傳統公司長期績效衰退，而高科技公司則表現正向的股價異常報酬。另外，將公司多角化與長期績效連結，實證結果指出公司多角化程度的確與現金增資後的長期績效有正向相關，利用計量模型控制內生變數的問題後，兩者正向關係仍然存在，顯示多角化策略有助於現金增資公司提高募集資金的利用率與使用效果，進而產生較佳的長期異常報酬。

The study examines the impact of corporate diversification degree on long term stock return performance of Taiwan SEO firms. Based on the sample of 386 equity issuers spanning from 1995 to 2002, we find that SEO firms underperform various benchmarks for up to three years from the offering date. With the sample divided into high-tech and non-high-tech subgroups, results show bad long run performance of SEOs as entirely driven by non-high-tech groups, and even high-tech issuers exhibit superior positive abnormal returns. We intend to associate corporate diversification with post-issue performance; empirical results yield evidence that extent of diversity positively correlates with it in the long run. Using alternative econometric technique to control the endogeneity factor, we find positive correlation between diversification level and post-issue performance still exists. These findings concur with arguments that diversification certainly provides SEO firms with a more efficient structure to allocate information and resources. To our knowledge, this result has not been previously documented.

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