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研究生：	王皓正 Wang, Hao-Cheng
論文名稱：	多角化公司價值和不同法律系統的關係 Cross-country evidence on the Value of Corporate Diversification and Legal Systems
指導教授：	王明隆 Wang, M. Andrew
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：	2010
畢業學年度：	99
語文別：	英文
論文頁數：	73
中文關鍵詞：	產業多角化、國際多角化、法律體系
外文關鍵詞：	Industrial Diversification, International Diversification, Legal System
相關次數：	點閱：151 下載：3
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摘要
本篇論文主要探討產業多角化和國際多角化對公司價值的影響，並且瞭解國家法律制度和多角化公司的關係。本研究利用Berger and Ofek (1995) 所提出的超額價值做為衡量公司價值的指標。資料來源方面，我們採用2000年到2006年 Worldscope資料庫的資料。實證結果和過去的研究一致，產業多角化和國際多角化都有公司價值減損的現象，但是當我們把美國和日本的樣本去除時，發現多角化產生價值增加的現象。從這個結論，我們知道價值減損的現象並不是一致的在所有國家都發生，甚至有些國家有價值增加的現象。因此，我們利用法律系統來解釋這個現象。我們發現英系法律體系的價值減損程度最嚴重，而在德系法律體系、斯堪的納維亞系法律體系和法系法律體系都比英系法律體系下的價值高，而且都有價值增加的現象。主要的論點在於在投資人保護比較不好的國家，公司要外部融資比較困難，因此公司多角化產生的內部資本市場可以產生較大的價值。

ABSTRACT
The purpose of this paper is to examine the effect of industrial and international diversification on the value of the firm and the relationship between the country』s legal system and the value of corporate diversification. We seek to test those effects by using the excess value developed in Berger and Ofek (1995). We obtain data from Worldscope datasets during the period 2000 to 2006. Consistent with previous studies, we find that industrial and international diversification has value-reducing effects. However, industrially diversified firms have value-enhancing effects and internationally diversified firms have less value-reducing effects when excluding the U.S. and Japan firms. From this result, we confirm that value-reducing effects do not occur consistently in all of the countries. Hence, we employ the legal system. We find that value-reducing effects are largest among countries where the legal system is of English origin. Moreover, value-enhancing effects occur in countries where the legal system is of German, Scandinavian or French origin. One explanation of these results is that internal capital markets generated through corporate diversification are more valuable (or less costly) in countries where there is less shareholder protection and where firms find it more difficult to raise external capital.

CONTENTS
ABSTRACT 	4
CONTENTS 	5
TABLE OF CONTENTS 	6
Chapter 1 Introduction	7
1.1	Research Motivations and Background	7
1.2	Research Objective	10
1.3	Research Framework	10
Chapter 2 Literature Review and Hypotheses Development	11
2.1	Definition of diversification strategy	11
2.2	Theory and Prior Evidence on Industrial Diversification	12
2.3	Theory and Prior Evidence on international Diversification	14
2.4	Theory and Prior Evidence on the legal system	16
2.5	Hypotheses Development	17
Chapter 3 Data	19
3.1	Data	19
3.2	Summary statistics	22
Chapter 4 Excess Value associated with industrial and international diversification	27
4.1	Excess value methodology	27
4.2	Excess value estimates	29
Chapter 5 Empirical Results	37
5.1	Cross section regression results with industrial or international diversification	38
5.2	Cross section regression results with both industrial and international diversification	45
5.3	Cross section regression results with industrial diversification in different legal systems	50
5.4	Cross section regression results with international diversification in different legal systems	54
5.5	Cross section regression results with industrial or international diversification in different legal systems	58
5.6	Cross section regression results with both industrial and international diversification in different legal systems	63
Chapter 6 Conclusions and suggestions	68
Reference 	70
TABLE OF CONTENTS
Table 1	Sample Characteristics and Distribution of Country 	21
Table 2	Descriptive Statistics, 2000-2006	24
Table 3	Summary statistics for world firms by industrial and international diversification: 2000-2006	26
Table 4	Excess Value Measures for a Sample of 55,103 Firm-years between 2000 and 2006	32
Table 5	Excess Value by Legal System: 2000-2006	36
Table 6	Multivariate regression estimates of excess value for industrially or internationally diversified       
firms: 2000-2006	42
Table 7	Multivariate regression estimates of excess value for both industrially and internationally 
diversified firms: 2000-2006	47
Table 8	Multivariate regression estimates of excess value for the industrial diversification in different 
legal system: 	52
Table 9	Multivariate regression estimates of excess value for the firm international diversification in 
different legal system: 2000-2006	56
Table 10	Multivariate regression estimates of excess value for industrially or internationally diversified 
firms in different legal system: 2000-2006	61
Table 11	Multivariate regression estimates of excess value for the firm industrial or international 
diversification in different legal system: 2000-2006	66


                                    

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校外：2020-12-31公開

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