多元化在市場上變得越來越盛行，雖然不是每一間公司都能從多元化發展中獲得利益。根據代理理論的解釋觀點，我們想要探討公司治理對於多元化程度的影響。我們想要了解何種型態的公司治理結構會增進公司多元化的發展。我們研究的結果顯示，CEO的選擇權給予以及董事會的組成結構皆顯著的影響公司多元化發展的程度。此外，我們也針對各項解釋變數對於多元化變動程度的影響做了進一步的分析。結果顯示CEO選擇權給予及現金酬勞給予若增加，多元化的程度也是會相形增加。最後，我們探討經濟因素變動對於多元化程度變動的影響。我們著重在西元兩千年前後解釋變數對於公司多元化的影響。我們發現在不同的經濟環境下，公司治理變數對於公司多元化程度的有不同的影響結果。

　　Diversification becomes more and more popular in market. Although that not every diverse firm gets the benefit from it. According to the explanation by agency theory, we intend to examine the impacts of corporate governance on the magnitude of diversification. We want to know what kind of governance structure would enhance the magnitude of diversification. Our result shows that CEO option grants and the structure of board of directors are significantly related to the magnitude of business diversification. In addition, the sensitivity of diversification to explanatory variables is further examined. The change of CEO option grants and cash compensation would increase the change of diversification. Finally, we would like to discuss the influence of economic changes on the business diversification. We have examined the sensitivity of diversification to the explanatory variables for the samples before year 2000 and after year 2000. The impact of governance variables on the change of diversification is different between the two groups of samples.

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