本篇以盈餘資訊性來檢視多角化與資訊不對稱。研究結果發現:與單一公司相比，多角化公司的近期股價變動包含更多有關未來盈餘的資訊。再將盈餘拆解成現金流量及應計項目，考慮多角化決策的內生性問題，以及加入公司大小、成長、盈餘變動、分析師分析情形及盈餘平穩等變數後，我們的結果仍然穩健。因此研究證實多角化可以降低資訊不對稱問題！！

This paper uses the earnings informativeness to examine the relation between firm diversification and asymmetric information. We find that the change in current stock price of diversified firms contains more information about their future earnings than does the change in the stock price of the focused firms. After decomposing earnings into cash flows and accruals, considering the endogeneity of the diversify decision, and controlling for firm size, growth, future earnings variability, analysts following, and income smoothing, our results are still robust. These findings support the view that diversification can reduce the asymmetric information.

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