本研究以1996年至2007年間台灣上市公司為樣本，探討公司內部部門多角化程度對投資現金流量敏感度之影響。本研究結果指出當公司內部部門多角化將會使得投資對現金流量敏感度降低，代表進行公司進行多角化經營可以減緩融資限制，與Hoshi, Kashyap, and Scharftein(1991)以及沈中華與王健安(2000)使用集團為樣本的結果一致。本研究更進一步探討當多角化公司面臨融資限制時，多角化的策略是否可以降低融資限制使得投資現金流量敏感度降低。利用股利支付率作為融資限制的分類標準時，受到融資限制的多角化公司有較低的投資對現金流量敏感度，此結果隱含股利支付率為分類本研究樣本較佳的方式，支持Fazzari, Hubbard and Petersen (1988)的研究結果

This study investigates the relationship between investment-cash flow sensitivity and diversification effect in Taiwan listed companies during 1996-2007. The results show that diversified firms will have lower investment-cash flow sensitivities than non-diversified firms. We get the same results as Hoshi, Kashyap and Scharfstein (1991) using conglomerate as samples. We further investigate that if diversified firms face financial constraints, the diversification strategy would still alleviate financial constraints and still have lower investment-cash flow sensitivities than non-diversified firms. By using payout ratio, KZindex and leverage as financial constraints determinants, the diversified firms would still have lower investment-cash flow sensitivities under financial constraints. By using payout ratio as financial constraints determinant, the diversified firms still have lower investment-cash flow sensitivities under financial constraints. It implies that payout ratio would be a good financial constraints determinant proposed by Fazzari, Hubbard and Petersen (1988).

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