探討企業產品多角化策略與營運績效及公司價值間之關係

在當前的市場環境中，企業面臨著來自市場變化、行業競爭和技術進步的多重挑戰。為了保持競爭優勢和實現可持續發展，企業通常採用多角化策略以擴大其經營範圍，分散風險，並提高營運績效和公司價值。本研究旨在探討企業採用不同多角化策略（包括水平多角化、垂直多角化和非相關多角化）及多角化程度對其營運績效(ROA、ROE)和公司價值(Tobin’s Q)的影響。本研究以台灣上市電子產業為研究對象，利用2013年至2022年的次級資料進行實證分析。研究方法包括相關係數分析、趨勢分析和迴歸分析，以確保數據的可靠性和結果的穩定性。研究結果顯示，不同多角化策略對營運績效和公司價值均具有正向影響，其中垂直多角化策略則可顯著提升企業的ROE和ROA，水平多角化策略和非相關多角化策略也表現出一定程度的正面影響，但未如垂直多角化策略顯著。多角化程度與營運績效和公司價值亦有正向影響。本研究歸納管理實務上之建議如下： 1.企業在追求新事業發展時，應謹慎考慮多角化的程度。過高的多角化可能會分散現有業務的資源和成本，不利於提升企業價值。 2.企業應定期進行多角化策略的成效評估，包括財務表現、市場份額變化、客戶滿意度及員工承諾度等指標的評估。 3.企業應考慮建立一個專門的策略規劃小組來監督多角化進程，確保所有新業務的整合都符合公司的長期發展目標和企業使命。

關鍵字

多角化策略；多角化程度；營運績效；公司價值

並列摘要

In the current market environment, enterprises face multiple challenges from market changes, industry competition, and technological advancements. To maintain a competitive advantage and achieve sustainable development, companies often adopt diversification strategies to expand their business scope, disperse risks, and enhance operational performance and corporate value. This study aims to explore the impact of different diversification strategies (including horizontal diversification, vertical diversification, and unrelated diversification) and the degree of diversification on their operational performance (ROA, ROE) and corporate value (Tobin's Q). This study focuses on the listed electronic industry in Taiwan, utilizing secondary data from 2013 to 2022 for empirical analysis. Research methods include correlation analysis, trend analysis, and regression analysis to ensure the reliability of the data and the stability of the results. The findings indicate that different diversification strategies positively impact operational performance and corporate value. Among them, vertical diversification strategy significantly enhances ROE and ROA, while horizontal diversification strategy and unrelated diversification strategy also show a certain degree of positive impact, but not as significant as vertical diversification strategy. The degree of diversification also has a positive effect on operational performance and corporate value. The study provides the following suggestions for management practice: 1.When pursuing new business development, companies should carefully consider the degree of diversification. Excessive diversification may disperse resources and costs of existing businesses, which is not conducive to enhancing corporate value. 2.Companies should regularly evaluate the effectiveness of their diversification strategies, including assessing indicators such as financial performance, market share changes, customer satisfaction, and employee commitment. 3.Companies should consider establishing a dedicated strategic planning team to oversee the diversification process, ensuring that all new business integrations align with the company's long-term development goals and corporate mission.