Diversification, Financing and Investment Decisions

多角化企業之投資策略與融資策略之探討

邱正仁(Jeng-Ren Chiou) ； 薛明賢(Ethan Ming-Sian Syue) ； 陳虹君(Hung-Chun Chen) ； 黃鼎喬(Joey Ting-Chiao Huang)

《財務金融學刊》 18卷2期 (2010/06) Pp. 99-133

https://doi.org/10.6545/JFS.2010.18(2).4

摘要

過去文獻探討多角化、投資及融資策略兩兩之間的關係，並未深入討論多角化、融資與投資策略三者之間的關聯。舉債能力理論預期多角化能增加公司舉債能力，即多角化與融資呈正向關係；投資不足理論預期多角化能創造較大的內部資本市場來降低投資不足問題，即多角化與投資呈正向關係；股東與債權人之間的代理問題，則預期槓桿與投資之間呈負向關係。然而當多角化、融資與投資策略三者同時考量，若多角化能增加公司的槓桿，是否會因為高槓桿而提高投資不足的可能，但多角化能平穩公司的現金流量，反而降低投資不足的可能。因此本研究旨在探討多角化、融資與投資策略三者之間的關聯，試圖釐清公司多角化程度的不同對於融資與投資策略的影響是否改變。

關鍵字

多角化 ； 投資策略 ； 融資策略

並列摘要

Prior literature has investigated the relationships between diversification and financing strategies, diversification and investment strategies, or financing and investment strategies in isolation. The debt capacity theory suggests that firms diversify to increase debt capacity; the underinvestment theory proposes that diversified firms may reduce the underinvestment problem; and the argument based on agency problem between shareholders and debt holders suggests a negative relationship between leverage and investment. However, as diversification, financing, and investment strategies considered simultaneously, we argue that the theoretical relationships between each strategy may change. Results suggest that although firms may diversify to increase debt capacity, diversification may not increase capital expenditures simultaneously. Our findings also support the debt capacity theory that if firms engage in higher degree of diversification and undertake investment projects, their leverage will increase. Because diversified firms have the ability to issue more debt externally to pursue investment due to greater debt capacity. However, the increase of debt capacity due to diversification may not reduce the underinvestment problem. The finding is not consistent with the underinvestment theory. Overall, our empirical results suggest that appropriate diversification strategy will help firms undertake financing and investment decisions more successfully.

並列關鍵字

Diversification ； Investment Strategy ； Financing Strategy

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