國際化深度與多角化策略對企業財務績效與價值影響之研究－以台灣地區傳統產業及新興高科技產業為例

An Empirical Study on the Influences of Financial Performance and Corporate Value through Internationalization and Diversification Strategy

趙永祥(Yuang- Shiang Chao) ； 白宗民(Tzung-Min Pai) ； 邱素津(Su-Chin Chiu)

《全球管理與經濟》 15卷2期 (2019/12) Pp. 1-24

https://doi.org/10.6565/JGME.201912_15(2).0001

摘要

國際化可以增加跨國企業獲利能力外，在財務方面也可擴增國外籌資管道及工具，國際化策略明顯可以降低負債比率。在電子產業雖然ROA及ROE與產品多角化呈現負相關但都不顯著。另一方面，電子公司的公司規模與公司價值之間關係具有顯著正向關係，表示在電子產業的公司，規模愈大則公司價值愈高。在產品多角化與國際化相互交乘結果對營運績效之影響，其所呈現結果在顯著水準1%及5%之下與財務績效ROA、ROE及ROS之間則是正呈現正向關係。相關產品多角化其公司價值高於非相關產品多角化的公司價值；整體而言，產品多角化程度與公司價值呈現正向相關。經由實證結果得知，對電子產業及新興高科技產業具有顯著性效果者為產品多角化與國際化相互交乘結果對ROA及ROE間是正向關係。電子公司對外投資國家愈多，其與ROE呈現顯著負向關係，這表示其在國外投資擴增區域愈多，對於股東報酬率則愈低。國際化程度與多角化兩者互動下對電子產業營運績效可能產生影響，研究結果顯示國際化策略對公司財務績效會有正面影響且會隨國際化程度越高呈現U型曲線關係；相關產品多角化之績效會高於非相關產品多角化之績效。相關產品多角化結果對電子公司存在有顯著水準低負債比率的影響，而非相關產品多角化則相反。公司規模與ROA、ROE及ROS的績效指標都呈現相當顯著的正相關。

關鍵字

多角化 ； 國際化深度 ； 財務績效 ； 公司價值

並列摘要

The main purpose mainly assesses the influences of financial performance and corporate value through internationalization and diversification strategy. Furthermore, the well-operated electrical companies had been transacted in the Taiwan Exchange Stock Market. Focus of this research incorporated the following three dimensions into analysis and discussion: finance performance and corporate value, in the meanwhile, this thesis also provided the objective empirical results for references to cross-country corporate from Taiwan. Final research outcomes indicated the crucial findings that the degree of internationalized policy had positive relation with financial performance. Furthermore, internationalized policy apparently will decrease ratio of corporate liability and increase the ability of profit-gained. The more foreign companies investing abroad, the more negative relationship with ROE, the findings indicate that the more they expand in foreign countries, the lower the return of shareholders. According to the findings of corporate value approach, the outcomes showed that degree of product diversification had positive relation with corporate value but had apparent positive relation with performance.

並列關鍵字

Internationalized Policy ； Diversification Strategy ； Depth of Internationalization ； Financial Performance ； Corporate Value