台灣上市公司轉投資行為之研究

The Reinvestment Behavior of Taiwan Listed Companies

古淳仁(Chun-Jen Ku)

指導教授 ： 胡星陽

國立臺灣大學/管理學院/財務金融學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.10705

摘要

轉投資對企業來說是一項重要的活動，規模龐大者，甚至形成了所謂的「集團企業」。錯綜複雜的股權結構及母子公司間的交叉持股是這些集團企業給人的第一印象，事實上，一間公司轉投資的項目可能多如繁星，我們可以發現，母公司對每一間子公司的持股率卻不盡相同，而在眾多子公司中，有屬於母公司為了拓展事業版圖而創立之多角化經營者，也有屬於母公司為了強化本業而設置之集中化經營者。 這其中的差別，是不是因為母公司的內部人基於自利的動機所造成，是本研究想要討論的主題。
本研究試圖從母公司持股率、轉投資事業與母公司之業務關聯及子公司是否為上市櫃公司等變數來觀察子公司經營績效之變化情形，結果發現在樣本不分組的情況下，母公司持股率與多角化經營對子公司的獲利能力有正面顯著的影響；而在將樣本依母公司持股率分組過後，母公司持股率介於25%∼50%之間，母公司持股率對子公司的會計報酬率有負向的影響，符合本研究假說一，多角化經營對子公司獲利依然有正向顯著的影響；母公司持股率介於75%~100%之間，則得出與樣本不分組相似的迴歸結果，但子公司是否為上市櫃公司對盈餘的影響在以上幾個部分卻都沒有得出顯著的結果。
由以上結果我們除了得出母公司持股率增加可能對子公司獲利有正面效果外，也證實了股權結構與公司績效存在非線性關係的可能性，而母公司多角化經營對子公司績效的正相關則是本研究的另一個發現。
最後，本研究為了消除離群值(Outliers)對模型可能造成的誤判，所以進行了穩健迴歸模型(Robust Regression)之分析，發現母公司持股率對子公司獲利有負面影響，上市櫃子公司的獲利也明顯較其餘子公司來得好，多角化經營對子公司也有負向顯著的影響，完全符合本研究的三個假說。

關鍵字

轉投資 ； 內部人 ； 集團企業

並列摘要

Reinvestment is an important source of business diversification. “Business Group” was formed through these investment decisions made by parent company. Complicated ownership structure and the cross-shareholdings among business group was our first impression about them. A company may have so many subsidiaries that we couldn’t even recognize them. The interesting point is, the parent companies are always holding unequal shares for different subsidiaries. One kind of subsidiaries is diversified firm and the other is focused firm. Which factors caused these differences was what this thesis desired to discuss.

This paper tried to observe the return of subsidiaries (AAR). See if it was influenced by ownership by parent company (OPHPC), dummy variable for diversification (FVD), and dummy variable for listed company (LCN). We found that OPHPC and FVD were positively significant in the “All Samples” group. OPHPC was negatively significant and FVD was positively significant in the”25%-50%” group. The “All sample” group got the similar result with “75%-100%” group. LCN was not significant in all these groups.
We could conclude that the OPHPC might have significant non-linear relationship with AAR. FVD was obvious positively significant which supported the hypothesis II.

In order to eliminate the bias introduced by “Outliers”, we used the “Robust Regression” model to analyze. OPHPC was negatively significant which supported our hypothesis I, FVD was negatively significant which also corresponded the hypothesis II, and LCN was positively significant which supported our hypothesis III.

並列關鍵字

Reinvestment ； Insider ； Business Group

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