公司多角化經營對財務績效之非線性影響關係探討

Nonlinear Analysis on the Effect of Diversification on Firm Value

熊彥傑(Yen-Chien Hsiung)

指導教授 ： 聶建中

共同指導教授 ： 莊孟翰(Meng-Han Jhuang)

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2010年)

https://doi.org/10.6846/TKU.2010.00613

摘要

本研究旨在探討台灣上市跨國企業在產品多角化及國際化策略下不同財務屬性上對公司價值產生之影響。以往文獻針對多角化與公司價值影響關係之探討，多以因素間的交互關係或以傳統迴歸進行分析，而忽略了變數間可能存在非線性且非對稱性的關係，然而，吾人臆測多角化因子對公司價值之影響變化並非同質的，因此，本研究以縱橫平滑移轉迴歸模型探討公司多角化程度對公司價值產生影響。本研究以銷貨比重代表多角化程度，臆測銷貨比重可能存在門檻，當代表多角化程度的銷貨比重大於門檻時，將會導致所選取控制變數對公司績效之非線性影響衝擊。
研究結果顯示，銷貨比重與資產報酬率與每股盈餘間確實存在非線性門檻關係，而其影響關係發生異質之門檻分別為49.645%及63.965%。其門檻前後，控制變數對其被解釋變數的影響方向皆相同，其中，負債比率與公司績效成反比，而營收成長與公司績效成正比。然而，此對應效果之影響幅度在門檻之上時將降低。此現象顯示，公司多角化程度高低，對公司績效的影響方向皆相同，而多角化程度較高時，其影響幅度會降低。
另以淨值報酬率當作公司績效來進行探討時，實證結果雖然同樣發現負債比率與公司績效成反比，且營收成長與公司績效成正比，但銷貨比重與公司績效間並不存在非線性關係。此現象顯示若以淨值報酬率之角度作考量，公司多角化的程度並不為公司績效帶來非線性之異質影響。

關鍵字

多角化 ； 銷貨比重 ； 財務績效 ； 跨國企業 ； 縱橫平滑移轉模型

並列摘要

The purpose of this research is to investigate the effects of financial characteristics on financial performance for the diversification and internationalization of the multinational companies (MNCs). We believe that the relationships between diversification and financial performance are not in a homogenous behavior. However, the nonlinear and asymmetrical relationships between diversification and firm value are usually neglected by the methodologies of factor analysis and traditional regression. Therefore, we apply the panel smooth transition regression (PSTR) to catch the nonlinear and asymmetrical phenomenon for our research. We use the sales-ratio as the proxy for the term of diversification. We also hypothesize that there exists threshold values of sale-ratio which results the effects of financial characteristics on firm value in a nonlinear way.
The empirical result shows that there exists a nonlinear relationship when sales-ratio used as a threshold variable and ROA and EPS used as the explained variables. The threshold values of sales-ratio are 49.645% and 63.965% for cases of ROA and EPS, respectively. For both cases, the effects of financial characteristics on financial performance are on the same direction, but the degree of impact is lower in the higher regime.
Moreover, when ROE is used to proxy for the financial performance, the evidence shows that there exists no nonlinear phenomenon happened for the relationship between diversification and firm value. No matter in which cases, the effects of each of the control variables of debt-ratio and sales-growth on firm value are negative and positive, respectively.

並列關鍵字

Diversification ； Sales-ratio ； Financial performance ； Multinational company ； Panel smooth transition regression

參考文獻

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