轉投資策略對公司價值的影響

The Impact of Reinvestment Strategy on Firm Value

賴煒辰(Wei-Chen Lai)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士班/碩士(2021年)

https://doi.org/10.6846/TKU.2021.00665

摘要

台灣上市公司實施轉投資策略之企業愈漸頻繁，可看見轉投資策略在未來企業發展的重要性，過往鮮少有學者針對轉投資策略作為研究主軸，因此本研究以轉投資策略作為主要探討，將台灣上市公司作為實證對象，並收集2016年至2019年期間之資料，並納入公司治理、董事結構、財務變數及其他控制變數來一併探討轉投資策略實施對公司價值的影響。經過實證後發現以下結果:其一、企業實施轉投資策略與公司價值呈負向顯著關係，且實施轉投資策略投資額的增加與公司價值亦呈負向顯著關係。其二、電子業公司相較於其他產業之公司實施轉投資策略與公司價值無顯著的關係。其三、董監事持股比率、大股東持股比率、經理人持股比率、公司規模與公司價值呈顯著的正向關係。其四、負債比率與公司價值呈顯著負向相關。

關鍵字

轉投資 ； 公司價值 ； 公司治理

並列摘要

Companies in Taiwan’s listed companies that implement reinvestment strategies are becoming more frequent, which shows the importance of reinvestment strategies in the future development of enterprises. In the past, few scholars have focused on reinvestment strategies as the main research topic. Therefore, this study focuses on reinvestment strategies. Take Taiwan listed companies as empirical objects, collect data from 2016 to 2019, and incorporate corporate governance, director structure, financial variables and other control variables to explore the impact of reinvestment strategy implementation on company performance. After empirical research, the following results are found: First, the implementation of reinvestment strategies by enterprises has a negatively significant relationship with company performance, and the increase in the amount of investment implemented by reinvestment strategies is also significantly negatively related to company performance. Second, compared with companies in other industries, the implementation of reinvestment strategies by companies in the electronics industry has no significant relationship with company performance. Third, the shareholding ratio of directors and supervisors, the shareholding ratio of major shareholders, the shareholding ratio of managers, the size of the company and the company's performance show a significant positive relationship. Fourth, the debt ratio is significantly negatively correlated with company performance.

並列關鍵字

Reinvestment ； Firm Value ； Corporate Governance

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