- 學位論文
公司多角化在不同生命週期下之價值攸關性
The Relevance between Enterprise Value and Diversification Strategies Adopted in Different Periods of Life Cycle.
摘要
本研究係以Ohlson（1995）所提出之會計基礎評價模式為主軸，並使用Asset-based Entropy方法衡量全球多角化程度，探討企業進行全球多角化策略時，對於公司價值之影響；且以Anthony and Ramesh（1992）所提出之方法衡量企業之生命週期，單獨考量企業生命週期因素對於股價之影響；最後衡量企業在不同生命週期下，採行全球多角化策略時，投資人給予公司之評價。實證結果發現，企業採行多角化策略時，對於本身之股價會有減損但不顯著的影響；而投資人在考量企業價值時，也會因所處生命週期的不同而給予不同評價，在成長時期，投資人會給予公司正向且顯著的評價；最後探討所處不同生命週期時，投資人對企業採行多角化策略之評價，在成長期與成熟期時，企業採行多角化策略對於股價之影響遠大於衰退期，即企業在成長期與成熟期時，可拓展其對全球市場之投資，以提升公司之價值。
並列摘要
The research sheds light on the model proposed by Ohlson (1995) , and uses the Asset-based Entropy to assess the level of International diversification in order to find out how the diversification strategies will affect the enterprise values; also, uses the approach published by Anthony and Ramesh (1982) to measure the enterprises’ life cycles and merely consider how the life cycle will influence the stock price. At the end, the research focuses on how the investors will judge a firm when implementing diversification strategies in different periods. The result shows that when a firm conducts a diversification strategy, the stock price will decrease but not significantly; an investor will also consider the firm’s value differently when the firm is in the different stage of its life cycle. When the firm is in a growth period, an investor will give a positive and significant assessment. The diversification strategy conducted in a growth and mature period has a more influential effect on stock price rather than in a slump period. That is to say, a firm can increase its investment in global market when in growth and mature period.