轉投資對營運綜效影響之研究-以台灣上市食品類股公司為例

A Study Of The Relationship Between Diversification And Financial Performance-- Case Study On Taiwan Listed Food Manufacturing Companies

何宗勳(Tsung-Hsun Ho)

指導教授 ： 鍾憲瑞 博士

國立中正大學/管理學院/企業管理學系/碩士(2012年)

摘要

中文摘要
　　企業成立並度過創業初期開彊闢土階段，一旦找到營運獲利成長模式後，大多企業主無不想要擴大營運規模，擴展事業版圖，尤其在經營有成，申請IPO股票公開發行申請掛牌上市後，打開次級金融市場管道，得以向投資大眾辦理現金增資募集幾乎無成本及高本益比的資金，同時期銀行亦會紛紛自動找上門，給予銀行融資管道，此時資金似洪水般從四面八方湧入，企業主得以低成本取得前所未有龐大的資金額度，大多數的企業主無不志得意滿，以更積極的作為擴大營運規模大展鴻圖，複製以往創業獲利的經驗及模式，大張旗鼓地多角化的投資（不論是本業及業外轉投資），企圖將事業版圖極大化，甚至往集團控股架構式的投資，本論文將探討企業進行轉投資後，對公司營運優劣的影響狀況。
　　本文將以台灣股票上市食品類股公司為研究對象，資料蒐集自民國91年至100年十年期間進行分析研究。針對“轉投資”科目對母體公司延伸而出的各面向含概資金；財務比率；損益回饋；風險…等之影響數據，進行分析研究探討。　　本研究的結論如下：
一、轉投資資金需求將對營運資金造成一定的排擠及利息的負擔，但亦有公司採零舉債經營（如佳格；天仁；黑松），低舉債公司經營（如：味王；大西洋；大統益），轉投資資金由營運獲利再轉入投資。
二、各公司於海外投資，即使轉投資事業順利成功獲利，少有將資金回流母公司的現象，盈餘資金完全在當地持續進行投資擴大經營規模，主要係因投資地區（如中國大陸14億人口加上GDP持續成長）的市場規模需求擴大增加。
三、公司轉投資有成之公司營收，比起母公司單獨營收成長率高，更有公司轉投資之營收已比母公司大（如味王、大成長城、統一、南僑）。
四、海外轉投資，以中國大陸為首選地區，其次為東南亞國家，食品產業投資地區主要考慮因素為內需市場需求。關鍵字：轉投資、多角化、財務績效、ROA、ROE

關鍵字

轉投資 ； 多角化 ； 財務績效

並列摘要

Abstract
Most business owners want to expand the scale and territory after struggling from the harsh beginning and finding the patent of success. Especially, when listed on the board, the companies are able to withdraw money from the public. In the meantime, banks will find the doors of the companies, and offer loans with good conditions. At this stage, money pours into the company from all the directions with very low cost. In other words, the companies or the business owners dominate the unprecedented high level of resources.
Meanwhile, business owners achieve their first peak of their career and eager to find the next one. They enlarge their business territories actively by diversification based on their past successful experience. Even, they attempt to develop their business into a group size. This essay discusses the relationship between diversification and financial performance of Taiwan listed food manufacturing companies. The data are collected over a decade span from 2002 to 2011.The indexes used in this essay to analyze the relationship between the diversification and financial performance are financial ratios, financial leverage rate, R.O.E and ROA.
The conclusions of this study are as follows
1、The fund demand of the diversification will crowd out the operational fund and increase the interest expense at the same time. Some run the business without any debt like 1227佳格,1233天仁and 1234黑松. Some run the business with low debt like1203味王,1213大西洋；and1232大統益. The fund demand of diversification is met by the profit of the company.
2、Cash never come back to the mother company even the subsidiaries work out well and make a big fortune. The main reason is that they will keep investing into the local market especially when the market is growing like Chinese market.
3、In the companies with successful diversification, the revenue of consolidated financial statements excess that of the stand-alone ones. Some cases like 1203味王、1210大成長城、1216統一、1702南僑, the revenue of the subsidiaries is more than that of the mother companies.
4、The first choice of the market to invest as diversification is Mainland China and East – South Asia is the second choice.

Keywords: Diversification, financial performance, R.O.E, ROA.

參考文獻

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