企業轉型多角化策略對經營績效之影響-以中華電信為例

中華電信因應國營體制轉變為民營企業的組織變革及電信市場自由化競爭，多年來透過多角化經營策略積極轉型。本研究以事件研究法分析該企業進行多角化投資時，是否對股票產生異常報酬，並針對經營績效的影響進行實證分析。針對中華電信主要多角化投資對象進行分析，實證結果發現，除了投資是方電訊產生顯著正向異常報酬之外，其餘4家投資對象並無明顯異常報酬，推測可能因多角化投資在短期觀察上較無明顯效益。另一個原因，考量到投資對象在中華電信的總體經營項目占比不大，亦可能無法吸引投資人目光。但是，長期觀察中華電信的各個投資對象均穩定獲利，應能提供相當貢獻。最後，本研究發現中華電信雖然歷經數次重大財經事件的衝擊，其股價及獲利仍能維持一定水準之上，顯見近年多角化經營策略對風險應變及績效提昇上均產生相當的作用。

關鍵字

多角化經營；事件研究法；異常報酬

並列摘要

For the Privatization of a state-run enterprise and the competition of Taiwan's Telecom Market Liberalization, Chunghwa Telecom Co.(, Ltd.) spends years in enterprise transformation by the diversification strategy. This study uses the event research method to analyze when the company takes diversified investments, whether produced abnormal returns on stocks, and how it affects the business performance. In the analysis of the main diversified investment objects of Chunghwa Telecom, there are no abnormal returns excepts the Chief Telecom, which has obviously abnormal positive returns. The result speculates that other four investments do not have obvious benefit in short-term observation. Another reason is, considered the investment target (Chief Telecom) only takes a small proportion of Chunghwa Telecom's overall business projects, it may not catch the attention of investors. However, in the long-term observation, all investment objects of Chunghwa Telecom have made steady profits and should have provided considerable contributions. Finally, this research found that the diversification strategy in recent years of Chunghwa Telecom plays an important role in risk response and performance improvement, which keeps its stock price and profit maintaining in a certain level after several serious impact of financial events.