傳統產業在企業發展過程中,可能會因為市場環境的改變、科技的發展、技術資源的移轉及成長目標的推進而面臨轉變的機會。因此本研究主要探討傳統產業的多角化程度是否與企業財務績效有關,研究結果顯示,在傳統產業中,多角化程度較高公司的ROA、ROE雖然並未優於多角化程度較低公司,但其投資報酬的風險低於多角化程度較低公司;而公司對其本身的產品種類和銷貨比重的調整若持續維持大幅度的變動,則會對財務績效和投資報酬風險產生負面的影響,此外,多角化程度較高公司的Tobin's Q高於多角化程度較低公司,即說明企業的多角化除了可以分散經營風險,改善收益的穩定度外,其在市場的認同度也較高。
This research examines whether the degree of diversification in traditional industries is correlated with financial performances. The research results indicate that although highly diversified companies in the traditional industries do not report higher return on assets or return on equity than those with lower levels of diversification, their risks of investments are lower than those with less diversification. The maintenance of high diversification helps to reduce the risks associated with financial performances and investments compared to the companies with fluctuating levels of diversification.