集團分子公司上市程度與多角化之關聯

本篇論文是在探討集團內部分子公司上市程度與集團分子公司市場價值之間的關係，國外文獻顯示當公司有多角化時會使公司價值減損，以及當公司的部門數量上升會讓多角化公司的價值減損幅度上升。台灣企業大多屬於集團企業，若將集團視為一間公司，則多角化造成的價值減損是否會在台灣企業中產生？以及國外文獻顯示的現象在台灣是否也具有相同的表現？若有，則集團內部分子公司上市程度是否會減緩價值折損的程度？這是本篇論文欲探討的方向。本篇論文樣本來自於台灣經濟新報(TEJ)，受限於資料上的限制只有2002年。分析後發現台灣市場也是有多角化的折損，然而若將上市上櫃興櫃三種不同的市場變數加入後，這三個市場的企業價值皆有超額溢酬，代表台灣企業價值折損主要來自於公開企業。我們也將集團分子公司分組，依照集團分子公司上市程度做分組標準，得知集團分子公司在低上市程度集團的超額溢酬相對高上市程度為高，但此現象在興櫃市場相反。然而，無論在高上市程度或是低上市程度，集團分子公司數目並不具有經濟上顯著的解釋，此與美國市場的多角化企業並非具有一致性的表現。

關鍵字

多角化；公開發行；集團企業；上市別

並列摘要

This article is to study the relationship between business group affiliates value and the listed level of business group. Prior researches documented diversification discount really exist when firms lead on diversification; besides, when segments of the diversified firm increase, the marginal discount is significant. However, in emerging countries, it’s difficult to discover a firm with diversification but a business group, especially Taiwan. If we take a business group as a firm, will diversification discounts still exist? Will the phenomenon of marginal discounts also present in Taiwan firms? If the answers are yes, will the discount be migrated when the business group has higher listed ratio? We try to use this article to discover the answer. We gathered the data from Taiwan Economic Journal (TEJ). With the limitation on dataset, we only choose year 2002 firms’ performance as our sample. We detect that Taiwan market also exists diversification discount; however, when dividing the firms by trading location, only unlisted public firms have diversification discount. Besides, we further separate the firms by belonged business group listed ratio. We find out that affiliates in low listed group have better excess premium than those in high listed group; but in REG market the story conversed. No matter in high listed or low listed group, affiliates performances have no significantly economical explanation, which is not consistent with US conglomerates’ performance.。

並列關鍵字

diversification ； public offering ； business group ； listed market type

參考文獻

Berger, P.G., Ofek, E. (1995), Diversification’s effect on firm value, Journal of Financial Economics 37, 39-65.

Chakrabarti, A., Singh, K., & Mahmood, I. (2007), Diversification and performance: evidence form East Asian firms, Strategic Management Journal, 28(2): 101-120.

Chang, S. J. , Choi, U. (1988), Strategy, Structure and performance of Korean business groups: a transactions cost approach, Journal of Industrial Economics, 37(2): 141-158.

Choi, J. P. , Cowing, T. G. (1999), Firm behavior and group affiliation: The strategic role of corporate grouping for Korean firms, Journal of Asian Economics, 10(2): 195-209.

Chu, W. (2004), Are group-affiliated firms really more profitable than nonaffiliated? Small Business Economics, 22(5): 391-405.

國際替代計量

集團分子公司上市程度與多角化之關聯

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