全球金融危機對『公司多角化策略、公司治理機制與績效』間關係之影響研究

The Empirical Study of Global Financial Crisis on the relationship between Diversification Strategy, Corporate Governance Mechanisms and Corporate Performance

蘇森仁(Sen-Jen Su)

指導教授 ： 歐陽豪

共同指導教授 ： 李政隆

崑山科技大學/商業管理學院/企業管理研究所/碩士(2011年)

摘要

本研究旨在探討集團多角化策略與年報資訊揭露對組成公司市場績效之影響，並討論全球金融危機對『多角化策略、年報資訊揭露與績效』間之關係的調節效果。本研究採用恩索比(Entropy)方法計算集團多角化的程度，以台灣2004至2009年集團企業之上市櫃公司為樣本進行多角化指標計算，並遵循證基會第6屆資訊揭露評鑑中的49項年報資訊揭露指標，以內容分析法進行評分，實證結果發現：「集團總多角化策略(DT)」對市場績效－杜賓Q(Tobin’s Q)為顯著負向的影響，「集團相關多角化策略(DR)」與「非相關多角化策略(DU)」對杜賓Q(Tobin’s Q)分別不顯著與顯著負向影響；年報資訊揭露總分(DIS_ ACCUT)對公司杜賓Q 為顯著的正向影響，財務及營運資訊透明度(DIS_ACCU1)對公司杜賓Q 為顯著的負向影響，股權結構董與董事會組成(DIS_ACCU2)對公司杜賓Q 為顯著正向影響；由上述可知，年報資訊揭露中主要是董事會與股權結構與公司市場績效呈現正向關聯，也突顯董事會主導了公司的資訊揭露政策； 在全球金融危機對公司角化策略、年報資訊揭露與公司績效間關係的影響分面，本研究的實證發現：全球金融危機期間，總多角化策略的風險分散效果帶來的效益遠高於其成本，因此，對公司績效有顯著正向影響，而在非全球金融危機期間，總多角化策略的成本遠高於其效益(需要時間累積發酵)，因此，對公司績效有顯著負向影響；全球金融危機期間，年報資訊揭露總分對公司績效有顯著負向影響，而在非全球金融危機期間，年報資訊揭露總分對公司績效有顯著正向影響；全球金融危機期間與相關多角化策略、非相關多角化策略之交乘項的係數均顯著為正，相關多角化策略與非相關多角化策略的係數均為負，全球金融危機期間與財務與營運資訊透明度、股權結構與董事會組成之交乘項的係數均為負，但均未達顯著水準，財務與營運資訊透明度的係數為負，未達顯著水準，股權結構與董事會組成顯著為正，由上述結果可知，全球金融危機期間，財務與營運資訊透明度、股權結構與董事會組成對公司績效不顯著之負向影響，原因可能是主管機關及有關的利害關係人不易監督公司的運作，公司有降低資訊揭露的誘因所致，而在非全球金融危機期間，財務與營運資訊透明度、股權結構與董事會組成對公司績效分別為負向與正向影響，其中，前者未達顯著水準，後者達1%的顯著水準，原因可能是主管機關及有關的利害關係人較易監督公司的運作，公司有提升資訊揭露的壓力所致。本研究的貢獻在三方面：第一，補充了台灣集團多角化策略對集團組成公司績效影響之實證證據；第二，補充了年報資訊揭露程度對集團績效之實證證據；第三，驗證了全球金融危機事件對多角化策略、年報資訊揭露的調節效果。

關鍵字

多角化策略 ； 年報資訊揭露 ； 全球金融危機

並列摘要

This paper investigates the impact of diversified strategy and annual report disclosure on firms’ market performance of and discuss the moderating effect of Global Financial Crisis on the relationship between diversified strategy, annual report information disclosure and firms’ performance. We adopted Entropy method to measure the degree of group diversification and follow 6th Security and Futures Institute evaluation system, and then use content analysis method to measure the annual report information disclosure. By using a sample of interlocking group of firms listed on the Taiwan Stock Exchange (TSE) and Taiwan’s over-the-counter market from 2004 to 2009. The regression results find that there exists significantly negative association between firm performance and total diversified strategy. However, there exists insignificantly and significantly negative effect of related and unrelated diversification on market performance, respectively. There exists significantly positive relationship between annual report disclosure and market performance. “Financial and operating information transparency” and “ownership structure and components of board of directors” have significantly negative and positive effect on Tobin’s Q, respectively. Our evidence indicates that board of directors control firms’ disclosure policy. Besides, our empirical results also find that in global financial crisis period, the benefit of risk diversification of total diversification strategy is higher than its’ cost, and thus total diversified strategy has significantly positive effect on firm’s performance. Annual report information has significantly negative effect on firm’s performance. On the contrary, the cost of total diversification strategy is higher than its’ benefit, and thus total diversified strategy has significantly negative effect on firm’s performance. Annual report information has significantly positive effect on firm’s performance during non-global financial crisis. The coefficients of cross product item between related diversification strategy, unrelated diversification strategy and dummy variable of global financial crisis are significantly positive. The coefficients of related diversification strategy and unrelated diversification strategy are significantly and insignificantly negative. The coefficients of cross product item between “financial and operating information transparency”, “ownership structure and components of board of directors” and dummy variable of global financial crisis are insignificantly negative. The coefficients of “financial and operating information transparency”, “ownership structure and components of board of directors” are insignificantly a negative and significantly positive, respectively. These evidence indicate that controlling organization and concerned stakeholders do not easy monitor firms’ operation, and then firm has incentive to reduce information disclosure during global financial crisis. While “financial and operating information transparency” and “ownership structure and components of board of directors” have insignificantly negative and significantly positive, respectively. These results reveal that controlling organization and concerned stakeholders do easy monitor firms’ operation, and then firm has pressure to promote information disclosure during non-global financial crisis. The contributions of this research include third fold: First, it provides evidence that the impact of groups diversified strategy on firm performance. Second, we replenish evidence about the effect of annual report information disclosure on groups’ company performance. Third, we provide the moderating effect of global financial crisis on the relationship between diversified strategy, annual report disclosure and firms’ performance

並列關鍵字

Diversified Strategy ； Annual Report Information Disclosure ； Global Financial Crisis

參考文獻

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