本研究旨在探討金融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,並討論金融控股公司型態對『多角化策略與績效』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2003至2009年金融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8屆資訊揭露評鑑中的50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:「集團總體多角化指標(DT)」對市場績效-杜賓Q(Tobin’s Q)為顯著正向的影響,「集團整體相關多角化指標 (DR)」與「非相關多角化指標 (DU)」對杜賓Q(Tobin’s Q)分別顯著正向與不顯著負向的影響,年報資訊揭露對公司績效為不顯著的正向影響;金融控股公司型態對「集團總體多角化」及「相關多角化」有減弱的調節效果,金融控股公司型態對「非相關多角化」則有增強的調節效果。本研究的貢獻在三方面:第一,補充了台灣金融集團多角化策略及其組成細項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金融集團績效之實證證據;第三,驗證了金融控股公司對多角化策略的調節效果。
This paper investigates the impact of diversified strategy and annual report disclosure on market performance of financial industry firms and discuss the moderating effect of financial holding company on diversified strategy. We adopted Entropy method to measure the degree of group diversification and follow 8th Security and Futures Institute evaluation system and use content analysis method to measure the annual report information disclosure. By using a sample of interlocking group of financial firms listed on the Taiwan Stock Exchange (TSE) and Taiwan’s over-the-counter market from 2003 to 2009. The regression results find: There exists significantly positive association between firm performance and diversified strategy. However, there exists significantly positive and insignificantly negative effect of related and unrelated diversification on market performance, respectively. There exists insignificantly positive relationship between annual report disclosure and market performance. The moderating effect of financial holding company on total and related diversification have weaken, while moderating effect of financial holding company on unrelated diversification has enhanced. The contributions of this research include third fold: First, it provides evidence that the impact of financial groups diversified strategy on firm performance. Second, we provide the moderating effect of financial holding company on diversified strategy. Third, we replenish evidence about the effect of annual report information disclosure on financial company performance.