轉型策略型態對公司價值影響之實證研究 ─以傳統上市公司為例

An Empirical Study of the Type of Transformation and the Value of Firms: The Perspective of the Traditionally Listed Firms

張男福(Nan-Fu Chang)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200475

摘要

中 文 摘 要
近年來，由於國際化與全球化的趨勢下，台灣從政府部門到民間企業，轉型與重整似乎已成為一股熱潮，然而國內許多傳統產業面臨生死存亡的競爭環境下，正在積極進行轉型，但轉型是否真正能為企業帶來實質的價值。因此本研究整理目前國內外有關轉型文獻，探討轉型的分類與方式，並選擇國內上市公司中傳統產業進行產業別轉型策略為樣本，利用衡量企業經營績效指標的Tobin’s Q法與客觀的市場價值法進行實證分析，檢視企業轉型是否對公司價值造成影響，並將對企業價值有影響的部份進一步利用多元迴歸分析其影響變數與程度。
本研究結果發現傳統產業經由轉型跨入新的領域的公司越來越多，且成功轉型的案例不斷出現，本研究所選取樣本公司的超額價值、超額Q值與Tobin’s Q值有逐年上升的趨勢，顯示轉型公司價值逐漸增加，經營績效上升。
另外影響轉型公司價值的因素包括「獲利能力、「公司規模」、「槓桿比例」與「成長能力」等，其中「獲利能力」與「成長能力」對於轉型公司的價值呈現正面影響，「槓桿比例」對於轉型公司的價值則呈現負面影響，而「公司規模」在轉型初期有正面的影響，但對於整體的轉型過程則有負面的影響。

關鍵字

市場價值評價法 ； 企業轉型 ； 托賓Q

並列摘要

Abstract
Recently, as a result of internationalization and globalization under a tendency, from government departments to civil corporate, transformation and reengineering seem already become a stream of great mass fever. However, many transformation industries in domestic to face grave crisis between life and death in competition environment. They are in the act of active transformation vigorously, but whether can transformation take real value? Therefore, the study arranges presently internal and foreign about transformation literature to confer transformation classification and type. Then, to select the internal traditionally listed firms, which had already to precede transformation strategy into different industry as samples. Use Tobin’Q method which measure corporate operate effects index, and impersonal market value method to empirical study. The objective is to view weather can transformation make corporate value change. Then, Multiple Regression applied to go a step further in the analysis of the effect variables and degree in the parts of corporate value change.
The study conclusions find that more and more traditional industry firms through transformation to enter new domain and many transformational cases to succeed. The Tobin’Q and value of the study samples have to rise year by year. It is to show that transformation firms’ value increase gradually and operation achievements to rise.
Besides, the factors, which effect transformational firms’ value, include “Earning ability”, “Firm scale”, “Lever ratio” and “Growing ability” ect. “Earning ability” and “Growing ability” have positive effect to transformational firms’ value, “Lever ratio” has negative effect to transformational firm’s value, then “Firm scale” has positive effect in the beggin of transformation but has negative effect in transformation process.

並列關鍵字

corporate transformation ； market comparative appraisal approach ； tobin's Q

參考文獻

謝碧枝，2000年，「企業轉型中的多角化策略選擇-以食品業為例」，屏東科技大學農企業

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俞海琴、周本鄂，2001年，「臺灣地區上市公司董監事、關係人持股比率和公司托賓Q關係

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