臺灣博碩士論文加值系統

多角化政策和創新能力皆與公司價值密不可分。過去二十幾年以來，學術研究大多主張多角化政策不利於公司股價，但在實務方面，近年因為全球化潮流推波助瀾，跨國公司如雨後春筍般出現，越來越多的公司選擇多角化經營策略。這種理論與實務的不同步調，值得我們重新思考多角化是否真的會傷害公司價值或市場競爭力。
本篇論文主張，相較於研發支出、研發經費集中度、與專利權或新產品數量等因子，新產品的品質與市場接受度更能夠代表公司的創新能力。本文同時以市場競爭的觀點，站在推出新產品的公司和其同業的立場，探討多角化能否為公司競爭力提供助益，進而創造財富價值。
新產品是市場競爭的來源，可能會產生市場擴張效果和替代效果。吾人採用量化的事件研究方法，直接衡量公司推出新產品開啟新的競爭局面時，資本市場如何快速並即時地評價宣告公司與競爭對手的股東價值。根據實證結果，推出新產品讓公司的股價上漲，其中多角化公司的上漲幅度低於非多角化公司。相反地，同業廠商的股價明顯下滑，顯示市場替代效果比較強烈。
若進一步探討多角化因素，我們提出重要結論：若競爭對手實施多角化，其股價下跌程度較小。這意味著雖然多角化帶來的代理問題和資訊不對稱會削弱公司的新產品效益，但是對競爭對手來說，在面臨同業競爭或景氣衰退時，多角化策略產生的共保效果和內部資本市場卻能讓其擁有較佳的抵抗能力。最後，本文使用多元回歸分析，再度提供充分證據支持上述結論。
在未來的研究方面，有鑑於本文未討論相關或非相關多角化對股價的影響，並僅以產業分類代碼尋找競爭對手，而非產品分類代碼，這是日後可補足之處。

Diversification and innovation are relative to company values. In the past decades, globalization leads more firms to become diversified, while most papers assert that diversification erode firm values. To re-consider this inconsistency, this study takes new product announcement as the proxy of innovation to examine the wealth benefits or drawbacks coming from diversification in terms of competition.
New product introductions generate market expansion effect and market substitute effect. This study captures capital market responses to new product announcements for announcing firms and their rivals. The finding is that new product announcements bring the increases of stock prices for announcing firms and the decreases of those for industrial competitors. This proves that market substitute effect is stronger.
Furthermore, diversified announcers experience less increases than focused ones, while diversified rivals face less decreases than focused ones. This evidence states that coinsurance effect and internal capital market, created by diversification, provide better capabilities of resisting tough competition or/and recession. That is, diversification is valuable for firms in a difficult situation.

I. Introduction - 1 -
II. Literature Review - 5 -
II.1 The Wealth Effect of NPA on Announcing Firm - 5 -
II.2 The Wealth Effects of NPA on Industrial Rivals - 7 -
III. Hypotheses - 10 -
III.1 Resistance Effect Hypothesis - 10 -
III.2 Agency Cost Effect Hypothesis - 14 -
IV. Sample and Descriptive Statistics - 15 -
IV.1 Sample Design - 15 -
IV.2 Measuring the Level of Diversification - 19 -
IV.3 Control Variables for Cross-Sectional Analysis - 21 -
V. Stock Price Response to New Product Announcements - 25 -
VI. Cross-sectional Regression Analyses - 29 -
VII. Conclusions and Future Research - 37 -
VIII. References - 39 -

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