臺灣博碩士論文加值系統

多角化在公司策略中扮演著越來越重要的角色。本研究之目的在於探討公司多角化對績效及與公司治理間之關連，以美國S&P所載的公司為研究樣本，蒐集2001年至2005年之次級資料進行研究。
研究結果除證實公司多角化對績效具有負面顯著影響外，進一步探討何種型態公司治理結構會增加公司多角化策略的進行，研究發現管理者的持股比率及外部董事比例若減少，多角化的程度有顯著增加的現象，呈現負向的顯著關係；此外，本文也發現總經理與董事長的雙元制度對公司多角化的決策並無顯著影響。最後，我們探討多角化程度對經理人薪酬的影響，發現多角化策略後，由於經理人自身能力提升及其自利行為將導致薪酬的增加，多角化策略與經理人薪酬呈現正向的顯著關係。

Diversification is becoming a trend these days. Investigating the relationship between diversification and firm’s performance over 2001-2005, this paper indicates that diversification impairs firm value. We would like to know why management pursues this value reduction strategy, especially focusing on the agency cost theory. From the empirical evidence, we find the level of diversification is negatively related to managerial equity ownership and to the proportion of outside directors. Besides, there exists no relationship between CEO duality and the magnitude of corporate diversification. Holding double positions of board of directors and CEO has no significant influence on firm’s diversification strategy. In conclusion, these findings suggest that agency problems are responsible for firms maintaining diversification. Finally, the study reveals that CEO’s compensation will increase as the level of diversification increases because of CEO entrenchment and ability matching.

Chapter 1. Introduction 1
Chapter 2. Literature Review and Research Hypotheses 4
2.1 Diversification and firm value 4
2.2 Diversification and corporate governance 6
2.3 Diversification and compensation 9
Chapter 3. Sample and Descriptive Statistic 11
3.1 Independent and Dependent Variable 11
3.2 Control Variables 13
3.3 Analysis 14
3.4 Sample collection 16
3.5 Statistic of Variable 16
Chapter 4. Empirical Results 19
4.1 Diversification and firm value 19
4.2 Diversification and corporate governance 22
4.3 Diversification and compensation 27
Chapter 5. Conclusion 30
References 33
List of Tables
Table 1 Descriptive Statistics of the Variables 18
Table 2 Regression result of diversification on ROA of Firm 20
Table 3 Regression result of diversification on ROE of Firm 21
Table 4 Regression result of corporate governance on 1-HHI 23
Table 5 Regression result of corporate governance on E 24
Table 6 Regression result of corporate governance on DD 25
Table 7 Regression result of diversification on CEO compensation 28

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