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題名：創新能力與公司治理程度對多角化公司價值的影響：以臺灣電子業為例
書刊名：管理評論
作者：陳一如 引用關係
作者(外文)：Chen, I-ju
出版日期：2009
卷期：28:2
頁次：頁51-75
主題關鍵詞：創新能力；公司治理；多角化；Innovation capability；Corporate governance；Corporate diversification
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(10) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:10
  • 共同引用共同引用:235
  • 點閱點閱:54
多角化經營是企業發展的重要模式之一，文獻上普遍認爲多角化後，若公司價值產生減損，可能是因代理問題變嚴重所致，所以多角化公司與專業經營公司治理程度之差異，常被研究探討是否是造成公司價值減損的原因之一。另一方面，文獻上對多角化公司的創新能力也有不同的看法，有些學者認爲公司多角化與公司創新能力具有抵換關係；但也有研究認爲，公司多角化對研發支出或公司創新能力之間並未有具體的影響關係。所以本研究採用自西元1999年到2005年台灣上市上櫃的電子公司爲研究樣本，探討創新能力與公司治理程度對多角化公司超額價值之影響。本研究主要的發現爲：（一）台灣電子產業中的多角化與專業經營公司，在某些公司治理變數上，有顯著差異，例如：最大股東成員擔任董事席位比率、投票權偏離現金流量權程度、獨立董事比率與關係人交易等。（二）公司的創新能力對台灣電子產業多角化的超額價值，確實有顯著正向的 影響，當公司整體的創新能力愈高，其超額價值也顯著地較高。（三）當一多角化公司整體的公司治理程度相對較高時，特別當公司的股權偏離程度較低、有外部董事的管理型態且大股東介入股市比率低者，多角化公司的超額價值也明顯地較高。（四）當同時考量稅負與資訊揭露程度，我們也發現資訊揭露程度愈高的樣本公司有相對較高的公司價值，且創新能力與治理程度對多角化公司超額價值之影響仍顯著爲正。
Diversification is a one of popular business strategies for corporate expansion. However, literature finds that typical diversified firms are undervalued relatively to the comparable counterparts. Worse agency problem among divisions of diversified firms after firms diversify is viewed as one of the important reasons for the discount. Another issue related to firm diversification is innovation input. Studies on whether diversification may affect a firm' research effect are conflicting and inconclusive. This paper is aimed to clarify the role of governance and innovation ability of diversified firms and link to the value discount. We find there is a significant difference between single- and multi-segment firms for some governance variables, such as the percentage of blockholders as the directors of board, deviation between voting right and cash flow right, the ratio of independent directors and related party transactions. In addition, the research and development expense ratio and the patent income rate of diversified firms are positively associated with the excess values of diversified firms. On average the diversified firms that employ better governance mechanisms experience higher market valuation, especially on the dimensions of firm ownership structure, managerial style and block shareholders' intervention to the stock market. The results are still hold after we control for the effect of tax policy and information transparency which are shown to have the impact on the innovation and governance, respectively.
期刊論文
1.Matsusaka, John(2001)。Corporate Diversification, Value Maximization and Organizational Capabilities。Journal of Business，74(3)，409-431。  new window
2.Lins, Karl、Servaes, Henri(1999)。International Evidence on the Value of Corporate Diversification。Journal of Finance，54(6)，2215-2239。  new window
3.Anderson, Ronald C.、Bates, Thomas W.、Bizjak, John M.、Lemmon, Michael L.(2000)。Corporate Governance and Firm Diversification。Financial Management，29(1)，5-22。  new window
4.Dittmar, Amy、Shivdasani, Anil(2003)。Divestitures and divisional investment policies。Journal of Finance，58(6)，2711-2743。  new window
5.Whited, Toni M.(2001)。Is it inefficient investment that causes the diversification discount?。Journal of Finance，56(5)，1667-1691。  new window
6.Aksu, Mine、Kosedag, Arman(2006)。Transparency and Disclosure Scores and Their Determinants in the Istanbul Stock Exchange。Corporate Governance: An International Review，14(4)，277-296。  new window
7.Villalonga, Belen(2004)。Diversification Discount or Premium? New Evidence from the Business Information Tracking Series。The Journal of Finance，59(2)，479-506。  new window
8.Burkart, M.、Shleifer, A.、Panunzi, F.(2003)。Family firms。Journal of Finance，58(3)，2167-2202。  new window
9.Ahn, S.、Denis, D. J.(2004)。Internal capital markets and investment policy: Evidence from corporate spinoffs。Journal of Financial Economics，71(3)，489-516。  new window
10.Tirole, J.(2001)。Corporate Governance。Econometrica，69(1)，1-35。  new window
11.Shleifer, Andrei、Vishny, Robert W.(1986)。Large shareholders and corporate control。Journal of Political Economy，94(3 Part 1)，461-488。  new window
12.Berger, Philip G.、Ofek, Eli(1995)。Diversification's effect on firm value。Journal of Financial Economics，37(1)，39-65。  new window
13.Campa, Jose Manuel、Kedia, Simi(2002)。Explaining the diversification discount。The Journal of Finance，57(4)，1731-1762。  new window
14.Chan, Louis K. C.、Lakonishok, Josef、Sougiannis, Theodore(2001)。The stock market valuation of research and development expenditures。Journal of Finance，56(6)，2431-2456。  new window
15.Klein, A.(2002)。Economic determinants of audit committee independence。The Accounting Review，77(2)，435-452。  new window
16.洪榮華、陳香如、林慧珍(20070300)。公司治理機制對創新、多角化策略及公司績效之影響--研發密集產業之實證。中山管理評論，15(1)，37-60。new window  延伸查詢new window
17.Denis, David J.、Denis, Diane K.、Sarin, Atulya(1997)。Agency Problems, Equity Ownership, and Corporate Diversification。The Journal of Finance，52(1)，135-160。  new window
18.Graham, John R.、Lemmon, Michael L.、Wolf, Jack G.(2002)。Does Corporate Diversification Destroy Value?。The Journal of Finance，57(2)，695-720。  new window
19.Rajan, Raghuram、Servaes, Henri、Zingales, Luigi(2000)。The Cost of Diversity: The Diversification Discount and Inefficient Investment。The Journal of Finance，55(1)，35-80。  new window
20.Scharfstein, David S.、Stein, Jeremy C.(2000)。The dark side of internal capital markets: Divisional rent-seeking and inefficient investment。Journal of Finance，55(6)，2537-2564。  new window
21.Lang, Larry H. P.、Stulz, René M.(1994)。Tobin's Q, Corporate Diversification, and Firm Performance。Journal of Political Economy，102(6)，1248-1280。  new window
22.Shleifer, Andrei、Vishny, Robert W.(1997)。A survey of corporate governance。The Journal of Finance，52(2)，737-783。  new window
23.Hill, C. W. L.、Snell, S. A.(1988)。External control, corporate strategy, and firm performance in research-intensive industries。Strategic Management Journal，9(6)，577-590。  new window
24.蘇永盛、張眾卓、胡貴仁、林美杏(2005)。公司治理與企業多角化關聯性之研究－以國內上市之電子業為例。德明學報，25，87-104。  延伸查詢new window
25.Aron, Debra(1991)。Using the Capital Market as a Monitor: Corporate Spinoffs in an Agency Framework。Rand Journal of Economics，22，505-518。  new window
26.Burch, Timothy、Nanda, Vikram(2003)。Divisional Diversity and the Conglomerate Discount: Evidence from Spinoffs。Journal of Financial Economics，70，69-98。  new window
27.Cardinal, Laura、Opler, Tim C.(1995)。Corporate Diversification and Innovative Efficiency: An Empirical Study。Journal of Accounting and Economics，19，365-381。  new window
28.Chevalier, Judith(2004)。What Do We Know about Cross-Subsidization? Evidence from Merging Firms。Advances in Economic Analysis and Policy，4(1)，1218。  new window
29.Chiang, Hsiang-Tsai(2005)。An Empirical Study of Corporate Governance and Corporate Performance。Journal of American Academy of Business，6(1)，95-101。  new window
30.Gertner, Robert、Powers, Eric、Scharfstein, David(2002)。Learning about Internal Capital Markets from Corporate Spin-offs。Journal of Finance，57，2479-2506。  new window
31.Jovanovic, Boyan(1993)。The Diversification of Production。Brookings Papers on Economic Activity: Microeconomics，1993(1)，197-247。  new window
32.Mansfield, Edwin(1982)。Tax Policy and Innovation。Science，215，1365-1371。  new window
33.Martin, John、Sayrak, Akin(2003)。Corporate Diversification and Shareholder Value: Survey of Recent Literature。Journal of Corporate Finance，9，37-57。  new window
34.Miller, Douglas、Fern, Michael J.、Cardinal, Laura B.(2007)。The Use of Knowledge for Technological Innovation Within Diversified Firms。Academy of Management Journal，50(2)，308-326。  new window
35.Villalonga, Belén(2004)。Does Diversification Cause the "Diversification Discount"。Financial Management，33(2)，5-27。  new window
研究報告
1.Becht, Marco、Bolton, Patrick、Röell, Ailsa(2002)。Corporate Governance and Control。  new window
2.Mahrt-Smith, Jan(2006)。Organizational Structure, R&D Intensity and Firm Value。  new window
學位論文
1.賴威廷(2004)。企業多角化與代理成本、公司治理關係之研究(碩士論文)。東海大學。  延伸查詢new window
2.張凱鈞(1998)。集團企業跨業多角化與知識管理關連之研究(碩士論文)。國立政治大學。  延伸查詢new window
3.吳艾珊(2005)。企業多角化與企業價值關聯性之研究－論公司治理機制之影響。  延伸查詢new window
4.吳淑惠(2002)。產品多角化策略與現金流量對研究發展支出影響之研究－以電子業為例。  延伸查詢new window
5.林欣亭(2004)。企業創新力，創新認知程度，經營績效。  延伸查詢new window
6.馮君弘(2002)。企業多角化與企業價值關係之研究 : 公司治理機制與高階管理團隊觀點。  延伸查詢new window
7.楊孟倫(2004)。集中化與多角化無形資產價值評價研究－以臺灣與美國IC設計業為例。  延伸查詢new window
8.簡瑞峰(1994)。產業創新能力的研究。  延伸查詢new window
圖書
1.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北：智商文化。new window  延伸查詢new window
 
 
 
 
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