現代企業為因應自由化、國際化的發展趨勢，以及分散單一企業體投資風險，勢 必朝向多元化投資方式經營產業。本研究針對營建業上市公司，以民國八十一年至民國八十 五年為研究期間，探討不同經營策略之報酬與風險特性。研究中採用 Rumelt 多角化分類方 法將營建業上市公司區分為單一企業、垂直整合及非相關多角化公司等三大類，建立多角化 經營績效以及經營風險分析模式，進行變異數分析、向後逐步複迴歸等統計分析。結果顯示 營建類上市公司非相關多角化策略在資產報酬率之表現最佳，而垂直整合策略在資產報酬之 表現較差。在風險方面的研究結果，顯示非相關多角化策略的風險最高，而垂直整合者則較 低。

　　　　　This research examines the return-risk relationship for diversification and vertical integration strategies on 33 listed construction companies in Taiwan over the period of 1992-96. Using Rumelt's diversification classification method, the firms are classified into three strategic types namely single business, vertical integrated, and unrelated-diversified. Findings based on analysis of variance and backward stepwise multiple regression show that unrelated-diversified firms demonstrated the highest return of asset (ROA) and the firms that adopted vertical integration had the lowest ROA. Results also indicate that the unrelated diversified firms had the highest risk and the firms that adopted vertical integration experienced the lowest risk.