企業，尤其是傳統產業，在其發展過程中必然會因為市場環境的改變、科技的發展、技術資源的移轉及成長目標的推進而面臨轉變的機會。本研究主要探討傳統產業的多角化程度是否與企業財務績效有關，研究結果顯示，在傳統產業中，多角化程度較高公司的ROA、ROE雖然並未優於多角化程度較低公司，但其投資報酬的風險低於多角化程度較低公司；而企業若能維持產品數量與銷貨比重的穩定，亦即維持多角化程度的穩定，則其投資報酬的風險較低，財務績效亦優於產品數量與銷貨比重變動較大的企業。

This research examines whether the degree of diversification in traditional industries is correlated with financial performances. The research results indicate that although highly diversified companies in the traditional industries do not report higher return on assets or return on equity than those with lower levels of diversification, their risks of investments are lower than those with less diversification. The maintenance of high diversification helps to reduce the risks associated with financial performances and investments compared to the companies with fluctuating levels of diversification.