English  |  正體中文  |  简体中文  |  Items with full text/Total items : 88295/117812 (75%)
Visitors : 23398351      Online Users : 111
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/63969
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/63969


    Title: 股權結構與多角化
    Other Titles: Ownership Structure and Firm Diversification
    Authors: 曹壽民;金成隆;呂學典
    Tsao, Shou-Min;Chin, Chen-Lung;Lu, Hsueh-Tien
    Contributors: 會計系
    Keywords: 股權結構;多角化;公司績效
    ownership structure;diversification;firm performance
    Date: 2011-12
    Issue Date: 2014-02-18 16:36:17 (UTC+8)
    Abstract: 本研究探討股權結構是否會影響多角化的程度,以及多角化的績效。實證結果發現,當控制股東擁有較大的現金流量權,較低的控制權與現金流量權偏離時,公司較會進行國際多角化;當控制股東擁有較低的現金流量權,較高的控制權與現金流量權偏離時,公司較會進行產品多角化。此一結果顯示,控制股東可能基於公司價值極大化動機進行國際多角化,基於剝削小股東的動機進行產品多角化。同時,我們也發現公司進行多角化的績效與股權結構有關,當控制股東擁有較高的現金流量權,較低的股權偏離時,產品多角化與國際多角化的績效較好。本文的實證結果顯示,台灣上市櫃公司對於國際多角化與產品多角化的動機不同,股權結構為多角化績效的重要決定因素。
    This study investigates the impact of firm's ownership structure on the extent of firm diversification and the performance attributable to diversification. We document that firm's degree of international diversification (product diversification) is positively (negatively) related to the controlling shareholders’ cash flow rights, and negatively (positively) related to the divergence between cash flow rights and control rights of the controlling shareholders. Our empirical findings are consistent with the conjecture that the controlling shareholders of Taiwan's listed firms use product diversification to extract private benefits at the expense of minority shareholders, while international diversification is driven by the controlling shareholders' desire to enhance shareholder value. Furthermore, we find that the controlling shareholders' cash flow rights (the cash-vote divergence of the controlling shareholders) positively (negatively) moderate the impact of both product diversification and international diversification on firm performance. Our findings highlight the importance of distinguishing the motivation of different diversification strategies, and support firm's ownership structure as an explanation for the performance of diversified firms.
    Relation: 臺大管理論叢, 22(1), 165-198
    Data Type: article
    Appears in Collections:[會計學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    165198.pdf1171KbAdobe PDF630View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback