股權結構與多角化

Ownership Structure and Firm Diversification

10.6226/NTURM2011.22.1.165

曹壽民(Shou-Min Tsao)；金成隆(Chen-Lung Chin)；呂學典(Hsueh-Tien Lu)

股權結構 ； 多角化 ； 公司績效 ； ownership structure ； diversification ； firm performance

臺大管理論叢

22卷1期（2011 / 12 / 01）

165 - 198

繁體中文

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.

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