题名

Diversification, Financing and Investment Decisions

并列篇名

多角化企業之投資策略與融資策略之探討

DOI

10.6545/JFS.2010.18(2).4

作者

邱正仁(Jeng-Ren Chiou)；薛明賢(Ethan Ming-Sian Syue)；陳虹君(Hung-Chun Chen)；黃鼎喬(Joey Ting-Chiao Huang)

关键词

多角化 ； 投資策略 ； 融資策略 ； Diversification ； Investment Strategy ； Financing Strategy

期刊名称

財務金融學刊

卷期/出版年月

18卷2期（2010 / 06 / 30）

页次

99 - 133

内容语文

英文
中文摘要

過去文獻探討多角化、投資及融資策略兩兩之間的關係，並未深入討論多角化、融資與投資策略三者之間的關聯。舉債能力理論預期多角化能增加公司舉債能力，即多角化與融資呈正向關係；投資不足理論預期多角化能創造較大的內部資本市場來降低投資不足問題，即多角化與投資呈正向關係；股東與債權人之間的代理問題，則預期槓桿與投資之間呈負向關係。然而當多角化、融資與投資策略三者同時考量，若多角化能增加公司的槓桿，是否會因為高槓桿而提高投資不足的可能，但多角化能平穩公司的現金流量，反而降低投資不足的可能。因此本研究旨在探討多角化、融資與投資策略三者之間的關聯，試圖釐清公司多角化程度的不同對於融資與投資策略的影響是否改變。
英文摘要

Prior literature has investigated the relationships between diversification and financing strategies, diversification and investment strategies, or financing and investment strategies in isolation. The debt capacity theory suggests that firms diversify to increase debt capacity; the underinvestment theory proposes that diversified firms may reduce the underinvestment problem; and the argument based on agency problem between shareholders and debt holders suggests a negative relationship between leverage and investment. However, as diversification, financing, and investment strategies considered simultaneously, we argue that the theoretical relationships between each strategy may change. Results suggest that although firms may diversify to increase debt capacity, diversification may not increase capital expenditures simultaneously. Our findings also support the debt capacity theory that if firms engage in higher degree of diversification and undertake investment projects, their leverage will increase. Because diversified firms have the ability to issue more debt externally to pursue investment due to greater debt capacity. However, the increase of debt capacity due to diversification may not reduce the underinvestment problem. The finding is not consistent with the underinvestment theory. Overall, our empirical results suggest that appropriate diversification strategy will help firms undertake financing and investment decisions more successfully.
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
参考文献
  1. Aharony, J.,Swary, I.(1980).Quarterly dividend and earnings announcements and stockholders' returns: An empirical analysis.Journal of Finance,35,1-12.
  2. Amit, R.,Livnat, J.(1988).Diversification strategies, business cycles and economic performance.Strategic Management Journal,9,99-110.
  3. Ang, J.,Chua, J.,McConnell, J.(1982).The administrative costs of corporate bankruptcy: A note.Journal of Finance,37,219-226.
  4. Asquith, P.,Mullins, W.(1983).The impact of initiating dividend payments on shareholders' wealth.Journal of Business,56,77-96.
  5. Berger, P.,Ofek, E.(1995).Diversification's effect on firm value.Journal of Financial Economics,37,39-65.
  6. Berry, C. H.(1975).Corporate growth and diversification.Princeton:Princeton University Press.
  7. Brealey, R.,Myers, S.(1999).Principles of corporate finance.New York:McGraw-Hill/Irwin.
  8. Brealey, R.,Myers, S.,Allen, F.(2006).Corporate finance.New York:McGrow-Hill.
  9. Campa, J.,Kedia, S.(2002).Explaining the diversification discount.Journal of Finance,57,1731-1762.
  10. Chandler, A. D.(1977).The visible hand.Cambridge, MA:Belknap Press.
  11. DeAngelo, H.,Masulis, R.(1980).Optimal capital structure under corporate and personal taxation.Journal of Financial Economics,8,3-29.
  12. Fazzari, S.,Hubbard, R. G.,Petersen, B.(1988).Financing constraints and corporate investment.Brookings Papers on Economic Activity,1,141-195.
  13. Feldstein, M.(ed.)(1987).Effects of Taxation on Capital Accumulation.Chicago, IL:University of Chicago Press.
  14. Froot, K. A.,Scharfstein, D. S.,Stein, J. C.(1993).Risk management: coordinating corporate investment and financing policies.Journal of Finance,48,1629-1658.
  15. Galai, D.,Masulis, R. W.(1976).The option pricing model and the risk factor of stock.Journal of Financial Economics,3,53-81.
  16. Geczy, C.,Minton, B. A.,Schrand, C.(1997).Why firms use currency derivatives.Journal of Finance,52,1323-1354.
  17. Hamada, R. S.(1972).The effect of the firm capital structure on the systematic risk of common stock.Journal of Finance,27,335-452.
  18. Harris, M.,Raviv, A.(1991).The theory of capital structure.Journal of Finance,46,297-355.
  19. Hoshi, T.,Kashyap, A.,Scharfstein, D.(1991).Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups.The Quarterly Journal of Economic,106,33-60.
  20. Hyland, D. C.,Dilz, D.(2002).Why firms diversify: An empirical examination.Financial Management,31,51-82.
  21. Jacquemin, A.,Berry, C. H.(1979).Entropy measure of diversification and corporate growth.Journal of Industrial Economics,27,359-369.
  22. Jensen, M. C.(1986).Agency costs of free cash flow, corporate finance, and takeovers.American Economic Review,76,323-329.
  23. Kamien, M. I.,Schweartz, N.(1975).Market structure and innovation: A survey.Journal of Economic Literature,13,1-37.
  24. Lang, L.,Ofek, E.,Stulz, R. M.(1996).Leverage, investment, and firm growth.Journal of Financial Economics,40,3-29.
  25. Lewellen, W. G.(1971).A pure financial rationale for the conglomerate merger.Journal of Finance,26,521-537.
  26. Meyer, M.,Milgrom, P.,Roberts, J.(1992).Organizational prospects, influence costs, and ownership changes.Journal of Economics and Management Strategy,1,19-35.
  27. Modigliani, F.,Miller, M. H.(1958).The cost of capital, corporation finance, and the theory of investment.American Economic Review,48,261-297.
  28. Modigliani, F.,Miller, M. H.(1963).Corporate income taxes and the cost of capital.American Economic Review,53,433-443.
  29. Montgomery, C. A.,Singh, H.(1984).Diversification strategy and systematic risk.Strategic Management Journal,5,181-191.
  30. Morck, R.,Shleifer, A.,Vishny, R.(1990).Do managerial objectives drive bad acquisitions.Journal of Finance,45,31-48.
  31. Myers, S. C.(1977).Determinants of corporate borrowing.Journal of Financial Economics,5,147-175.
  32. Myers, S. C.,Majluf, N.(1984).Corporate financing and investment decisions when firms have information investors do not have.Journal of Financial Economics,13,187-221.
  33. Nam, J.,Tang, C.,Thornton, J. H., Jr.,Wynne, K.(2006).The effect of agency cost on the value of single-segment and multi-segment firms.Journal of Corporate Finance,12,761-782.
  34. Nance, D. R.,Smith, C. W., Jr.,Smithson, C. W.(1993).On the determinants of corporate hedging.Journal of Finance,48,267-284.
  35. Nayyar, P. R.(1993).Stock market reactions to related diversification moves by service firms seeking benefits from information asymmetry and economies of scope.Strategic Management Journal,469-591.
  36. Scott, J.(1977).Bankruptcy, secured debt, and optimal capital structure.Journal of Finance,32,1-20.
  37. Shin, H. H.,Stulz, R.(1998).Are internal capital markets efficient.The Quarterly Journal of Economics,113,531-552.
  38. Smith, C.,Watts, R.(1992).The investment opportunity set and corporate financing, dividend, and compensation policies.Journal of Financial Economics,32,263-292.
  39. Stein, J.(1997).Internal capital markets and the competition for corporate resources.Journal of Finance,52,111-133.
  40. Stulz, R. M.(1990).Managerial discretion and optimal financing policies.Journal of Financial Economics,26,3-27.
  41. Titman, S.,Wessels, R.(1988).The determinants of capital structure choice.Journal of Finance,43,1-19.
  42. Warner, J.(1977).Bankruptcy costs: Some evidence.Journal of Finance,32,337-347.
  43. Weston, J. F.(1970).The nature and significance of conglomerate firms.St. John's Law Review,44,66-80.
  44. Williamson O.(1975).Markets and hierarchies: Analysis and antitrust implications.New York:Collier Macmillan Publishers.
print cancel