國際化深度對企業財務績效與公司價值影響之研究

Study the Influences of Internationalization Depth on Financial Performance and Corporate Value

10.29705/EAR.201109.0006

趙永祥(Yuang Shiang Chao)；李在僑(Zai-Qiao Lee)；潘啟華(Chi-Hwa Pan)

產品多角化 ； 國際化深度 ； 財務績效 ； 公司價值 ； Internationalized Depth ； Finance Performance ； Corporate Value

東亞論壇

473期（2011 / 09 / 01）

49 - 71

繁體中文

本研究主要探討國際化深度與產品多角化兩者對台灣上市公司財務績效之影響，而此財務績效將分別從經營績效與公司價值兩個構面進行探討。國際化策略對公司財務績效會有正面影響，而且會隨國際化深度越高，將呈現U型曲線關係；相關產品多角化之績效會高於非相關產品多角化之績效。相關產品多角化結果對電子產業存在有顯著水準低負債比率的影響，而非相關產品多角化則相反。國際化可以增加跨國企業獲利能力外，在財務方面也可擴增國外籌資管道及工具，國際化策略明顯可以降低負債比率。至於企業在產品多角化與國際化相互交乘結果對績效之影響，其所呈現結果在顯著水準1%及5%之下與ROA、ROE 及ROS 之間則是正呈現正向關係；產品多角化與國際化深度相互交乘結果對財務績效有加重效益及顯著正向關係；而對公司價值的影響也是正向。整體而言，產品多角化程度與公司價值呈現正向相關。

The main purpose of this Paper is to discuss the well-operated electrical companies which had been transacted in the Taiwan Exchange Stock Market. Focus of this research incorporated the following dimensions: finance performance and corporate value, in the meanwhile. This paper also provides the empirical results of cross-country performance of corporates from Taiwan. Final outcome showed that the degree of internationalized policy had positive relation with financial performance. With regard to corporate value approach, the outcome showed that degree of product diversification had positive relation with corporate value.

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