創新能力與公司治理程度對多角化公司價值的影響：以臺灣電子業為例

Innovation Capability, Corporate Governance, and the Excess Values of Diversified Firms-The Study of Electronic Industry in Taiwan

多角化經營是企業發展的重要模式之一，文獻上普遍認為多角化後，若公司價值產生減損，可能是因代理問題變嚴重所致，所以多角化公司與專業經營公司治理程度之差異，常被研究探討是否是造成公司價值減損的原因之一。另一方面，文獻上對多角化公司的創新能力也有不同的看法，有些學者認為公司多角化與公司創新能力具有抵換關係；但也有研究認為，公司多角化對研發支出或公司創新能力之間並未有具體的影響關係。所以本研究採用自西元 1999 年到 2005 年台灣上市上櫃的電子公司為研究樣本，探討創新能力與公司治理程度對多角化公司超額價值之影響。本研究主要的發現為：(一)台灣電子產業中的多角化與專業經營公司，在某些公司治理變數上，有顯著差異，例如：最大股東成員擔任董事席位比率、投票權偏離現金流量權程度、獨立董事比率與關係人交易等。(二)公司的創新能力對台灣電子產業多角化的超額價值，確實有顯著正向的影響，當公司整體的創新能力愈高，其超額價值也顯著地較高。(三)當一多角化公司整體的公司治理程度相對較高時，特別當公司的股權偏離程度較低、有外部董事的管理型態且大股東介入股市比率低者，多角化公司的超額價值也明顯地較高。(四)當同時考量稅負與資訊揭露程度，我們也發現資訊揭露程度愈高的樣本公司有相對較高的公司價值，且創新能力與治理程度對多角化公司超額價值之影響仍顯著為正。 Diversification is a one of popular business strategies for corporate expansion. However, literature finds that typical diversified firms are undervalued relatively to the comparable counterparts. Worse agency problem among divisions of diversified firms after firms diversify is viewed as one of the important reasons for the discount. Another issue related to firm diversification is innovation input. Studies on whether diversification may affect a firm’s research effect are conflicting and inconclusive. This paper is aimed to clarify the role of governance and innovation ability of diversified firms and link to the value discount. We find there is a significant difference between single- and multi-segment firms for some governance variables, such as the percentage of blockholders as the directors of board, deviation between voting right and cash flow right, the ratio of independent directors and related party transactions. In addition, the research and development expense ratio and the patent income rate of diversified firms are positively associated with the excess values of diversified firms. On average the diversified firms that employ better governance mechanisms experience higher market valuation, especially on the dimensions of firm ownership structure, managerial style and block shareholders’ intervention to the stock market. The results are still hold after we control for the effect of tax policy and information transparency which are shown to have the impact on the innovation and governance, respectively.