公司股權結構與多角化關係－－以臺灣股票上市公司為例

A Study on the Relationship between Ownership Structure and Diversification

本研究以代理成本來探討公司進行多角化的動機，並進一步研究其對於公司績效的影響。實證結果發現當集團核心公司擁有現金流量權較大與其股權偏離較低時，公司會進行產品多角化。此結果顯示，控制股東可能基於自利行為進行產品多角化，進而造成公司價值下降；相對地，公司進行國際多角化時正好相反，當集團核心公司擁有較大的現金流量權與其股權偏離較低時，會基於公司價值最大化考量，進行國際多角化以提升公司價值。

Based on agency costs, the present study would explore the motives of diversification and examine its impact on the corporate performance. The empirical results show that the group's core company with higher cash flow rights and lower equity divergence would conduct the product diversification. It indicates that the value of the company would decline as the controlling shareholders follow their self-serving motives. On the contrary, as for the group's core company with larger cash flow rights and lower equity divergence, the company would perform international diversification to raise the company's value, in which it based on the maximal company's value.