National Chung Cheng University Institutional Repository:Item A095B0000Q/675
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    Please use this identifier to cite or link to this item: http://ccur.lib.ccu.edu.tw/handle/A095B0000Q/675


    Title: 集團企業產業關聯度對經營績效之影響;The Effect of Industry Relatedness of Business Groups on Firm Performance
    Authors: 宋曼甄;SUNG, MAN-CHEN
    Contributors: 會計與資訊科技研究所
    Keywords: 集團企業;產業關聯度;垂直相關性;互補性;經營績效;Business Groups;Industry Relatedness;Vertical Relatedness;Complementary;Firm Performance
    Date: 2017
    Issue Date: 2019-07-17
    Publisher: 會計與資訊科技研究所
    Abstract: 過去有許多學者探討多角化經營與企業績效之關聯,但國內外文獻結論並無一致,且多角化策略太過複雜廣泛,故本研究將多角化之集團企業以產業關聯度來探討,觀察集團企業產業間之產業關聯度,對其經營績效之影響,並且採用不同面向之績效指標來驗證,讓企業能夠更明確了解產業關聯度與成長性績效、會計報酬及市場績效之關聯性,以便作為多角化策略之改善。本研究以國內公開發行以上集團企業做為研究對象,研究期間為2001年至2015年,利用敘述性統計、相關性分析及多元迴歸分析進行實證。研究結果顯示:一、集團企業產業關聯度對營收成長率無顯著影響,對總資產成長率不論垂直相關性或互補性皆具顯著正向影響,故集團企業產業關聯度對成長性績效僅部分具有正向影響。二、集團企業產業關聯度對總資產報酬率及股東權益報酬率皆為顯著正向影響,且正向影響皆呈現於垂直相關性部分,故集團企業產業關聯度對會計報酬具有正向影響。三、集團企業產業關聯度對Tobin’s q具顯著正向影響,且Tobin’s q之正向影響呈現於垂直相關性部分,對股價報酬率無顯著影響,故集團企業產業關聯度對市場績效僅部分具有正向影響。
    The purpose of this study is to investigate the effect of industry relatedness of business groups on firm performance. The industry relatedness measurements are employed to capture two kind of the diversification strategy (vertical relatedness and complementary). The performance indexes include sales growth rate, assets growth rate, return on assets, return on equity, Tobin’s q and stock returns. Multiple regression models are established to test our hypotheses. Samples are all publicly listed business groups in Taiwan from 2001 to 2015. The results indicate that the industry relatedness of business groups is a significant positive impact on assets growth rate, return on assets, return on equity, and Tobin’s q. When the degree of vertical relatedness increases, the (1) assets growth rate (2) return on assets (3) return on equity and (4) Tobin’s q will also increase. In terms of complementary, the degree of complementary positively affect firm’s assets growth rate. However, the industry relatedness of business groups is no significant relationship with the sales growth rate and stock returns.
    Appears in Collections:[Department of Accounting and Information Technology] thesis

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