企業多角化與景氣循環： 內部與外部資本市場交互作用影響

Abstract

本研究同時探討內部資本市場的效率性與外部資本市場的狀況的交互作用影響並考慮產業籌資限制效果，研究結論證實，多角化公司有助於減輕外部資本市場的失敗，研究選取的樣本期間從1977到2002年，涵蓋三次主要的景氣循環。 本研究有三大發現。第一，當外部資本市場狀況差且多角化公司本身有效率應用內部資金時，多角化公司的價值減損到達最低，這也證明了內部資金市場有其優勢；第二，高度籌資限制的多角化公司，在外部資本市場狀況差時的價值減損現象低於外部資本市場狀況好，代表內部資本市場是有助於減輕外部資本市場的籌資限制的。第三，在企業處於最高度籌資困難狀況下，內部資本市場的效率性對於多角化公司的評價有其舉足輕重的地位。 對於企業經理人是否應採取多角化的決策，本研究也提供一初步的方向，對於處於產業生命週期前端且高度依賴外部融資的產業，多角化不失為一對抗景氣循環的好方法。

In this paper, I explicitly consider interaction effect between the efficiency of internal capital market and the condition of external capital markets while considering asymmetric effect of the dependence of external financing to show that diversification can help mitigate failures in external capital markets. We test the data from 1977 to 2002, which cover three distinct business cycles. We have three key findings. First, our results prove that if diversified firms with internally efficiency are under poor capital market condition, diversification discounts reduce to the least, which present both “more-money” and “smarter-money” effect of diversified firms. Second, we find that asymmetric financing condition over industries is much more severe in non-recession than in recession and internal capital markets of diversified firms help alleviate the effect of external financial constraints on investment. Finally, we show that under the condition of the most difficult financing conditions, efficiency of internal capital market play an important role. The results of this paper may help corporate managers to consider whether they should become diversified firms. Diversification may be beneficial for those new companies or industries in the beginning stage of its life cycle, which depend highly on external financing.