摘要

美國在一九六零年代及一九七零年代初期對多角化經營存在著頗為樂觀的看法及期待。然而在實証上，多角化公司之表現卻與原先預期背道而馳，Lang和Stulz(1994)在實証中發現多角化公司有「價值折損(Value Discount)」之現象，在原因探討上，以「代理人模型(Agency Model)」做為解釋方向及以「生產函數投資規模報酬遞減」做為解釋方向之兩派學者彼此間爭論不休，Lamont和Polk(2002)提出了一種新的方式嘗試調解兩派之說法並區別兩種效果之影響，其在美國的實証結果中，內生及外生效果皆顯著為負，顯示兩種效果都顯著存在。

本文擬採用Lamont和Polk(2002)所提出之方法對台灣上市電子公司進行實證，以檢視「內部資本市場無效率」之情況在台灣是否存在，並比較台灣實證結果與美國實證結果之異同。

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