由於國際經濟情勢的快速轉變，以及國內環境的巨變，國內的企業必須加

速調整其營運的步伐，選擇一適當的國際多角化策略--非相關產品多角化

、國際市場多角化、相關產品多角化，以因應全球競爭的來臨。臺灣企業

應採用何種國際多角化策略，以達到更高的績效呢？目前國內尚無這方面

的實證研究，而本研究以回收的 136封問卷進行分析，檢視國際多角化策

略對於績效(風險與報酬)的影響，並同時考慮產業因素、規模、研發密集

度、廣告密集度以及資本密集度對於績效的影響。本研究有三項主要的結

論：ぇ若相關產品多角化的程度較高，則會導致報酬顯著的降低，且有可

能使風險增加。え若國際市場多角化的程度較高，則會導致報酬顯著的降

低，且同樣會導致風險顯著的降低。ぉ若非相關產品多角化的程度較高，

則有可能使報酬降低，且風險增加。此結論顯示公司層次的產品多角化對

於績效有負面的影響，而以往國內在關係企業層次的實證研究上，顯示相

關產品多角化策略對於報酬有正向的影響，而非相關產品多角化策略可顯

著降低風險。由此觀之，臺灣企業若要進行產品多角化之策略，似乎以形

成關係企業的方式較優 (亦即由各子公司經營不同的產品線)。

1.中華徵信所，「中華民國大型企業排名」， 中華徵信所出版，民國八十二年。
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4. 中華徵信所，「臺灣地區工商業財務總分析」中華徵信所出版，民國八十二年。
5.行政院主計處，「 中華民國行業標準分類」 民國八十一年。
6.邱毅、陳月珠，「 多角化策略之綜論」 台北市銀月刊，第二十一卷，第四期，民國七十九年四月，頁16-29 。
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8.周正浩譯，「TURBO C使用手冊」， 凡異出版社，民國七十六年。
9.周添城， 「台灣地區製造業廠商多角化之測量」 法商學報，第二十三期，民國七十八年一月，頁439-463 。
10.陳佳琪， 「臺灣企業對外投資決策過程之研究」， 政大國貿所碩士論文，民國八十二年六月。
11.黃俊英， 「行銷研究一管理與技街」 華泰書局，民國八十一年。
12.黃俊英， 「多變量分析」， 中國經濟企業研究所，民國八十年。
13.黃俊英、林震岩， 「 SAS 精析與實例」， 華泰書局，民國八十三年。
14.許致中， 「台灣地區企業多角化策略封績效影響之研究」，政大企研所碩士論文，民國七十六年六月o
15.彭昭英， 「SAS 與統計分析」，儒林圖書公司，民國八十一年。
16.蔡文能譯， 「 TURBO C 參考手冊」，凡異出版社，民國七十六年。
17 .劉水深、郭崑謨、黃俊英、司徒達賢，「臺灣地區關係企
業之形成、營運與影響」，企銀季刊，第一卷，第三、四期，民國七十年。
18.羅庚辛，「企業策略、財務政策與績效闖係研究- -台灣製造業實證研究」 政大企研所博士論文，民國七十九年一月。

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