公司產品多樣化對營運績效的影響:以台灣電子產業為例

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题名:	公司產品多樣化對營運績效的影響:以台灣電子產業為例
作者:	林子平;Lin, Tzu-Ping
贡献者:	產業經濟研究所
关键词:	產品組合數量;產品多樣化;風險係數;營運績效;電子產業;Product portfolios;Product diversification;Beta;Operational performance;Electronics industry
日期:	2022-09-13
上传时间:	2022-10-04 11:48:06 (UTC+8)
出版者:	國立中央大學
摘要:	公司管理階層透過產品開發和產品組合的策略來取得市場領先位置或維持公司競爭力，然而產品多樣化策略的效果卻因公司而異。本研究目的是了解產品組合數量對台灣電子公司營運績效和風險係數的相關性。由於新產品的加入需要運用到更多資源，而產品組合的制訂考驗著公司管理階層的決策，故產品組合多寡對公司業績並非傳統認為的越多越好。此研究主要使用「台灣知識新庫」的公司產品組合數、年營收成長率、稅前淨利年成長率、股價和Beta資料，包含2014年至2020年上市櫃電子產業為研究資料，輔助使用市值、員工人數和研發費用等資料分析。運用固定效果模型，研究公司的產品組合數是否會對公司本身的營運造成影響。從台灣上市/上櫃電子產業804家公司的實證分析中，本論文發現產品組合多寡並不顯著影響公司的年營收成長率；產品組合數量的增加對稅前淨利年成長以及股價年化報酬率是正向顯著的；而產品組合數越多時對風險係數Beta呈現負顯著關係。透過了解產品組合數量對公司營運績效及風險評估提供未來公司對產品組合數的初步策略設定，例如:追求風險相對穩定及增加獲利的公司，可以設法提升其產品組合數量。;Company management used product development and product portfolio strategies to achieve market leadership or maintain the competitiveness of company, but the effects of product diversification strategies vary from company to company. The purpose of this study was to understand the correlation between the number of product portfolios and the operating performance and beta of Taiwanese electronics companies. Since the addition of new products required to use more resources, and the formulation of product portfolios tested the decision-making of company′s management. The number of product portfolios were not traditionally thought that the more the better. This research mainly used the company′s product portfolio, revenue growth rate, pre-tax net profit growth rate, stock price and beta of the "TEJ", including the Taiwanese electronics companies from 2014 to 2020 as research data. Using a fixed-effects model, studied whether the number of a company′s product portfolio has an impact on the company′s own operations. From the empirical strategy of 804 companies in Taiwan′s electronics industry, this paper found that the number of product portfolios did not significantly affect the company′s revenue growth rate; the increase in the number of product portfolios had an impact on pre-tax net profit growth rate and the annualized return of stock price and these were positive and significant; while the greater the number of product portfolios, there was a negatively significant relationship with the beta. By understanding the number of product portfolios, the company′s operational performance and risk could provide the company′s preliminary strategies setting for the number of product portfolios in the future. For example, companies that pursued relatively stable risks and increase profits could try to increase the number of their product portfolios.
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