本研究以1996 年至2005 年台灣上市公司為研究對象，並且以多角化為分析主軸，探討公司進行多角化對公司價值與風險之影響。本研究以產業多角化、全球多角化以及同時進行產業和全球多角化三種多角化策略做討論，並進一步分析家族企業與非家族企業進行多角化，對於公司風險和價值之影響是否存在差異。實證結果顯示，公司進行不同的多角化策略，對於公司風險和價值會產生不同的影響；相較於非家族企業，家族企業進行全球多角化能降低公司風險；而當家族企業進行產業多角化或同時進行產業和全球多角化時，能提升公司價值。

This study examines the effect of diversification on firm value and firm risk for the listed companies inTaiwan from 1996 to 2005. We investigate the impact of industrial diversification and global diversificationon both firm risk and firm value. Furthermore, we take the factor of family firms into consideration. The mainresults of this study are as followings. First, diversification has impact on firm risk and firm value. Second,compared to non-family firms, family firms with global diversification have lower firm risk. Finally, comparedto non-family firms, family firms with industrial diversification or with industrial and global diversification havehigher firm value.