在全球化的趨勢下，大企業進行多角化策略成為不可避免的趨勢，過去的研究顯示，多角化策略會影響企業之盈餘品質，而當企業有欲遮掩之行為時，便會出具可讀性較低的財報。本研究期間為2016年至2018年間，研究對象為台灣上市櫃公司，資料來源包含台灣經濟新報資料庫(Taiwan Econimic Journal, TEJ)及公開資訊觀測站；本研究之主要探討企業進行多角化策略對財務報表之可讀性的影響，並將企業多角化策略區分為跨國多角化與產業多角化。研究結果顯示，產業多角化策略對財報可讀性成顯著正相關；但跨國多角化策略對財報可讀性之關係不顯著。這證實了本研究之推論，企業在進行了產業多角化後，因為各產業間的現金流量方向並不一致，致不同產業間之應計數相互抵銷，減緩企業整體之盈餘管理行為，提升財報之可讀性。跨國多角化與財報可讀性間不顯著相關之原因則可能為，不同國家之業務較為相關，故應計數抵銷之效果較弱，對企業整體盈餘管理的抑制效果便相對薄弱。

Under the trend of globalization, the diversification strategy of large companies has become an inevitable trend. Past studies have shown that diversification strategy will affect the earnings quality of the company, and when the company wants to cover up the behavior, it will be readable. Lower earnings report. The research period is from 2016 to 2018. The research object is Taiwan listed companies. The data sources include the Taiwan Econimic Journal (TEJ) and the Market Observation Post System. The main research of this research is to explore the diversification strategy of the company’s financial statements. The impact of readability, and differentiates corporate diversification strategies into transnational diversification and industrial diversification. The research results show that industry diversification strategies have a significant positive correlation with the readability of financial reports; however, the relationship between cross-border diversification strategies and the readability of financial reports is not significant. This confirms the inference of this research. After companies have diversified their industries, because the cash flow directions of various industries are not consistent, the accounts of different industries offset each other, which slows down the company's overall earnings management behavior and improves financial reporting. readability. The reason for the insignificant correlation between cross-border diversification and the readability of financial reports may be that businesses in different countries are more related, so the effect of counter-offering is weak, and the effect of restraining the overall earnings management of the enterprise is relatively weak.

摘要 II
ABSTRACT III
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻回顧 5
第一節 財務報表可讀性 5
一、財務報表可讀性之定義 5
二、財務報表可讀性之衡量 6
三、財務報表可讀性之相關文獻 10
第二節 企業多角化 17
一、企業多角化之動機 17
二、企業多角化定義 18
三、企業多角化之相關文獻 23
第三章 假說發展與研究方法 28
第一節 假說發展 28
第二節 實證模型與變數定義 31
第三節 資料來源與樣本選取 38
第四章 實證結果與分析 41
第一節 敘述性統計分析 41
第二節 相關係數分析 45
第三節 實證結果分析 49
第四節 額外測試 58
第五章 結論與建議 67
第一節 研究結論與貢獻 67
第二節 研究限制與建議 68
參考文獻 70

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