全球化趨勢使高科技產業競爭日益激烈。為追求更卓越的利潤和商機，企業製定外部和內部成長策略。企業轉投資作為外部成長策略之一，在全球範圍已成共識。然而，相較於國際企業成熟的投資態度，臺灣企業投資仍處於發展初期，企業對於外部投資的態度尚不明確。本研究將透過企業行為理論的觀點，探討企業的表現期望落差是否會影響其策略傾向，以及不同企業類型如家族企業、CEO雙重性等決策結構對成長策略的影響。此外，外部成長策略雖可促進企業擴張和持續發展，但也存在風險，究竟外部成長策略能為企業價值造成什麼樣的影響，本研究也將進一步的進行實證探討。本研究以臺灣電源供應器產業為研究主體，透過臺灣新報資料庫擷取2014–2019年之企業轉投資行為、財務表現與公司治理等資料，以一般線性迴歸分析法進行分析並檢測家族企業與CEO雙重性的干擾效果。本研究發現：（1）企業低於同業期望水準與外部成長傾向呈正相關；（2）家族企業與否對於企業期望水準與外部成長傾向之關係並無強化或弱化之效果；（3）CEO雙重性會強化企業期望水準與外部成長傾向之關係；（4）外部成長傾向與企業價值呈負向關係。本研究結果可以作為未來企業制定相關策略時之參考依據，以極大化其企業價值。

The globalization trend has intensified competition in the high-tech industry. Companies formulate external and internal growth strategies to pursue greater profits and business opportunities. Firm reinvestment has become a consensus as an external growth strategy on a global scale. However, compared to international firms with mature investment attitudes, Taiwanese companies are still in the early stages of investment development and lack a clear perspective on firms’ reinvestment. While external growth strategies can promote expansion and sustainable development, they also entail risks. It is worth further research on whether the performance expectation gap influences firms' strategic inclinations and the impact of decision-making structures, such as family firms and CEO duality, on growth strategies. Additionally, exploring whether external growth strategies can create greater value for companies is also an important direction of further research.

This study focuses on the Taiwanese power supply industry and utilizes data from TEJ database from the year 2014 to 2019, encompassing corporate reinvestment behavior, financial performance, and corporate governance information.

The study employs OLS regression analysis and examines the moderating effects of family firms and CEO duality. The findings indicate: (1) a positive correlation between firms performing below social aspiration level and their inclination towards external growth, (2) no significant moderating effects of family firm status on the relationship between social aspiration level and external growth inclination, (3) a strengthening effect of CEO Duality on the relationship between social aspiration level and external growth inclination, and (4) a negative relationship between external growth inclination and firm value. These results can serve as a reference for future strategic decision-making in order to maximize firm value.

SDG永續發展網. (2023). 集團簡介. 檢自https://www.sdg-mps.com/about.aspx （Jul, 05, 2023）
王克陸與包曉天（2002）。〈企業轉投資與其系統風險關系之研究—臺灣紡織業與電子業之比較〉。中華管理學報，3(2)，頁65-74。
王曉巍與陳逢博（2014）。〈創業板上市公司股權結構與企業價值〉。管理科學，27(6)，頁40-52。
王祝三、莊雅雪與郭勁甫（2009）。〈公司治理，投資與公司價值之關聯性〉。東吳經濟商學學報，66，頁69-114。
任賢旺（2004）。《企業併購技巧》。臺北市：憲業企管顧問有限公司。
孫維峰（2012）。〈規模，研發支出與企業價值〉。工業技術經濟，(5)，頁38-45。
朱一峰（1998）。《臺灣上市公司轉投資活動與系統風險關聯性之研究》。國立交通大學經營管理研究所碩士論文，未出版，臺北市。
李軍波、蔡偉賢與王迎春（2011）。〈企業成長理論研究綜述〉。湘潭大學學報：哲學社會科學版，35(6)，頁19-24。
周青麟（2011）。《電源供應器業創新經營策略之研究-以 T 公司個案為例》。國立政治大學經營管理碩士學程碩士論文，未出版，臺北市。
林賢明（2017）。《公司治理對企業價值之影響考慮成長機會的效應》。國立臺灣大學會計學研究所碩士論文，未出版，臺北市。
洪榮華、蔡盈如、郭怡萍與江佳妮（2013）。〈經理人樂觀傾向, 家族企業特性對投資現金流量敏感度之研究〉。管理與系統，20(1)，頁89-117。
張玉芬（2004）。《企業能耐基礎成長策略之個案研究》。國立臺灣大學國際企業學研究所碩士論文，未出版，臺北市。
黃于珊（2012）。《公司治理與企業績效對董監薪酬之影響》。大葉大學人力資源暨公共關係學系碩士論文，未出版，彰化縣。
郭曉薇（2019）。《臺灣50產業地圖》。臺北市：中華徵信所。
陳怡珮、林翠蓉、侯啟娉、張力與謝佩娟（2012）。〈家族所有權，公司治理與風險承擔關係〉。輔仁管理評論，19(2)，頁59-90。
陳添枝（2022）。《越過中度所得陷阱的臺灣經濟1990～2020》。臺北市：天下文化。
曾真真與賴勇成（2011）。〈期望績效回饋效果對企業投資活動的影響: 臺灣電子製造業之實證研究〉。臺大管理論叢，22(1)，頁 273-296。
湯明哲（1998）。《企業成長策略與資源管理─ 理論探討與實證》。臺北市：國立臺灣大學國際企業學系暨研究所。
湯明哲（2000）。《追求企業內部成長，為主要成長策略》。臺北市：遠見。
湯明哲（2012）。轉投資6大陷阱，小心趨吉避凶。檢自https://www.moneyweekly.com.tw/ArticleData/Info/理財周刊/5980 （Jul, 05, 2023）
黃至弘（2007）。《企業創業投資與企業價值關係之實證研究》。國立臺灣大學國際企業學研究所碩士論文，未出版，臺北市。
楊薇齡（2016）。《家族企業、過度自信經理人與投資決策之研究》。國立臺北大學企業管理學系碩士論文，未出版，新北市。
鉅亨台北資料中心（2018）。隱形不隱藏，明緯邁向十億美元成長秘密。檢自https://news.cnyes.com/news/id/4022394 （Jul, 05, 2023）
蔡鴻青（2020）。《2020華人家族企業關鍵報告》。臺北市：台灣董事學會。
蔡鴻青（2021）。《2021華人家族企業關鍵報告》。臺北市：台灣董事學會。
鄭凱文（2010）。《長期投資類型與公司績效之研究-以臺灣電子產業為例》。國立交通大學科技管理研究所碩士論文，未出版，新竹市。
駱文光（2007）。《多角化經營轉投資評估之關鍵因素—以中小企業製造業為例》。 國立成功大學高階管理碩士在職專班碩士論文，未出版，台南市。
謝瓊玫（2008）。《企業採內部成長或外部成長的企業價值創造比較之研究》。國立政治大學經營管理碩士學程碩士論文，未出版，臺北市。
Alaaraj, S., Mohamed, Z. A., & Bustamam, U. S. A. (2018). External growth strategies and organizational performance in emerging markets: The mediating role of inter-organizational trust. Review of International Business and Strategy, 28(2), 206–222.
Alexy, O., Bascavusoglu-Moreau, E., & Salter, A. J. (2016). Toward an aspiration-level theory of open innovation. Industrial and Corporate Change, 25(2), 289-306.
Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking & Finance, 36(6), 1744-1758.
Aronoff, C., & Ward, J. (1997). Preparing your family business for strategic change. Family business leadership series, No 9. Marietta, GA: Business Owner Resources.
Aronoff, C. E., Astrachan, J. H., Mendoza, D. S., & Ward, J. L. (1997). Making sibling teams work: The next generation. Marietta, GA: Family Enterprise.
Audia, P. G., & Greve, H. R. (2006). Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry. Management Science, 52(1), 83-94.
Barney, J. B. (1986). Strategic factor markets: Expectations, luck, and business strategy. Management Science, 32(10), 1231-1241.
Baysinger, B., & Hoskisson, R. E. (1990). The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, 15(1), 72-87.
Baysinger, B. D., Kosnik, R. D., & Turk, T. A. (1991). Effects of board and ownership structure on corporate R&D strategy. Academy of Management Journal, 34(1), 205-214.
Bourgeois III, L. J. (1981). On the measurement of organizational slack. Academy of Management Review, 6(1), 29-39.
Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership structure: Separating the CEO and chairman of the board. Journal of Corporate Finance, 3(3), 189-220.
Bromiley, P. (1991). Testing a causal model of corporate risk taking and performance. Academy of Management Journal, 34(1), 37-59.
CB INSIGHTS. (n.d.). The 2019 Global CVC Report. (2020). Retrieved July 14, 2023, from https://www.cbinsights.com/research/report/corporate-venture-capital-trends-2019/
Chiang, H. T., & He, L. J. (2010). Board supervision capability and information transparency. Corporate Governance: An International Review, 18(1), 18-31.
Chirico, F., & Nordqvist, M. (2010). Dynamic capabilities and trans-generational value creation in family firms: The role of organizational culture. International Small Business Journal, 28(5), 487-504.
Chung, H.-J. (2005). Domination over Small, Unrelated Ventures and the Effects on the Unrelated Diversification of the Parent Company. 管理學報, 22(6), 695-708.
Cull, R., & Xu, L. C. (2005). Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms. Journal of Financial Economics, 77(1), 117-146.
Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Englewood Cliffs, NJ, 2(4), 169-187.
Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. Boston, MA: Harvard Business Press.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57-74.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
Greve, H. R. (1998). Performance, aspirations, and risky organizational change. Administrative Science Quarterly, 44(1), 58-86.
Haleblian, J., & Finkelstein, S. (1999). The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44(1), 29-56.
Hall, A., Melin, L., & Nordqvist, M. (2001). Entrepreneurship as radical change in the family business: Exploring the role of cultural patterns. Family business Review, 14(3), 193-208.
Hamel, G., & Prahalad, C. K. (1993). Strategy as stretch and leverage. Harvard Business Review, 71(2), 75-84.
Hannan, M. T., & Freeman, J. (1984). Structural inertia and organizational change. American Sociological Review, 49(2), 149-164.
Hermuningsih, S. (2016). Profitability, growth opportunity, capital structure and the firm value. Bulletin of Monetary Economics and Banking, 16(2), 115-136.
Hollander, B. S., & Elman, N. S. (1988). Family-owned businesses: An emerging field of inquiry. Family Business Review, 1(2), 145-164.
Huang, H.-C., Lai, M.-C., Lin, L.-H., & Chen, C.-T. (2013). Overcoming organizational inertia to strengthen business model innovation: An open innovation perspective. Journal of Organizational Change Management, 26 (6), 977–1002.
Iyer, D. N., & Miller, K. D. (2008). Performance feedback, slack, and the timing of acquisitions. Academy of Management Journal, 51(4), 808-822.
Jin, L., Choi, J. H., Kim, S., & Cho, K. (2022). Slack Resources, Corporate Performance, and COVID-19 Pandemic: Evidence from China. International Journal of Environmental Research and Public Health, 19(21), 14354.
John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk‐taking. The Journal of Finance, 63(4), 1679-1728.
Jose, M. L., Nichols, L. M., & Stevens, J. L. (1986). Contributions of diversification, promotion, and R&D to the value of multiproduct firms: A Tobin's q approach. Financial Management, 15(1), 33-42.
Kusuma, M. (2021). Modification of Profitability Measures with Comprehensive Income and Reclassification of Other Comprehensive Income as A Mediation of Effects Asset Utilization on Firm Value. Jurnal Keuangan Dan Perbankan, 25(4), 855-879.
Lee, J. (2006). Family firm performance: Further evidence. Family Business Review, 19(2), 103-114.
Li, J., & Tang, Y. (2010). CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Management Journal, 53(1), 45-68.
Li, M., Liu, C., & Scott, T. (2019). Share pledges and firm value. Pacific-Basin Finance Journal, 55(1), 192-205.
Li, M., & Yang, J. (2019). Effects of CEO duality and tenure on innovation. Journal of Strategy and Management, 12(4), 536–552.
Mahoney, J. T., & Pandian, J. R. (1992). The resource‐based view within the conversation of strategic management. Strategic Management Journal, 13(5), 363-380.
Manzaneque, M., Rojo-Ramírez, A. A., Diéguez-Soto, J., & Martínez-Romero, M. J. (2020). How negative aspiration performance gaps affect innovation efficiency. Small Business Economics, 54(1), 209-233.
March, J. G., & Shapira, Z. (1992). Variable risk preferences and the focus of attention. Psychological Review, 99(1), 172.
March, James and Herbert Simon. 1993. Organizations. Oxford: Blackwell.
Mi Choi, H., Sul, W., & Kee Min, S. (2012). Foreign board membership and firm value in Korea. Management Decision, 50(2), 207-233.
Michaely, R., & Roberts, M. R. (2012). Corporate dividend policies: Lessons from private firms. The Review of Financial Studies, 25(3), 711-746.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20(1–2), 293–315.
Nelson, R. R., & Winter, S. G. (1982). The Schumpeterian tradeoff revisited. The American Economic Review, 72(1), 114-132.
Penrose, E. T. (2009). The Theory of the Growth of the Firm. Oxford: Blackwell.
Poterba, J. M., & Summers, L. H. (1995). A CEO survey of US companies' time horizons and hurdle rates. MIT Sloan Management Review, 37(1), 43.
Rizqia, D. A., & Sumiati, S. A. (2013). Effect of managerial ownership, financial leverage, profitability, firm size, and investment opportunity on dividend policy and firm value. Research Journal of Finance and Accounting, 4(11), 120-130.
Schall, L. D. (1972). Asset valuation, firm investment, and firm diversification. Journal of Business, 45(1), 11-28.
Schumpeter, J. A. (1942). Capitalism, Socialism, and Democracy. New York: Harper.
Sharma, P., Chrisman, J. J., & Chua, J. H. (1997). Strategic management of the family business: Past research and future challenges. Family Business Review, 10(1), 1-35.
Siahaan, F. O. (2014). The effect of good corporate governance mechanism, leverage, and firm size on firm value. GSTF Journal on Business Review (GBR), 2(4), 137-142.
Slater, M. (1980). The managerial limitation to the growth of firms. The Economic Journal, 90(359), 520-528.
Stafford, K., Duncan, K. A., Dane, S., & Winter, M. (1999). A research model of sustainable family businesses. Family Business Review, 12(3), 197-208.
Tilly, R. (1982). Mergers, external growth, and finance in the development of large-scale enterprise in Germany, 1880–1913. The Journal of Economic History, 42(3), 629-658.
Tseng, J.-J., & Yung-Cheng, L. (2011). The Impact of Aspiration-Performance Feedback Effect on Investment Activity of Firms: The Empirical of Taiwan's Electronics Manufacturing Firms. NTU Management Review, 22(1), 273.
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180.
Xu, D., Zhou, K. Z., & Du, F. (2019). Deviant versus aspirational risk taking: The effects of performance feedback on bribery expenditure and R&D intensity. Academy of Management Journal, 62(4), 1226-1251.
Yeh, Y. H. (2005). Do controlling shareholders enhance corporate value? Corporate Governance: An International Review, 13(2), 313-325.