企業採取不同程度之事業多角化策略來發展新事業，以期提升企業價值。然而在現存的文獻中，企業多角化程度與企業價值間的關係卻尚無定論。另，從企業策略制定的觀點而言，董事會結構與企業多角化程度間的關係亦存在分歧的發現。因此，本研究從資源依賴理論與溝通成本觀點出發，發展假說，探討董事會大小與其成員專業背景多樣性會如何影響企業多角化的程度，進而影響企業價值。本研究以臺灣電腦與周邊產業中之60間上市企業為例，透過臺灣新報資料庫(TEJ)擷取2015~2021年之企業財務與公司治理資料（共394筆有效樣本），以一般最小平方法(OLS)進行迴歸分析並發現：(1)董事會規模與企業多角化程度呈倒U型關係；(2)董事會成員之專業背景多樣性與企業多角化程度呈倒U型關係；(3)董事會規模與其成員背景多樣性之間並無互補或互斥之關係; (4)企業多角化程度與企業價值呈邊際效用遞減關係。本研究發現除了提供現存企業多角化相關文獻更多關於企業董事會結構、多角化程度、與企業價值間的關係外，對實務界亦提供管理意涵，即在取得多元資源以執行企業策略的同時，亦須平衡因為多元特質而產生之額外溝通與決策成本，而使策略執行效益下降。

There have been more and more enterprises dedicated themselves to developing diversification strategies recently. In this study, we investigated how board size and board diversity affect the firm diversification strategies and firm performance. However, only past few papers investigated in diversification discussed the relationship between board structure and board diversity. Additionally, previous studies have found inconclusive results between the relationship between board size, board diversity and firm diversification, and also the relationship between diversification and firm value, such as linear, an inverted U-shaped curvilinear relationship and no relationship. As a result, to identify the research, we aim to do further investigation to explore more meaning insights for academia.

Using sample from Taiwan Economic Journal (TEJ) database to do the regression analysis. The findings suggest that (1) Board size and diversification has an inverted-U relationship；(2) The relationship between board diversity and firm diversification is an inverted-U relationship；(3) There is no correlation between board size and board diversity；(4) The firm value driven by firm’s business diversification will increase in a diminishing fashion. Furthermore, this study furthers the literature in the growing field of diversification and firm value and board structure which can be demonstrating to board decision-making business strategy.

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