Abstract The global outsourcing has becoming the sense from various industries; Taiwan is especially the one of ideal manufacturing base which manages production costs and with demonstrating dynamic strength from the world. However, while the branding companies from Europe and Japan still dominate innovation and technologies, sequentially consider to apply local material suppliers in developments and productions. Taiwan uses to be the competitive manufacturing place, the materials are usually nominated from developers, and thus the localization of the material manufacturing shall be the trend. The material manufacturers are required to pass through necessary certificates and production procedures to establish its own design technology and production bases. Therefore the capital of material manufactures uses to be fairly high compares to the other industries. Dining into such technology era, the investments of technical¡Bfinancial resources, plus combining the unpredictable economy¡Bconsumer requirements¡Binventory¡Bproperty usage making the material manufactures challenged ever. The listed company towards the permanent operation¡Brisk management¡Bfinancial managements, the managing levels need to review internal resources and apply its core competences to achieve the financial balancing¡Brisk control to make longer run business. The motivation of this research is to apply self -industrial experiences from the past and integrate associated literatures into one. Starting from an individual new business, lead the company to integrate internal resources and apply such competences to achieve diversification .This is the investigation of a studied company which demonstrates its core competences from the industry. Last to focus on the current and the new business in which to discuss and analyze below subjects:

There is international trend for the enterprises to develop to business groups. There are more and more large-sized or medium-sized business groups in Taiwan. However, the groups¡¦ diversification strategies often result in high risks. Especially the unrelated diversification. The Management has a motivation to do the earnings management when dealing with the non-core business. If the earnings quality is manipulated by the management, it will cause the investors to ignore the risk which diversification strategy will bring. So far, there is no research about the the impact of earnings management on medium-sized business group. The purpose of this research is to examine whether medium-sized business groups¡¦ management has a motivation to make earnings management. The results show that¡G 1. There are no direct relationships between related diversification, unrelated diversification and earnings management. It is considered that medium-sized group business probably be family enterprises with centralized shareholding. The management doesn¡¦t have strong intention to make earnings management. 2. Debt/Equity has positive correlation on earnings management. The creditor often has restriction to minimum working capital and highest-level liability ratio of the borrower. The management has a motivation to choose appropriate accounting principle to correspond with the each given financial ratio.

In order to sustain their competitiveness, the enterprises usually conduct industrial reformation. For dispersing the risk of the enterprise, expanding their business scope and growth, or solving the perplexities in operation, the enterprises usually adopt diversified strategy. While operating, many aspects should be considered. Although diversification may make the enterprises grow, apply internal resources efficiently, reduce risks and increase more economic profits, however it could not guarantee the success after diversification as anticipated. When most enterprises proceed with diversification, the values they lose are much more than the ones they have created. This study mainly includes three aspects: enterprises¡¦ resources, diversified strategies and managerial strategies. By researches and surveys of literature domestic and foreign information, feasible proposal is recommended for reference of industries. This study also shows that the enterprises¡¦ diversification strategies must be combined with their core resources, so as to expand to relevant fields of their core businesses, and then even more they can expand to the neighborhood. Furthermore, the operating strategies can be adjusted to meet the industrial structure so that the enterprises can develop inexhaustibly. Hence, the easier way to succeed by relevant diversified method, and the following is vertically integration diversification. Although non-relevant diversification can help companies increase their profits, it also leads to the highest risks among the three diversified methods. Therefore, the enterprises should cautiously choose their development directions of new businesses. The research attempts to construct the dimensions of diversified management strategies built up is as below¡G I. Positioning of explicit diversification strategies. 1. When enterprises pursue growth by diversified measures, they have to have deployment of globalization. 2. The enterprises have to select suitable timing for diversification in order to reduce learning curves. II. Integration of enterprises¡¦ resources. 1. Integration of value chains. 2. The enterprises should cultivate innovative environment via integrated management of their internal resources. 3. Developing new core competence. III. Both techniques dispersions and markets expansion are necessary for operation strategies.

The troublesome Taiwan medical care system is at the brim of bankruptcy. The system was forced to control the growth of its pay to hospital, thus jeopardize the industry. Hospitals have to formulate strategies to respond to the environment changes, and to reshape themselves to be a ¡§future hospital¡¨. This dissertation is about the way for hospital management through diversification. Hospitals which I interviewed have positive attitudes to diversification, they think that it provide synergic effect for their business. Among the cases that I studied, diversification are made based on the hospital¡¦s core competences and always related to health care or medicine. Companies are always changing their business model to survive, learning more to reinforce their core competence, extending their competitive advantages to emerging industries, and so must the hospitals do. A SWOT analysis based on hospital J has been made, followed by feasibility study on the following questions: What are our advantages compared to competitors? What resources do we need for diversification? What resources can hospital J provide? Dose diversification generate synergic effects or decrease the hospital¡¦s value? What can we learn through diversification? The candidate businesses that I proposed for diversification are highly related to hospital J¡¦s core business and can be conducted by its existing human resources.A future core business is likely to be created through the extension of existing competitive advantages. Diversification by extension of related core business can be done through joint-venture, strategic alliance or synergistically merging. Diversification to less core business related area are arranged by co-operation with non-hospital company or recruiting new employee who have experience in the new field. There must be evaluation prior to diversification, hospitals diversify their businesses with different competitive advantages have different scenario. I hope that this dissertation can be a valuable reference to hospitals those have already made their diversification and those are under their way for diversifying their businesses.

Thesis (Ph.D.)--Kent State University, 2008. / Title from PDF t.p. (viewed March 3, 2010). Advisor: Mark Holder. Keywords: diversification; diversification discount; value measurement; real options. Includes bibliographical references (p. 84-89).

Background: Acquiring capital is one of the most fundamental necessities for an enterprise. The discussed ways of doing so by this thesis, are the so called Initial Public Offerings (IPOs) and Seasoned Equity Offerings (SEOs). Although engaging in an IPO is a desire for most of the newly started firms, the process of introduction to the global market and the results of it are far from smooth and problem free. One of the main unknowns that issuers face is underpricing. Theory suggests that mechanisms for undervaluing the new stock have been devised, so that certain parties can benefit by allocation on the market. Purpose: The purpose of the study is to investigate any possible relationship between the level of industrial diversification and the level of short-run underpricing of the two most common asset issuances - Initial Public Offerings and Seasoned Equity Offerings. Further on, it is of use to compare the severity of diversification’s effect on underpricing of IPOs and SEOs. Method: This research is basically solely quantitative. A database for levels of diversification and industrial underpricing for the companies that conducted IPOs and SEOs in the given time period was compiled. Statistical calculations were conducted to examine possible relationships between the variables. Conclusion: The paper could not see any relevant relationship between the degree of industrial diversification and the amount of “money left on the table”. The conclusion can be drawn that investors apparently do not consider the degree of industrial diversification when assessing the value of a company.

Thesis (Ph.D.)--Tufts University, 2006. / Submitted to the School of Nutrition Science and Policy. Adviser: Kathleen Merrigan. Includes bibliographical references (leaves 153-162). Access restricted to members of the Tufts University community. Also available via the World Wide Web;

Thesis (Ph. D.)--Virginia Polytechnic Institute and State University, 2001. / Includes bibliographical references (leaves 124-130).

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