多元化经营、企业价值与收益波动研究——以中国上市公司为例的实证研究

Diversification,Firm's Value and Earnings Fluctuation Empirical Research Based on Chinese Listed Firms

本文指出,马里斯关于企业利润与增长之间存在负相关关系的前提假设不适应于我国上市公司,对处于经济转轨时期的中国上市公司而言,增长与利润之间的关系可能表现出新的特征。本文的研究表明,我国上市公司的多元化对企业价值具有正效应,多元化经营可以提高企业的价值;企业的多元化对企业收益的波动具有负效应,即多元化降低了企业收益的波动程度;没有明显的迹象表明,我国上市公司的多元化经营与绩效关系之间的拐点已经出现。本研究在一定程度上解释了现阶段我国上市公司为什么普遍采取多元化经营这一模式的动机。

profit and The paper point out that the premise of Marris Model about the negative relation between firm＇s growth might not exist in Chinese listed firms which are in a transition economy, and there may be a new relation between the two. We prove that diversification is positively related to firm＇s value, and firms operating in the style of diversification have higher value. There is a negative relation between diversification and earnings fluctuation, that is, diversification decreases the degree of earnings fluctuation. The research dose not find that turn point of the relation between diversification and performance occurs. We think the paper explains why the mode of diversification have been widely adopted in Chinese listed firms.