中国企业集团行业多元化与绩效关系的实证检验--对DP关系模型的修正

Empirical Research on the Linkage between Diversification and Performance of Chinese Business Groups-Improvement to DP Model

关于公司多元化产生了怎样的绩效结果?按照不同时期和不同研究情境,西方文献共归纳出三种DP关系模型。然而通过对706个上市母公司合并报表数据进行实证检验,结论认为,DP"∩"关系模型并不适用于中国这样的转型经济国家。研究结果表明,由于中国处在产业结构调整以及行业开放时期,较多的投资机会在一定程度上放大了不相关多元化的内部资本市场配置优势,因此在适当时机的适度多元化(包括相关多元化和低度不相关多元化)有可能是一种较为有效的成长战略。

According to different periods and different research contexts, we can sum up three kinds of DP models on the performance result of corporate diversification. However, this paper figures that DP ＂n＂model isn＇t applicable to such transitional economy countries like China. The research result suggests many investment opportunities expand in- ternal capital market advantage of unrelated diversification in some degree since Chine is getting along with a special period, so moderate diversification in appropriate occasion may be an effective growing strategy for those business groups who compete in a background of industry structure regulation and industry opening.