实际控制权性质、多元化进入方式与多元化经营业绩

Attribute of Ultimate Control Rights,Entry Mode of Corporate Diversification and Corporate Performance

企业实施多元化战略后,公司内部治理机制及外部治理环境均发生了相应改变。仅从内部治理结构与外部治理机制的角度进行分析,并不能够完全解释控制权性质对多元化公司绩效的作用途径。多元化进入方式作为多元化战略的关键部分,对经营业绩具有重要的影响。从多元化进入方式的角度分析控制权性质对多元化业绩的作用具有重要的意义。本文以2002～2004年111家制造业上市公司的年报资料为样本,从多元化进入模式的角度,考察了不同控制权类型对多元化经营公司绩效的影响。研究发现,国有上市公司多采用自建方式实施多元化战略,采用自建方式的国有上市公司绩效优于采用并购方式的上市公司。同时,非国有上市公司多采用并购方式实施多元化战略,采用并购方式的非国有上市公司绩效更优。

It has been well documented that the state--owned diversified firms have been valued less relative to other diversified firms. A sizable literature suggests that these inefficient diversification behaviors result from inappropriate equity structure. However, the corporate governance changed in the diversilied firm, so these papers can＇t explain the difference of these companies＇ performance. As the main component of diversified strategy, the entry models are important to the operation performance of the listed companies. So the analysis of the relationship between ownership and corporate value from the view of diversified entry models is meaningful. Different from many paper which directly testing the relationship between ownership and corporate value, this paper studies how the ultimate ownership nature of the largest shareholder has effect the corporate value, using the cross date of China＇s listed companies, by examines the relationship among ownership nature of the largest shareholder, entry models and corporate value. The empirical tests show that state--owned listed companies are inclined to choose self--construction, and the performance of those which choose self--construction are better than the others choosing merger ＆ acquisition. The result shows entry model is one of the reasons of performance differences between corporate with different ownership nature of the largest shareholder.