市场价值、生产效率与上市公司多元化经营:理论与证据

Market Values,Productivity and Corporate Diversification:Theory and Evidence

理论建模和实证分析表明，在股票市场资源配置缺乏效率的情况下，多元化经营对上市公司的市场价值和生产效率具有不同影响。多元化经营最大化了市场价值，但却显著降低了生产效率。这一发现揭示了新兴市场下多元化经营有着自身特点，它体现出一种市场机会主义的短视行为，并由此导致了公司投资扭曲和长期绩效损失。

By theoretical and empirical analysis, we find that the effects of corporate diversification on market values and productivity are different when the stock market is inefficient. Diversification maximizes market values, but it reduces productivity significantly. This finding shows that corporate diversification in emerging markets has its own characteristics. It reflects the myopic behavior in the stock market, which leads to investment distortions and long-term performance losses.