公司多元化、过度投资与企业绩效的相关性分析——基于代理成本视角的经验证据

Corporate Diversification,Over-investment and Business Performance Analysis of Correlation——The empirical evidence based on agency cost

以生物制药业上市公司为例,从代理成本视角对企业多元化经营、过度投资与业绩进行相关性分析。实证结果显示,生物制药行业的多元化经营未导致严重的过度投资,但代理成本较高,且闲暇消费代理成本高于在职消费代理成本。

In this paper, we choose Biopharmaceutical companies as an example to analyze the correlation of corporate diversification, over-investment and performance based on agency cost. The empirical results show that bio-pharmaceutical industry diversification does not lead to serious over-investment, but the agency costs are higher. The agency cost of leisure consumption is higher than the in-service consumer agency costs.