中国企业归核化战略影响因素实证研究

An Empirical Study on the Determinants in Refocusing Strategies of Chinese Companies

在对403家中国A股上市公司2004至2007年面板数据进行分析的基础上,通过考察多元化水平、企业绩效、高管变更、股权集中度、财务杠杆等五个因素对企业归核化行为的影响,本文得出结论认为:多元化仍然是大多数中国企业进行资源配置和获取市场机会的主要战略行为,中国企业尚未进入普遍过度多元化的阶段。在过度多元化的临界点以下,企业的多元化水平尚不能显著地影响企业的归核化决策;而股权的集中化却会促使其所有者更加顺利地进行多元化扩张以获取更多的市场利益,且并不因高管变更而受到影响;只有当多元化经营使企业绩效明显下降时,企业才会选择归核化以降低经营风险。

By using 403 eligible companies listed on A-shares in both Shanghai and Shenzhen as samples, constructing a panel data over the period of 2004 to 2007, this research examined five factors which may influence refocusing action of the listed companies, including： diversification level, change in top management, firm leverage, firm performance and ownership concentration. And we find that： companies in China haven＇t entered into the stage of over-diversification. Unlike companies in western countries, diversification is still an efficient way for Chinese listed companies to gain growth. Under the critical point of over-diversification, diversification level can not affect the decision of refocusing, while ownership concentration will make benefit to diversification. Only when diversification decreases the performance, companies will resort to refocusing.