多元化折价与多元化溢价的稳健性:一个文献述评

Robustness of Research on the diversification discount and diversification premium:A Literature Review

自从Lang and Stulz(1994)提出多元化折价以来,多元化折价与溢价的争论成为公司财务领域的焦点问题之一。但是,文献研究表明,多元化本身可能是中性的,多元化可能并不是产生折价的原因。本文对多元化折价与溢价的文献进行了归纳,认为多元化折价与溢价的稳健性取决于多元化赖以存在的条件,以及实证研究是否解决了内生性问题。今后的研究需要提高数据的可靠性、消除内生性、引入新的方法、嵌入制度和政治关联等因素。

Since Lang and Stulz （1994） put forward the diversification discount, the debate about the diversification discount and premium is the one that has been going on for many years. But recent studies have showed that the diversification itself may be neutral and is not often the result of diversification discount. In this paper, I summarized those theories on diversification discount or premium and related empirical studies, and found that Robustness of Research on the diversification discount and diversification premium is conditional on the prerequisites of it, and the endogeneity within these researches. Factors such as reliability of data, elimination of endogeneity, introduction of new methods, and embedment of regime and political connections should be considered in the future research.