我国企业多元化经营战略与企业绩效之实证研究

An Empirical Research on the Relationship between Diversified Management and Enterprise Performance in China

企业多元化经营作为企业成长和发展的重要战略之一,既有成功实施的广泛代表性,又不乏失败的惨痛教训。为找出多元化经营与企业绩效之间关系,选取了57家沪深上市公司作为研究对象,利用其公布的2006年—2008年连续三年的年报,搜集、整理、计算了衡量企业多元化程度的赫芬达尔指数,并与一系列衡量企业经营绩效的指标如每股收益、净资产收益率及To-bin's Q值建立回归模型。通过统计分析,得出了多元化与企业绩效之间关系的研究成果,并提出实施多元化经营的政策建议。

As one of the important strategies which impels the growth and development of enterprises,diversified management makes both broadly successful implementation and the painful lesson from failure.To find the relationship between diversified management and enterprise performance,this article selected the 57 listed firms in shanghai and shenzhen capital markets as the research objects,used three consecutive years of annual from 2006 to 2008,collected,collated and calculated H index which measures the degree of enterprises＇ diversified management,and made a regression model with a series index of enterprise performance＇ measure such as EPS,ROE and Tobin ＇s Q value.Through the statistical analysis,I could obtain the relationship between the diversified management and enterprise performance,and put forward the policy suggestions about diversified management.