摘要
业务多元化与公司业绩之间的实证关系已得到比较一致的结论,但国际多元化与公司业绩之间的关系还未达成共识。文章利用2001～2008年沪深610家上市公司4880个观测值的财务数据,运用面板数据模型估计方法,实证检验了业务多元化、国际多元化与公司业绩之间的关系以及这种关系的代理解释。研究发现,业务多元化和国际多元化都会降低公司的经营业绩和市场价值,而且国际多元化的价值折价程度比业务多元化的价值折价程度更严重。这种价值折价可由我国上市公司管理层激励机制来解释,即管理层激励并未达到降低公司代理成本的目的,反而成为管理层通过多元化追求私人收益的一种手段。
The empirical relationship between business diversification and company＇s performance has more consistent conclu sions, but the relationship between regional diversification and company＇s performance has not yet reached a consensus. Using the ＂ 4880 financial data of 610 listed companies from 2001 to 2008, and the method of panel data model, the paper examines the relation- ship between corporate performance and both corporate industrial and geographic diversifications and the agency explanation of the relationship. The authors find that industrial diversification and geographic diversification decrease corporate value and performance, and regional diversification discount has a more severe value discount than the value of diversification discount, and the value discount may be explained by the management incentive mechanism in Chinese listed companies.
出处
《山西财经大学学报》
CSSCI
北大核心
2011年第9期83-89,共7页
Journal of Shanxi University of Finance and Economics
基金
中央高校基本科研业务费(CDJSK100207)资助
关键词
业务多元化
国际多元化
公司业绩
管理层激励
industrial diversification
geographic diversification
corporate performance
management incentive
