股东多元化与企业多元化:股权与身份的作用

Diversification of Shareholders and Corporates:The Effect of Ownership and Identity

从股东的角度入手,依据代理理论和制度理论分析了股东的股权与身份两种股东属性对企业多元化的影响,实证发现,股权集中度降低企业的多元化水平,而股东身份的多元化则显著提高企业的多元化程度。

This paper explores the effect of ownership and identity on the implementation of diversification strategy from the shareholders＇ perspective.Empirical tests find that high ownership concentration lowers the diversification level,and shareholders diversity significantly increases its extent.