多元化与归核化决策的自选择特征及对公司价值的影响——基于中国上市公司的研究

The Self-selection of Diversifying and Refocusing Decisions and Their Value Effects:An Empirical Study on Listed Companies in China

公司基于自身特点选择多元化或归核化经营。本文从动态视角出发,以2006—2010年经历多元化与归核化的A股上市公司为研究对象,发现多元化决策与归核化决策都具有自选择特征,选择所依据的因素往往有市场评价、经营业绩、投资机会等。市场估值较低、业绩较差、上市时间较长的公司意图通过进入新的行业寻找新的投资机会;但现实中多元化决策并未有效提高公司价值,公司利润反而相对专业化公司不断下滑,造成公司价值的进一步折损。与此相对应的是,归核化公司在回归主业之前的市场估值相对较高,其中部分企业迫于资金压力选择出售非核心业务,通过减少经营类别而专注于核心业务。归核化后的公司利润率提高,公司价值得以明显提升。

Viewing diversification as a dynamic process will help us to understand its mechanism and value effect.Using data from listed companies in China's Mainland during 2006 to 2010,we find that diversifying and refocusing decisions are endogenous.Specifically,companies with lower excess value,lower return and older age are more inclined to diversify,with the purpose of searching for new investment opportunities;meanwhile,companies with higher excess value are more inclined to sell their peripheral segments,compared with those keep operating in more than one industry.By analyzing the value change through diversifying processes we can't conclude that diversification destroys value;however,we do find value destruction effect as the diversification operation continues.On the other hand,refocusing decision can improve company value significantly.