政府干预、内部人控制与多元化经营的价值效应分析

A Study on Government Intervention Insider Control and Performance Implication of Corporate Diversification

根据2004至2008年的数据,本文对政府控制上市公司"政府干预下的内部人控制"的治理特征对多元化经营价值效应的影响进行了研究,结果发现转轨经济条件下政府干预能起到抑制内部人机会主义行为的作用,因而,与较弱的政府干预力度相比,政府干预较强下的多元化经营对公司价值的负面影响并未表现得更突出。

With the data of the state-controlled listed companies from 2003, to 2008, the thesis analysis the performance implication of corporate diversification which is based on the governance features of the insider control with the government intervention. The empirical study shows that because the government intervention can play preventing role on the opportunistic behavior of insider control, the negative performance implication of corporate diversification is not more strongly in which the government intervention is stronger.