摘要
本文以2009年至2012年度中国沪深300指数公司为样本,研究融资约束对企业多元化经营以及对多元化和业绩之间关系的影响,结果显示:融资约束弱化企业多元化,并减弱了企业多元化对企业业绩的负效应,缓解融资约束并不是企业多元化策略的原因;在融资约束下,多元化经营所带来的内部资本市场效率提高可以减少多元化对企业业绩的损害。
Using the data of China＇s csi 300 index firms from year 2009 to year 2012, this study examines how financing constraints affect corporate diversification business and diversification - performance relationship. Empirical findings indicate that financing constraints weaken corporate diversification, and weaken the negative effects of corporate diversification on corporate performance, as well as easing financing constraints is not the reason of enterprise diversification strategy; in the financing constraints, the improvement of internal capital market efficiency brought by the corporate diversification can reduce the damage of diversification to firm performance.
出处
《商业研究》
CSSCI
北大核心
2015年第2期96-103,共8页
Commercial Research
关键词
融资约束
多元化经营
企业业绩
financing constraints
corporate diversification
firm performance
