高管权力、多元化及公司绩效

Managerial Power,Diversification and Corporate Performance

多元化是我国上市公司发展的重要趋势，多元化动机及其经济后果一直是学术研究的热点话题。针对公司高管是否通过其权力影响公司的多元化及其对公司绩效的影响，选取2007～2011年上市公司为样本，以董事长为研究对象，采用面板数据进行实证分析。研究发现：高管权力对公司多元化具有重要影响，高管权力越大，公司的多元化程度越高；而且，高管权力会影响多元化与公司绩效之间的关系，高管权力越大，多元化对公司绩效的负面影响越重。在此基础上，文章提出应规范高管权力，提高财务决策科学性的针对性建议。

Diversification is an important tendency in the development of the listed companies in China ,and the diversified motivations and economic consequences have been the hot topics for academic research .With the re‐search sample of China listed companies between 2007 and 2011 ,taking the chief executives as the research ob‐jects ,this paper analyzes the relations between managerial power and corporations’diversification and its effect on corporate performance .It reveals that corporations’diversification is positive associated with managerial power .With the increase of the managerial power ,corporations’diversification gets much higher .Managerial power has a great effect on the relation between diversification and corporate performance .With the increase of the managerial power ,the negative effects of diversification on corporate performance get deteriorated .Based on the findings ,this paper suggests that we should formalize and restrain managerial power and hence improve the scientificity of financial decisions .