多元化战略与企业绩效的关系研究——基于内生性和自选择模型的角度

The Study on the Relation between Diversification and Firm Performance:Evidence from Endogeneity and Sample Selection Model

基于公司多元化战略角度对企业绩效的影响提供新解释,利用2008—2013年间沪市A股上市公司的面板数据,考虑模型内生性和样本自选择问题,加入包括公司治理特征在内的公司特质为控制变量,实证检验了多元化战略与企业绩效间的关系.研究发现,无论是赫芬达尔指数还是多元化虚拟变量,其系数都变得更小,说明多元化战略对企业绩效的负面影响较大;在通过工具变量法和Heckman样本选择模型控制了内生性和样本自选择问题后,多元化战略对企业绩效的负面影响更为严重.稳健性检验显示结果是可靠的.该结论丰富了企业多元化战略理论,为企业有效实施多元化战略选择提供了科学依据.

A new explanation for firm performance is given from the perspective of diversification strategy in this paper. Employing panel data from the listed companies of Shanghai A shares from 2008 to 2013,after considering the model endogeneity and sample self- selection and controlling the variables such as corporate governance entity,the relation between the corporate diversification and firm performance is empirically analyzed in this study. It has been found that corporate diversification has significant negative effect on firm performance and the coefficient becomes smaller in either Herfindahl index or diversification dummy variable. After having employed IV methodology and Heckman sample selection model,the results have become worse. Robustness tests show that the results are reliable. The policy implication could be derived from above results is that this conclusion enriches the diversification strategy theory and has supplied scientific basis for operating diversification strategy effectively.