多元化经营与盈余持续性的关系研究

Research on the Relationship between Diversification and Earnings Persistence

基于2008-2014年沪深A股上市公司数据研究多元化与公司盈余持续性的关系,考察了多元化对盈余不同组成部分持续性的影响,以及在多元化溢价和折价公司中多元化程度对盈余持续性影响的不同。研究结果表明:多元化公司比专业化的公司盈余持续性更强;与相关多元化相比,非相关多元化的盈余持续性更强;相关多元化和非相关多元化对现金流盈余和应计盈余持续性影响不同,与应计盈余相比,相关多元化程度和非相关多元化程度增强了现金流盈余的持续性;相关多元化和非相关多元化对盈余持续性的影响在发生多元化溢价的公司中更为显著。

Based on the Shanghai and Shenzhen A - share listed companies data from 2008 to 2014, this paper focuses on the relationship between earnings persistence and diversification, including the impact on different earning items and the difference between diversification premium and discount companies. The empirical results indicate that diversified companies have higher earning persistence than professional companies. Compared to related diversification, unrelated diversification leads to a more positive effect; related diversification and unrelated diversification increases the persistence of cash - basis earnings than accrual - basis earnings. The positive impact of related diversification on earning per-sistence is more significant in premium companies than discount companies, as well as unrelated diversification.