多元化经营和公司价值的关系研究

Research on the Relationship between Diversified Operation and Company Value

企业无论是进行相关融资还是资本配置都离不开以下两个市场的协调与配合——内部资本市场和外部资本市场,这二者密切相关。本文以全球金融危机后2009年至2014年A股非金融类民营上市公司为样本,我国作为新兴市场国家,投资者保护水平不高,金融危机对我国外部资本市场产生巨大冲击的背景下,探讨不同治理因素对民营企业系成员公司价值的影响。验证了金融危机后,在民营企业系成员企业的角度,相比其他三种模式,集团模式多元化经营更能提升企业价值。

Both financing and capital allocation are inseparable from the coordination and cooperation of the following two markets:internal capital market and external capital market,which are closely related.In view of the low level of investor protection in China as an emerging market country and the huge impact of the financial crisis on the foreign capital market,this paper takes A-share non-financial private listed companies from 2009 to 2014 after the global financial crisis as a sample to explore the impact of different governance factors on the value of private enterprises.The results show that,after the financial crisis,from the perspective of private enterprises,the group mode of diversified operation can enhance the enterprise value more than the other three modes.For the overall performance of enterprises,this effect is still significant,but it is likely to be caused by earnings manipulation.