战略转型视角下的资产剥离与企业价值研究

Research on Divestitures and Firm Value from the Perspective of Strategy Transformation

以2008~2017年我国A股上市企业为样本研究资产剥离对企业价值的影响及其作用机制。结果发现:从剥离动因来看,资产剥离是一种战略转型行为;从剥离结果来看,资产剥离能够显著地提升我国上市企业价值,且该价值提升效应可持续2年;从作用机制来看,资产剥离通过促进战略性资源投人进而推动企业价值的提升;从影响因素来看,资产剥离效应的发挥受产权性质和行业特质等异质性因素的影响。

Using a unique sample constituted A-share listed companies from 2008 to2017 in China,this paper empirically tests the impact of divestitures on firm value and the mechanism through which divestitures work on firm value.Result shows that divestitures represent strategic transformation behaviors.Divestitures can significantly improve the firm value and this effect lasts for two years.The strategic resource,specifically the human resource is the mechanism that divestitures work on firm value.The divestiture effect is influenced by heterogeneous factors such as the nature of property rights and industry characteristics.