传统能源企业多元经营对企业价值的影响研究——来自中国传统能源上市公司的证据

Impact of diversification of traditional energy enterprises on enterprise value——An empirical study of listed traditional energy companies in China

为研究中国传统能源企业能否在新能源时代背景下通过多元经营进一步优化产业结构、驱动企业价值。基于实物期权思想,进行理论分析并提出研究假设,在建立回归模型的基础上,对2014—2019年间传统能源上市公司的面板数据进行回归分析,分别从不考虑增长期权价值和考虑增长期权价值两个方面验证煤炭、石油、天然气上市公司多元经营对企业价值的影响。结果表明:不考虑增长期权价值时,多元经营对企业价值的影响不显著;考虑增长期权价值时,煤炭企业多元经营与企业价值之间的关系和假设相一致,呈正U型关系,而石油企业和天然气企业由于多元化业务之间相关性较高,限制了新增长期权的形成与执行,使得多元经营与企业价值之间呈倒U型关系。因此传统能源企业进行多元经营确实可以驱动企业价值,并且多元经营与企业价值之间的关系受到多元经营相关性的影响。

In order to study whether China’s traditional energy companies can further optimize the industrial structure and drive corporate value through diversified operations in the context of the new energy era,this paper based on the idea of real options,conducted theoretical analysis and put forward research hypotheses.And a model was established to perform regression analysis on the panel data of traditional energy listed companies from 2014 to 2019.Two situations were analyzed without considering the value of growth options,to verify the relationship between the diversified operations of listed companies in coal,oil and natural gas and corporate value.The results show that without the value of growth options in view,the impact of diversification on corporate value is not significant;with the value of growth options in view,the relationship between diversification and enterprise value of coal companies is consistent with the hypothesis of a positive U-shaped relationship.However,oil and gas companies have an inverted U-shaped relationship between diversification and enterprise value due to the high correlation between diversified businesses,which limits the formation and execution of new growth options.Therefore,the diversified operation of traditional energy companies can indeed drive their corporate value,and the relationship between diversification and corporate value is affected by the relevance of diversification.