连锁股东与企业多元化经营:加速扩张还是聚焦主业

Cross-Ownership and Corporate Diversification:Accelerating Expansion or Focusing on Main Business

在多元化经营浪潮逐渐消退的现实情境下,回归主业已经成为新的经营趋势,作为对企业行为决策有重要影响的连锁股东在多元化经营中扮演怎样的角色?以2007-2019年沪深两市企业为样本,从“归核效应”和“扩张效应”双重视角刻画了连锁股东对企业多元化经营的影响。研究发现,连锁股东有效抑制了企业多元化经营程度,即呈现“归核效应”,其主要作用机制为缓解融资约束和提高公司治理水平;异质性研究发现,在有连锁股东委派董事的企业、非国有企业、市场化进程低的地区对多元化的抑制作用更显著。此外,连锁股东还提升了企业相关多元化程度以及多元化的经营价值。

Under the realistic situation that the tide of diversification gradually fades away,it has become a new trend to return to the main business operation.As the cross-ownership who have an important influence on the decision-making of enterprise behavior,what role does it play in the diversification operation?Using data of Chinese A-share listed companies from 2007 to 2019,this paper describes the influence of cross-ownership on enterprise diversification from the dual perspectives of the“focusing effect”and“expansion effect”.The results show that cross-ownership reduce the degree of enterprise diversification effectively,mainly manifested as the“focusing effect”.Its main mechanism of action is to alleviate financing constraints and improve corporate governance.The heterogeneity study shows that the inhibition effect on diversification is more significant in enterprises with directors appointed by cross-ownership,non-state-owned enterprises and regions with low marketization process.In addition,cross-ownership also promotes the diversification of enterprises and improves the value of diversification.