产品多元化与企业出口绩效的实证研究——对广东浙江两地上市公司的对比分析

文章利用2005-2007年间广东省和浙江省109家制造型上市公司的数据.对企业国内市场产品多元化程度与出口绩效之间的关系进行了实证研究.结果发现.产品多元化程度越高,出口绩效均表现越差;产品的相关多元化对出口绩效均存在显著的积极影响:广东省和浙江省样本企业存在出口绩效差异,但在产品多元化方面没有显著差异.     

我国上市旅游集团多元化发展模式与绩效的关联性分析

随着旅游业的快速发展,我国出现了形式多样、规模不一的旅游集团。由于企业集团本身特点的不同出现了多元化发展和非多元化发展两种格局。本文通过选取我国已上市的20家实行多元化和未进行多元化的旅游集团运用因子分析法进行了相关实证分析,以探索旅游企业集团多元化与其绩效之间的关系,希望为我国旅游集团的经营和发展提供有用的建议和决策依据。     

我国医药上市公司多元化经营绩效研究

本文选取沪深两地62家医药类上市公司,对其多元化经营程度与企业绩效之间的关系进行研究。结论认为,医药企业多元化经营水平与企业绩效呈负相关关系,相关多元化经营对绩效提升没有显著影响,非相关多元化经营会降低企业绩效。此外,文章也就资产规模、成长能力、负债水平、上市年龄等对绩效的影响进行了研究。     

上市公司多元化经营与绩效关系研究

多元化经营是国内外企业寻求快速发展的战略举措.本文选取沪深上市公司为研究对象,实证分析了企业多元化经营与绩效之间的相互关系.研究结果表明,多元化经营程度与企业绩效之间并非呈一种简单的、单向变动的线性关系,多元化经营存在一个"度"的问题,相关多元化优于其他多元化类型.     

商业银行多元化经营与绩效和风险相关性研究

本文基于中国13家上市商业银行2005～2012年相关数据，引用熵指数(Entropy Index)衡量银行的多元化经营程度，通过建立多元回归模型对我国商业银行多元化经营、绩效与风险的相关关系进行实证分析，得出两点结论：第一，多元化经营与国有银行绩效显著正相关，对股份制银行绩效关系不显著；第二，多元化经营对风险有显著的抑制作用。最后根据结论提出相关建议，目的在于促进银行业的综合发展。     

多元化战略与企业绩效的实证分析

用回归分析法分析了100家上市公司绩效与多元化程度之间的关系。结论说明,公司绩效与多元化程度显著负相关,即多元化损害企业绩效,会产生多元化折价,并针对此结论,对现今企业的战略选择和实施提出了粗浅的建议。     

多元化究竟是“馅饼”还是“陷阱”?——基于产出效率视角的实证研究

多元化作为公司发展的一种战略举措,对公司绩效有重要影响。与现有研究不同,基于产出效率视角,以全要素生产率(TFP)作为公司绩效指标,采用平衡面板数据分析来考察具有更强经济动因下的中国上市公司多元化与公司绩效的关系。实证研究发现,上市公司多元化程度与产出效率显著负相关,这意味着盲目多元化对上市公司而言可能是一种"陷阱",从而为"多元化折价"的观点提供了新的诠释。因此,改善管理水平、提高生产效率可能是上市公司提升多元化绩效的重要途径。     

广电传媒多元化实证研究

多元化战略与企业经济绩效的关系已成为管理界研究的重点．而就多元化对广播电视类上市企业绩效影响的研究还很少,现实中很值得探讨。选择了合适的面板数据模型,建立了个体固定影响的变截距模型,对多元化战略与经济绩效的关系进行了研究。结论显示,目前企业的多元化程度与经济绩效之间并没有显著的相关关系。     

中国上市企业可能面临多元化困境——基于上市公司的面板数据研究

目前,对企业多元化战略的研究非常多,但对我国企业多元化经营却没有得出被普遍接受和一致认可的结论。本文选取我国A股长期健康发展的117家上市公司长达13年的数据,研究多元化战略与企业绩效之间的关系。本研究利用面板回归和简单线性回归两种方法都得出较为稳健的结论:我国上市公司多元化程度与企业绩效呈显著负相关关系。近年来企业的多元化程度还将进一步提升,我国上市公司可能出现由多元化带来的困境。     

股权结构与企业集团多元化战略关系研究

基于委托代理理论,选取中国181家上市集团公司2006—2008年的数据为研究样本,对企业集团的股权结构与多元化程度的关系进行实证研究,研究结果表明:股权集中度与多元化程度存在显著负相关关系;国有股比例和集团公司多元化程度之间呈正相关关系;管理层持股比例和多元化程度间不存在显著相关关系。     

The moderating effect of technology and marketing know-how in the regional-global diversification link: Evidence from emerging market multinationals

In this study, we link regional diversification to global diversification of emerging market multinationals (EMNCs) and explore the importance of firm-specific technology and marketing know-how in that process. We develop our hypotheses and test them using a sample of 625 Chinese manufacturing multinationals across multiple industries. The results reveal that regional diversification predicts global diversification, and that firm-specific technology and marketing know-how both increase the likelihood of a firm’s moving from regional to global operations. Technology know-how was found to be more influential than marketing know-how.     

Business Groups and Tax Havens

Setting up affiliated companies in tax havens is a legitimate, but ethically dubious, business practice. This study examines the conditions under which emerging business groups tend to use such a business practice. Business groups in emerging economies have been operating in weak institutional environments with substantial government intervention and ineffective market-supporting institutions. Having offshore companies in tax havens enables the groups to bypass some market transaction costs and institutional constraints, and it also provides them the opportunity to evade taxes and hide illegal conduct, such as bribery. Empirical evidence based on a sample of Taiwanese business groups showed that business groups with a higher level of prosocial orientation established fewer offshore companies in tax havens, as manifested by their commitment of resources to establishing nonprofit organizations. In contrast, groups that have higher levels of product and international diversification tend to use this ethically dubious business practice. However, highly internationalized groups are less likely to do so when they have committed substantial resources to prosocial activities.     

中国企业集团多样化经营战略研究——西方近期研究成果之借鉴

Lang和Stulz (1994 ) ,Berger和Ofek (1995 )以多样化企业集团的市场价值与集团各部门所在行业中所有单一企业组合的价值之和相比较,发现企业进行多样化经营后会降低其价值。由此,引发了西方理论界对多样化经营同企业价值间关系的大讨论。目前,中国的企业集团正蓬勃发展,随着企业集团的不断强大,企业过剩的资本会流向不同的产业部门,形成多样化集团。中国作为新兴的市场,与西方的成熟市场不一样。所以在借鉴西方理论以及研究成果为我所用的同时,更要结合中国的实际情况,提出切合实际的中国企业集团多样化经营战略。     

Choice of Diversification Strategies in an Emerging Market: Evidence from Indian Manufacturing Industries

The study seeks to measure the strategic choice of industries over different dynamic phases in the Indian economic environment. The total sample of 536 companies has been divided into 14 industries as per Standard Industrial Classification (SIC) codes. The paper also categorizes companies as per the cyclical changes in the economy, that is, growth, cyclical, and defensive industries. Evidence suggests that choice of diversification is industry specific and concurrently affected by the environmental conditions prevailing in the emerging economy. Food and beverages, plastic/rubber, and electrical equipment industries follow higher categories of diversification than other industries.     

Effects of family control on the degree and type of diversification: Empirical evidence for business groups

This article analyzes the impact of ownership structure on corporate diversification, with reference to large listed family business groups. By considering agency theory and socioemotional wealth, the study examines the relationship between family ownership, concentration of ownership, and degree and type of diversification. The study considers 99 Spanish listed business groups (50 family‐controlled‐ and 49 nonfamily‐controlled groups) and considers diversification of business group as the focus of analysis. The results show how family business groups present a lower preference for unrelated diversification than related diversification. There is also a nonlinear relationship between the concentration of ownership in family groups and the degree of diversification, showing different behaviors in family groups according to shares owned by the family's leading shareholders. This article contributes to the literature by providing a more precise identification of the corporate strategy adopted by business groups and establishing new evidence about the impact of family control on diversification strategies and the differences regarding nonfamily business groups.     

Diversification,efficiency and risk of banks: Evidence from emerging economies

This paper examines the impact of business diversification of banks on their risk, with efficiency taken into consideration as a conduit. Using bank-level data from more than 1000 commercial banks in 39 emerging economies during the period of 2000–2016, we find that increased business diversification exerts two competing effects on bank risk. The direct effect of increased diversification bolsters the stability of banks, but it is offset by the indirect effect whereby lowered efficiency, which is resulted from higher diversification, increases the riskiness of banks. Thus, the overall benefits from bank business diversification on bank stability rely on the trade-off of the two competing forces.     

Diversification and financialization of non-financial corporations: Evidence from China

This paper examines whether and how business diversification affects financialization in non-financial corporations. Using data from the Chinese market, we find that business diversification strategy will significantly increase non-financial corporations' investment in financial assets. Furthermore, exacerbated agency problems, increased investment inefficiency and high operational risk are found to be the consequences of business diversification, which induce companies to hold high-risk financial assets. The impact of business diversification on financial investment is stronger in small-cap firms, SOEs, and firms with weak monitoring mechanisms. Finally, the diversification effect on corporate financialization is more significant where regional economic development and regulatory environment is weak.     

民营企业的政治资源与民营企业多元化投资——以中国民营企业500强为例

This paper argues that the political resources owned by Chinese private enterprises affect their diversification strategy under the context of China’s transitional economy. Based on the sample of top 500 private enterprises in 2004 in China, we find the following empirical evidence: First, political resources owned by private enterprises are positively and significantly related to their degree of diversification. Second, the possibility for private enterprises to diversify their business by entering industries under government regulation is positively related to their political resources. Third, the possibility of related diversification for private enterprise is negatively related to its political resources. Translated and revised from Zhongguo Gongye Jingji 中国工业经济 (China Industrial Economy ), 2008, (4): 5–14     

Should business angels diversify their investment portfolios to achieve higher performance? The role of knowledge access through co-investment networks

This paper investigates the performance effects of business angel portfolio industry diversification. Using a unique bi-annual panel dataset of 142 members of a professional angel investment platform and their portfolio returns between 2013 and 2017, we consider the costs and benefits of diversifying investments into various industries. Drawing upon theoretical arguments about distant search, we theorize and find a nonlinear (S-shaped) relationship between portfolio industry diversification and performance. Further, we pay specific attention to a proposed overdiversification effect that takes place at high levels of portfolio industry diversification and show that this effect is moderated by individuals' access to industry knowledge through their co-investment networks. For business angels who have a central position within a diverse network of industry specialists, the overdiversification effect is less pronounced.     

Communicating CSR practices – Role of internationalization of emerging market firms

Emerging markets suffer from institutional voids, and in such resource deficient economies, corporate social responsibility is given scant attention. However, when firms from emerging markets globalize, international stakeholders become suspicious about firms’ products, services, and business practices. Grounded in the liability of emergingness and legitimacy theory and using a sample of 134 manufacturing firms from one emerging market, India, this study explores how firms’ international diversification intent and market-seeking motives influence emerging markets’ firms communication of socially responsible activities as an attempt to eliminate illegitimacy. Furthermore, the study reveals that business group affiliation enhances the influence of internationalization on firms’ communication of socially responsible activities.