多元化经营与企业价值：我国上市公司多元化溢价的实证分析

多元化经营与企业价值之间的关系是近年来公司金融领域的一个研究热点。为此，本文建立起我国上市公司多元化程度的相关数据库，通过间接检验内部资本市场理论的实证含义，深入分析多元化经营与企业价值的理论与经验关系，发现：我国上市公司存在显著的多元化溢价现象，多元化公司具有较大的市值一账面值比、Tobiffsq和超额价值；在控制住规模、无形资产、财务杠杆和股利政策等影响企业价值的因素后，多元化溢价仍位于0．09～0．16之间；产生多元化溢价的原因是价值高的企业更倾向于采取多元化经营战略，并且我国上市公司的内部资本市场可能较为有效。     

多元化经营与企业价值:我国上市公司多元化溢价的实证分析

多元化经营与企业价值之间的关系是近年来公司金融领域的一个研究热点.为此,该文建立起我国上市公司多元化程度的相关数据库,通过间接检验内部资本市场理论的实证含义,深入分析多元化经营与企业价值的理论与经验关系,发现:我国上市公司存在显著的多元化溢价现象,多元化公司具有较大的市值一账面值比、Tobin's q 和超额价值;在控制住规模、无形资产、财务杠杆和股利政策等影响企业价值的因素后,多元化溢价仍位于0.09?0.16之间;产生多元化溢价的原因是价值高的企业更倾向于采取多元化经营战略,并且我国上市公司的内部资本市场可能较为有效.     

中国家族上市公司多元化经营与公司治理问题研究

本文根据中国A股市场家族上市公司的数据,以多元化经营背后的动机为切入点,对中国家族公司的公司治理问题进行了实证研究。结果发现,在投资者保护水平较低时,家族大股东通过金字塔持股等方式实现了上市公司的现金流权和控制权分离,使其有动机也有机会通过多元化经营侵占少数股东的利益;虽然多元化经营对建立内部要素市场从而增加企业价值有积极影响,但家族大股东侵占产生的代理成本大于资源配置效率提高带来的收益,多元化经营与公司绩效呈负相关关系。     

基于经营绩效的我国上市公司多元化战略实证研究

通过从公司经营绩效的角度对我国上市公司多元化战略进行实证分析,本文的研究结果表明:在我国目前的股票市场结构下,不同区域中的上市公司多元化战略对其经营业绩所产生的影响存在着显著的差异。具体表述为:我国大多数上市公司的业绩与其多元化经营之间表现为负相关;东部地区的上市公司多元化战略对其绩效产生的积极影响明显强于中西部地区的上市公司;中西部地区的上市公司绩效与其多元化经营之间的关系较为相似,并且区域内部差异显著。     

多元化经营对公司绩效的影响——来自中国上市公司的经验证据

多元化是公司重要发展战略,本文以231家中国上市公司为样本,探讨了多元化水平对公司绩效的影响。通过分组检验和多元线性回归方法,我们发现多元化水平与公司绩效(ROA和ROE)存在显著负相关关系,说明我国上市公司多元化经营会带来价值折扣。     

市场价值、生产效率与上市公司多元化经营:理论与证据

理论建模和实证分析表明,在股票市场资源配置缺乏效率的情况下,多元化经营对上市公司的市场价值和生产效率具有不同影响。多元化经营最大化了市场价值,但却显著降低了生产效率。这一发现揭示了新兴市场下多元化经营有着自身特点,它体现出一种市场机会主义的短视行为,并由此导致了公司投资扭曲和长期绩效损失。     

多元化经营、企业价值与收益波动研究——以中国上市公司为例的实证研究

本文指出,马里斯关于企业利润与增长之间存在负相关关系的前提假设不适应于我国上市公司,对处于经济转轨时期的中国上市公司而言,增长与利润之间的关系可能表现出新的特征.本文的研究表明,我国上市公司的多元化对企业价值具有正效应,多元化经营可以提高企业的价值;企业的多元化对企业收益的波动具有负效应,即多元化降低了企业收益的波动程度;没有明显的迹象表明,我国上市公司的多元化经营与绩效关系之间的拐点已经出现.本研究在一定程度上解释了现阶段我国上市公司为什么普遍采取多元化经营这一模式的动机.     

市场价值、生产效率与上市公司多元化经营：理论与证据

理论建模和实证分析表明，在股票市场资源配置缺乏效率的情况下，多元化经营对上市公司的市场价值和生产效率具有不同影响。多元化经营最大化了市场价值，但却显著降低了生产效率。这一发现揭示了新兴市场下多元化经营有着自身特点，它体现出一种市场机会主义的短视行为，并由此导致了公司投资扭曲和长期绩效损失。     

论上市公司股权结构与经营绩效的关系

本文以国有股比重、流通A股比重、第一大股东持股比重以及第一、第二大股东持股比重之比作为公司股权结构变量,以净资产收益率与市净率作为公司经营绩效变量,以中国信息技术行业的上市公司为样本,对其股权结构与经营绩效关系进行了实证研究.该研究结果表明,国有股比重与上市公司的经营绩效负相关,流通A股比重及大股东治理与上市公司的经营绩效均无显著相关性.本文的实证研究为中国上市公司实行国有股减持、股权结构多元化以及加强中小股东公司治理功能提供经验证据.     

多元化经营与公司绩效——来自中国证券市场的证据

多元化经营能否增加公司绩效一直是个有争议的问题。本文以中国证券市场上实施多元化经营的综合类上市公司为样本,对多元化程度和公司绩效的关系进行了实证检验,结果表明多元化程度与公司绩效呈负相关。     

数字化转型、多元化经营与企业绩效

本文以既有研究为基础,考察了企业数字化转型如何改变多元化经营的绩效影响。文章采用2007—2020年中国A股上市公司数据,运用面板二值选择模型、模糊双重差分模型以及面板固定效应模型进行实证检验,同时使用传统多期双重差分模型进行对照。研究结果表明：数字化转型与多元化经营之间具有强大的协同作用。从事实上看,数字化转型能够提高企业开展多元化经营的概率,也能够提升企业多元化经营水平。从机理上看,数字化转型能够提升企业多元化经营的预期收益,并且这一效果在劳动密集型产业中最为明显。本研究综合运用资产专用性、范围经济等理论探究了数字化转型与多元化经营之间的联动效果,开创了对于多元化经营对企业绩效影响的新型研究视角。     

多元化企业董事会咨询职能实现路径

依据多元化企业特定战略需要合理配置董事会与经理层成员之间的职能背景构成是董事会咨询职能实现的重要路径。本研究结合不同类型多元化企业战略管理特征的差异性,理论分析并实证检验了董事会职能背景特征对多元化企业经营绩效的影响,实证研究结果表明董事会与经理层成员职能背景的互补性是促进"友好型"董事会发挥咨询职能的重要实现路径,即随着企业多元化程度的提高,应逐步提高(降低)董事会中拥有财会(核心)职能背景的成员比例、降低(提高)经理层中拥有财会(核心)职能背景的成员比例。研究结论对于指导多元化企业董事会咨询职能建设、实现多元化战略的价值效应具有一定的参考价值。     

多元化战略、母子公司管控与企业绩效

多元化经营能帮助企业实现协同效应,进而提升企业绩效,但已有的实证研究大多得到与此相反的结果。通过问卷调查获取87家集团公司下属子公司的经营数据,检验企业多元化与母子公司管控(包括管控程度和管控方式)对企业绩效的交互效应。研究发现:实施多元化战略的公司对子公司采取正式管控会降低企业整体绩效;但母子公司管控程度与多元化经营的交互效应不显著。     

Multidimensional financial development,exporter behavior and export diversification

Financial development shapes export sector performance because exporters need external finance and face credit constraints. Previous empirical research has relied largely on single-country studies. The Exporter Dynamics Database (EDD), which features firm-level exports from over 60 countries, reveals differences in the microstructure of the export sector across countries. In this paper, we first provide new evidence that these differences are related to cross-country variation in financial development and structure. Second, we combine the EDD and multidimensional data on financial development with a global database on export diversification. This study is the first to examine how macrolevel export diversification is determined by the microcharacteristics of the export sector. This approach is novel in the empirical literature on export diversification. According to our cross-country analysis, access to domestic financial services positively contributes to export diversification by increasing the number of small exporters, as financial services ease the credit constraints these exporters face.     

FDI、产业集聚结构和行业创新绩效——基于制造业13个分行业面板数据的GMM分析

运用2000—2010年中国制造业分行业数据建立动态面板数据模型,采用广义矩(GMM)估计方法对FDI和产业集聚结构对制造业创新绩效的影响分析表明:从全国整体来看,FDI、产业多样化和产业专业化对创新绩效影响为正向,只不过仅在10%的水平上统计显著;从分组回归结果来看,FDI和产业专业化对高技术行业创新绩效的影响相对更大,而产业多样化对低技术产业创新绩效的影响更为突出。为此,地方政府可以通过实施行业差别化产业集聚战略、营造创新网络体系,提升制造业创新绩效。     

Optimal diversification,bank value maximization and default probability

This study argues that the optimal level of diversification for the maximization of bank value is asymmetrical and depends on the business cycle. During times of expansion, systematic risks are relatively low; hence, the effect of raising systematic risks from portfolio diversification is slight. Consequently, the benefit of reducing individual risks dominates any loss from raising systematic risks, leading to a higher value for a bank by holding a diversified portfolio of assets. On the contrary, during times of recession, systematic risks are relatively high. It is more likely that the loss from raising systematic risks surpasses the benefit of reducing individual risks from portfolio diversification. Consequently, more diversification leads to lower bank values. Finally, some empirical evidence from the banks in Taiwan is provided.     

EXPORT DIVERSIFICATION AND EXPORT PERFORMANCE BY DESTINATION COUNTRY

The main focus of this paper is the relationship between export diversification and export performance. The key difference with respect to the previous literature is that export diversification is measured and related to export volume by destination country. The approach is empirical and an aggregate export demand setting is adopted to test the significance and influence of export diversification, measured via the Herfindahl index, on export performance by destination country. The econometric estimation is performed using export data for Spain to its partner countries for the period 1999–2011. The main finding is the positive relationship between Spanish export concentration and export performance by destination market. This finding is shown to be robust to several econometric specifications.     

Organisational form and the economic impacts of innovation: the case of patent grant announcements

This study investigates the impact of corporate diversification on the value creation of patent grants. We find that focussed firms experience significantly greater market reactions to patent announcements than diversified firms. Diversification into related industries has little effect on the wealth gains of granted patents, while diversification into unrelated industries significantly reduces the wealth gains. We further find that post-announcement operating performance is significantly associated with the degree of diversification. Overall, our findings suggest that the selection of diversification as a firm's organisational structure has a negative influence on the value creation of innovation, and this influence is exacerbated when this diversification involves unrelated industries.     

Diversification strategies and firm performance in Vietnam

This paper is based upon the assumption that a firm's profitability is determined by its degree of diversification which is, in turn, strongly related to the antecedent decision to carry out diversification activities. This calls for an empirical approach that permits the joint analysis of the three interrelated and consecutive stages of the overall diversification process: diversification decision, degree of diversification and outcome of diversification. We apply parametric and semi‐parametric approaches to control for sample selection and the endogeneity of the diversification decision in both static and dynamic models. For the analysis, we use the census dataset on the whole firm population in Vietnam, as a representative of transition countries. After controlling for industry fixed‐effects, the empirical evidence from the firm‐level data shows that diversification has a curvilinear effect on profitability: it improves firms’ profit up to a point, after which a further increase in diversification is associated with declining performance. This implies that firms should consider optimal levels of product diversification when they expand their product offerings beyond their core business. Other noteworthy findings include the following: (i) the factors that stimulate firms to diversify do not necessarily encourage them to extend their diversification strategy; (ii) firms that are endowed with highly technological resources and innovation investment are likely to successfully exploit diversification as an engine of growth; and (iii) while industry performance does not have a strong influence on the profitability of firms, it impacts their diversification decision as well as the degree of diversification.     

技术多元化、创新开放度与企业绩效 ——来自我国制造业上市公司的证据

从理论上分析技术多元化对企业绩效的影响，着重探讨创新开放度在其中发挥的作用，并利用沪深两市高技术上市公司2004-2018年面板数据进行实证分析。研究表明，技术多元化与企业绩效间呈现倒“U”型关系，技术多元化水平上升对企业绩效的影响在创新开放程度较高环境中被进一步放大。据估算，企业创新开放度每提高10%，技术多元化程度上升对企业绩效的影响将增加0.011个百分点。此外，企业技术多元化战略经营绩效提升作用具有明显的技术密集属性和行业产权结构属性差异，高技术密集型企业技术多元化水平每提高1%，企业经营绩效水平将实现高达0.052 4%的攀升幅度，且低国有化企业实施技术多元化战略的效果明显优于高国有化企业。