信息不对称与多元化折价关系研究——来自中国沪市上市公司的证据

国外研究者一般认为,上市公司存在着多元化折价问题。对于我国上市公司而言,多元化折价现象是否存在以及多元化折价的影响因素有哪些,相关研究却很少。文章通过计算超额价值,发现我国上市公司也存在多元化折价现象,而信息不对称是导致多元化折价的主要因素。文章还发现,多元化扩张行为会导致信息不对称水平的上升,从而使多元化折价问题更为严重。

The Relation between the Information Asymmetry and the Diversification Discount: Evidence from Listed Firms in Shanghai Exchange

A body of foreign literature reveals that, the diversified firms trade at discount. As for our listed firms, whether the diversification discount exists and which factors result in it are important issues. We find our diversified firms have discounted value. Our study confirms a significant relation between the diversification discount and information asymmetry after controlling other factors; and the increase in the level of information asymmetry will reduce more excess value of diversified firms compared to non-diversified firms. We also find the merging expansion behavior will increase the level of information asymmetry, consequently worsen the diversification discount problem.