我国上市公司的多元化战略与公司绩效

本文以2004年深沪两市的696家非金融公司作为样本,通过建立有效的多元化经营指标,考察了中国上市公司多元化战略与其绩效(CROA)的关系。实证研究表明,多元化有一定的正面效应,即能够降低公司经营风险,但是从整体上来看,多元化的成本仍然大于收益,导致多元化程度与公司绩效负相关。这一实证结果与多元化给企业带来巨大成本的理论一致。

Diversification Strategy and Firm Performance of China's Listed Companies

We use the data of China's listed companies, construct the effective measurement variable of diversifica- tion and investigate the relationship of diversification and performance in the emerging market.The empirical results suggest that diversification has some positive effect;it can reduce the business risk.While on the whole,the cost of di- versification still overweighs its benefits,which makes the degree of diversification inversely relate to firm performance. The empirical results coincide with the theory of diversifica- tion bringing significant costs.