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| 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 | |
| 引用本文： | 姜付秀,刘志彪,陆正飞.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[J].财经问题研究,2006(11):27-35. |
| 作者姓名： | 姜付秀 刘志彪 陆正飞 |
| 作者单位： | 1. 北京大学光华管理学院,北京100871 2. 南京大学长江三角洲经济社会发展研究中心,江苏南京210093 3. 北京大学光华管理学院会计系,北京100871 |
| 基金项目： | 感谢深交所的谭克博士和华泰证券的王佩艳博士在我们收集数据过程中所提供的帮助. |
| 摘 要： | 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. |
| 关 键 词： | 多元化经营 企业价值 收益波动 |
| 文章编号： | 1000-176X(2006)11-0027-09 |
| 收稿时间： | 09 10 2006 12:00AM |
| 修稿时间： | 2006年9月10日 |
Diversification,Firm's Value and Earnings Fluctuation——An Empirical Research Based on Chinese Listed Firms |
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| JIANG Fu-xiu,LIU Zhi-biao,LU Zheng-fei.Diversification,Firm''''s Value and Earnings Fluctuation——An Empirical Research Based on Chinese Listed Firms[J].Research On Financial and Economic Issues,2006(11):27-35. | |
| Authors: | JIANG Fu-xiu LIU Zhi-biao LU Zheng-fei |
| Institution: | 1. Guanghua School of Management, Peking University, Peking 100871, China; 2. Center for the Yangtze River Dehis Socioeconomic Development, Nanjing University, Nanjing Jiangshu 210093, China ; 3. Accounting Department of Cuanghua School of Management, Peking University, Peking 100871, China |
| Abstract: | The paper point out that the premise of Marris Model about the negative relation between firm's profit and growth might not exist in Chinese listed firms which are in a transition economy,and there may be a new relation between the two.We prove that diversification is positively related to firm's value,and firms operating in the style of diversification have higher value.There is a negative relation between diversification and earnings fluctuation,that is,diversification decreases the degree of earnings fluctuation.The research dose not find that turn point of the relation between diversification and performance occurs.We think the paper explains why the mode of diversification have been widely adopted in Chinese listed firms. |
| Keywords: | diversification firm's value earnings fluctuation |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ | |