国际多元化、控股股东与公司增长

本文利用2009年-2011年中国制造业上市公司的数据实证研究了国际多元化与公司增长之间的关系，并与行业多元化进行比较分析。结果发现，国际多元化与公司增长之间存在统计上显著的正相关关系，而行业多元化与公司增长之间不存在统计上显著的关系。进一步分析表明。国际多元化与公司增长之间的正相关关系仅存在于无控股股东的企业。这从侧面反映了所有者与管理者之间的委托代理问题。在跨国公司内部，国际多元化程度与公司增长之间存在先下降后上升然后再下降的水平的S型关系。

International Diversification,Controlling Shareholders and Corporate Growth

Based on the sample of Chinese manufacturing listing Corporation from2009 to 2011, this paper researches the relationship between international diversification and growth, and takes comparative analysis to industrial diversification. Results show that, the relationship between international diversification and firm growth is statistically significant positive, while there is no statistically significant relationship between industrial diversification and growth. Further analysis indicates that, the statistically positive relationship between international diversification and firm growth only exists in the absence of the controlling shareholder of the company. It reflects the principal - agent problem between the shareholders and managers. In multinational Corporations interior, the relationship between international diversification and firm growth conforms to a horizontal S - shaped hypothesis.