公司治理结构与多元化经营

2003年我国721家A股上市公司的多元化和相关财务数据表明,近一半的企业选择或维持多元化经营.经研究发现:股权结构对公司多元化经营决策和多元化绩效有显著影响:非国有控股公司较多实行多元化经营并且多元化绩效较好;控股股东持股比例越高,越不可能实行多元化经营,多元化绩效也越好.董事会特征、管理层持股对多元化经营决策和多元化绩效基本没有影响.公司负债率越高,实行多元化经营的可能性越大,多元化绩效越好.研究结果支持代理理论,多元化经营是控股股东谋取私利的方式.

Governance Structure and Corporate Diversification

The paper collected and processed data on the diversification and relative financing of 721 Chinese listed companies in 2003,and studied on the interaction between the governance structure,the decision of diversification and its performance to test the agency explanation of diversification motivation.What we have found are as followings: First,the character and stock of the controlling shareholder impact the decision of diversification and its performance significantly;the non-state-owned companies' possibility of diversification is higher and its' performance of diversification is better than state-owned ones;the higher the stake of controlling shareholder,the less likely and of better performance the diversification will be.Second,the characteristics of board and ownership of manager do not matter on the impact of the possibility and the performance of diversification.Third,the higher the debt leverage,the more likely and of better performance the diversification will be.Overall,these findings underlie the agency explanation,that is diversification becomes a tool of the selfinterest controlling shareholder.