民营企业多元化经营的影响因素研究

民营上市公司终极控制人的自利性多元化不仅直接影响了中小投资者和债权人的利益,投资和破产政策的扭曲同时也损害了企业价值.本文从民营企业的金字塔持股结构和股权制衡角度分析民营企业实施多元化战略的影响因素.本文收集2006-2009年我国A股市场179家民营上市公司进行实证分析,我们将民营上市公司分为直接上市和间接上市两种类型.其结果支持了本文的假设结论.从而验证了我国民营上市公司的实际控制人存在利用多元化经营侵占中小股东利益的动机.因此,如何保护投资者的合法权益,抑制上市公司自利动机的多元化经营行为,应该成为关注的话题.

A Study on Diversification Influence Factors of Private Listed Company

The irrational diversified investment of the ultimate control in private listed companies has effect not only on minority shareholders and creditors’ benefit,but also on the loss of enterprise value as a result of the investment and bankruptcy policy.From the view of structure of pyramid shareholding and balance ownership faced by ultimate controlling shareholders,we start to analysis the factors which influence strategy of diversification.We made emprical test using 179 pricate list company in Chinese stock market between 2006-2009.We divided the list private companies into direct listed private companies and indirect listed private companies.The result are consistent with the modle.The resluts indicate the fact that the controller of private lsite companies are intend to implement diversification for self-interests.As a result,how to protect invest invertors’ interests and restrain the self-interest motive of diversification is an issue of increasing concern.