多元化战略与代理成本、公司业绩关系的实证研究

本文主要研究上市公司采取多元化战略后对公司代理成本及公司业绩的影响。许多学者对目前多元化折价现象进行了解释,认为由于内部资本市场的无效率导致了多元化公司的资源配置没有发挥着理论上应该具备的优势;很多学者从代理问题出发来解释多元化折价现象,但是针对代理成本与多元化程度的关系做实证检验就很少。验证多元化是否真的提高了代理成本,本文正是基于这一点来展开研究的。结论为代理成本与多元化程度成正比,公司业绩与多元化程度成反比。

An Empirical Study of Diversi6caltion Strategy and Agency Cost, Company Performance

This article main research is how diversification strategy influence agency cost and company performance.Many scholars gave a discount phenomenon to the present diversification strategy,thought that because the internal capital market's inefficiency caused the multiplex company's resources deployment not to display the superiority which theoretically should have.From agency cost many scholars explained that diversification strategy gives a discount phenomenon,but aims in the agency cost and the diversification strategy degree relations makes the real empirical test.The test whether diversification enhance agency cost,was this article crucial question.The conclusion is the agency cost and the diversification degree are proportional,the company performance and the diversification degree are in reverse proportion.