煤炭大型企业多元化发展的风险控制研究
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摘要
本文以提高国内煤炭企业多元化战略风险控制水平为出发点,对煤炭企业多元化风险产生的内在机理、影响因素和管控措施进行了较为系统的研究。首先按照企业多元化一般理论方法,以国内煤炭A股上市公司为样本,实证分析了煤炭企业多元化与绩效之间的关系,揭示了煤炭企业多元化风险的存在及特点；其次,借鉴企业战略风险分析的一般框架,构建了煤炭企业多元化产生的内在机理分析模型,全面提出多元化风险因素假设,并通过煤炭企业高管访谈和问卷调查,对风险因素假设进行了实证分析；最后,提出煤炭企业多元化风险的分析评价模型,并针对存在的主要风险因素,提出了风险管理的相关对策。
The dissertation is based on improving diversification strategic risk control level of the domestic coal companies. It is a systematic study of the inherent mechanism of diversification risk, influencing factors, prevention and control measures. Firstly, the study take a domestic a-share listed company as a sample according to the general diversification theory method. It analyses the relationship between the diversification and performance and reveal the existence of the diversified risk and its characters. Secondly, with the help of the enterprise strategic risk analysis framework, it constructs the inherent analysis model of the coal enterprise diversification and proposes hypotheses on the diversification risks factors. Meanwhile, the hypotheses are analyzed and proved through interview and questionnaire. Finally, the dissertation provides an evaluation model for the coal enterprises' diversification and put forward the corresponding countermeasures of risk management according to the risk factors.
The dissertation is based on improving diversification strategic risk control level of the domestic coal companies. It is a systematic study of the inherent mechanism of diversification risk, influencing factors, prevention and control measures. Firstly, the study take a domestic a-share listed company as a sample according to the general diversification theory method. It analyses the relationship between the diversification and performance and reveal the existence of the diversified risk and its characters. Secondly, with the help of the enterprise strategic risk analysis framework, it constructs the inherent analysis model of the coal enterprise diversification and proposes hypotheses on the diversification risks factors. Meanwhile, the hypotheses are analyzed and proved through interview and questionnaire. Finally, the dissertation provides an evaluation model for the coal enterprises' diversification and put forward the corresponding countermeasures of risk management according to the risk factors.
引文
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5. 金晓斌,陈代云,路颖,联蒙珂.公司特质、市场激励与上市公司多元化经营.经济研究,2002(9)：67-73
6. Melicher R.W, Rush D.F., The performance of conglomerate firms:recent risk and return experience, Journal of Finace,1973,28:381-388
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9. Hubbard R.G,Palia D., A re-examination of the Conglomerate Merger Wave in the 1960s:An internal capital markets view, Journal of Finance,1999,54:1131-1152
10. Maksimovic, Vojislav, Gordon Phillips, The Market for Corporate Assets:Who Engages in Mergers and Acquisitions and are there Efficiency Gains? Journal of Finance,2001,56:2019-2065
11. Maksimovic, Vojislav,Gordon Phillips,Do conglomerate firm allocate resources inefficientty?,Journal of Finance,2002,57:721-767
12. Schoar,Antoinette S.,Effects of corporate diversification on productivity, Journal of Finance,2002,57:2379-2403
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16. Lins Karl V., Henri Servaes, Is corporate diversification beneficial in emerging markets? Financial Management,2002,31:5-31
17. Megginson W., Morgan A.,Nail L, The determinants of positive long-term performance in strategy mergers:Corporate focus and cash, Journal of Banking Finance,2004,28:523-552
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20.张卫国,袁芳,陈宇.上市公司多元化战略与经济绩效关系实症研究.重庆大学学报,2002,25(11)：135-139
21. Rumelt R.P., Diversification Strategy and Profitability, Strategic Management Journal,1982,3(4):359-369
22. Grant R.M.,Jammine,H.Thomas, Diversity, Diversification, and Profitibility Among British Mnnufacturing Companies, Academy of Mnagement Journal,1988,31:771-801
23. Markides C.C.,Diversification,Refocusing, and Economic Performance, Cambridge.The MIT Press,1995
24.程勇,徐康宁.企业“最优多元化水平”假说是否存在：以中国上市公司为样本的研究.中国软科学,2006(9)：137-144
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26.刘力.多元化经营及其对企业价值的影响.经济科学,1997(3)：68-74
27.朱江.我国上市公司的多元化战略和经营绩效.经济研究,1999(11)：54-71
28.马洪伟,蓝海林.我国工业企业多元化程度与绩效研究.南方经济,2001(9)：25-28
29. Lubatkin M, Chatterje S, Extending Morden Portfolio Theory into Domain of Corporate Diversification:Does It Apply, Academy of Management Journal,1994,37(1):109-136
30. Amit R., Livnat J., Diversification and the Risk-return Trade-off, Academy of Management Journal,1988,13(1):154-166
31. Chang Y., Thomas H.,The Impact of Deversification Srategy on Risk-return Performance, Strategic Management Journal,1989,10(3):271-284
32.李敬.企业多角化经营的风险研究.数量经济技术经济研究,1999(9)：59-62
33.余书炜.多元化经营策略批判----论竞争风险.南开管理评论,2000(6)：30-37
34.夏若江.企业集团产品多元化的成因与风险分析.江汉论坛,2003(11)：21-23
35.唐华.多元化经营的战略目标与风险..经济理论与经济管理,2001(2)：43-45
36. Kerkviliet J., Efficiency and vertical intergration:the case mine-mouth electri generating plans, Journal of Industrial Economics,1991,5:567-481
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