摘要
本文利用沪市上市公司1999-2002年年报,对沪市上市公司多元化经营与企业绩效之间的关系进行了实证研究。研究结论表明:在非过度多元化范围内,多元化程度与企业内部绩效没有相关性,但是企业外部市场价值随多元化程度的增加而提高;在过度多元化范围内,企业内部绩效与企业外部市场绩效均随着多元化程度的增加而降低;企业多元化程度与企业负债水平没有相关性。本文分为五个主要部分:多元化战略概念及文献回顾,多元化经营战略的经济动因与风险分析,多元化经营战略的进入方式,多元化与企业绩效关系实证研究,结果讨论及建议。
在多元化战略概念及文献回顾部分,本文从理论研究和实证研究两个方面对多元化战略的研究成果进行了回顾。在经济动因与风险分析中,我们总结了企业实施多元化战略的动因,这些动因是:技术的快速发展、社会需求的多样化、行业的特点、分散经营风险的需要、企业剩余价值的利用以及企业决策层的价值观。并从企业家、多元化进入方式、产业特点、财务能力四个方面对潜在的风险进行了分析。最后,对多元化战略的进入方式进行了总结。
在实证研究部分,本文选取了148家沪市上市公司作为研究对象。利用其公布的1999-2002年连续四年的年报,本文分别计算了衡量各公司多元化程度的赫芬达尔指数,并与一系列衡量企业经营绩效的指标建立回归模型。通过统计分析,得出了多元化与企业绩效之间关系的研究成果。
在结果讨论与建议部分,本文针对上述实证分析结果进行了深入讨论,并给出了有针对性的建议。最后,指出了本研究的不足以及后续研究方向。
This thesis empirically examines the effect of diversification on the corporate performance. Such a result implies that the inner performance of centralized firm is higher than decentralized firm, while outer market performance is reversed. And at the same time, diversification has the positive effect on the inner performance related to profit of the non-overdiversified firms, while over-diversification damages both the inner and outer market performance.There are five parts in this thesis: diversification strategy and literature review, analysis on the risk of diversification, discussion about the entry mode, empirical study, discussion and proposal.
In the first part, the historical studies of diversification strategy have been reviewed, from the theoretical and empirical points
In the second part, the cause why diversification strategy has been taken is also summarized,including new development of technologies,diversified requirements from the society,characteristics of the industry and so on. At the same time, the risks of diversification are also summarized.
In the third part, the relationship between diversification strategy and entry mode has been discussed.
In the fourth part, 148 listed companies in Shanghai Stock Exchange have been selected. Using these annual reports of sample companies from 1999 to 2002,we have built a statistic model to examine the impact of diversification to the firm performance. Some important results have been acquired accordingly.
In the final part, overall discussion has been made according to the empirical results. Some proposals about diversification strategy also have been put forward. Finally, we give advice on the future research.
引文
[1] Agrawal, A., Knoeber, C. R., Firm performance and mechanisms to control agency problems between managers and shareholders, Journal of Financial and Quantitative Analysis, 1996, 31, P377-397
[2] Ansoff, H. Igor, The new corporate strategy, John Wiley & Sons, 1988
[3] Barclay, M. J., Smith, C. W. Jr, The maturity structure of corporate debt, Journal of Finance, 1995a, 50, P609-631
[4] Barclay, M. J., Smith, C. W. Jr, The priority structure of corporate liabilities, Journal of Finance, 1995b, 50, P899-917
[5] Brad M. Barber, Donald Palmer, James Wallace, Determinants of conglomerate and predatory acquisitions: evidence from the 1960s, Journal of Corporate Finance, 1995, 1, P283-318
[6] Bee-Yan Aw, Geeta Batra, Firm size and the pattern of diversification, International Journal of Industrial Organization, 1998, 16, P313-331
[7] Berger, Philip G., Eli Ofek, Diversification's effect on firm value, Journal of Financial Economics, 1995, 37, P39-65
[8] Berry, C. H., Corporate Growth and Diversification, Princeton, Princeton University Press, 1975
[9] Busija, E. C., O'Nell, H. M. and Zeithaml, C. P., Research notes and communications: Diversification strategy, entry mode, and perfomance: evidence of choice and constraints, Strategy Management Journal, 1997, Vol 18 (4), P321-327
[10] Chandler, A. D., Jr., Strategy and Structure, Cambridge, MIT Press, 1962
[11] Chandler, A. D., The visible hand, Cambridge, Belknap Press, 1977
[12] Chatterjee, Sayan and James D. Blocher, Measurement of Firm Diversification: Is It Robust?, Academy of Management, 1992, 35
[13] Chen, S. S., Ho, K. W., Market response to product-strategy and capital expenditure announcements in Singapore: investment opportunities and free cash flow, Financial
Management, 1997, 26, P82-88
[14] Cheng Hsiao, Analysis of Panel Data, Cambridge, Cambridge University Press, 1986
[15] C. K. Prahalad, Gary Hamel, The Core Competence of the Corporate, Harvard Business Review, 1990, 68 (3), P79-93
[16] Comment, R and G. A. Jarrell, 1995, Corporate focus and stock return, Journal of financial Economics, 1995, 37, P67-87
[17] Constantinos C. Markides, Diversification, Restructuring and Economic performance, Strategic Management Journal, 1995, 16
[18] Deepak K. Datta and Nandini Rajagopalan and Abdul M. A. Rasheed, 1991, Diversification and Performance: Critical Review and Future Directions, Journal of management Studies, 1991, 28
[19] Denis, D. J., Investment opportunities and market reaction to equity offerings, Journal of Financial and Quantitative Analysis, 1994, 29, P 159-177
[20] Desai, H., Jain, P. C., Firm performance and focus: long-run stock market performance following spinoffs, Journal of Financial Economics, 1999, 54, P75-101
[21] Ernest H. Hall, Jr., Caron H. St. John, A Methodological Note on Diversity Measurement, Strategic Management Journal, 1994, Vol. 15, P153-168
[22] Gort, Michael, Diversification and Integration in American Industry, Princeton University Press, 1962
[23] Gorecki, P. K., A problem of measurement from plants to enterprise in the analysis of diversification: A note, Journal of Industrial Economics, 1980, 28, P327-334
[24] Hadlock, C., Ryngate, M., Thomas, S., Corporate structure and equity offerings: are there benefits to diversification?, Journal of Business, 2001
[25] Holderness, C. G., Kroszner, R. S., Sheehan, D. P., Were the good old days that good? Changes in managerial stock ownership since the Great Depression, Journal of Finance, 1999, 54, P435-469
[26] Hubbard, R. Glean, Darius Palia, A reexamination of the conglomerate merger wave in the 1960s: An internal capital markets view, Journal of Finance, 1999, 54, P 1131-1152
[27] Jacquemin, A. P. and C. H. Berry, Entropy Measures of Corporate Growth, The Journal Of Industrial Economics, 1979, 27, P359-369
[28] James G. Combs, David J. Ketchen, Jr, Explaining interfirm cooperation and performance:
Toward a reconciliation of predictions from the resource-based view and organizational economics, Strategic Management Journal, 1999, Vol. 20, P867-888
[29] John D. Martin, Akin Sayrak, Corporate diversification and shareholder value: a survey of recent literature, Journal of Corporate Finance, 2003, Vol. 9, P37-57
[30] John G. Matsusaka, Corporate Diversification, Value Maximization and Organizational Capabilities, Journal Of Business, 2001, Vol. 74
[31] John R. Graham, Michael L. Lemmon, Jack G. Wolf, Does corporate diversification destroy value?, The Journal of Finance, 2002, Vol LⅦ, No. 2
[32] Lamont, Owen, Christopher Polk, The diversification discount: cash flows versus returns, Journal of Finance, 2001, 56, P1693-1721
[33] Lang, L. H. P. and R. E. Stulz, Tobin's q, corporate diversification and firm performance, Journal of Political Economy, 1994, 102, P1248-1280
[34] Lewellen, W. G., A pure financial rationale for the conglomerate merger, Journal of Finance, 1971, 26, P521-537
[35] Lins, Karl, Henri Servaes, International evidence on the value of corporate diversification, Journal of Finance, 1999, 54, P2215-2239
[36] Maksimovic, Vojislav, Gordon Phillips, Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence, Journal of Finance, 2002, 57, P721-767
[37] Markides, C. C., Williamson P. J., Related Diversification, Core Competence and Corporate Perfomance, Strategic Management Journal, 1994, Vol. 15, P149-165
[38] Markides, C. C., Diversification, Refocusing and Economic Performance, Cambridge, MIT Press, 1995, P12-28
[39] Megginson, W. L., Morgan, A., Nail, L., Changes in Corporate Focus, Ownership Structure, and Long-run Merger Returns, University of Oklahoma, 2000
[40] Montgomery, C. A., The measurement of firm diversification: Some new empirical evidence, Academy of Management Journal, 1982, 25, P299-307
[41] Montgomery, C. A., Corporate Diversification, Journal of Economic Perspectives, 1994, 8 (3), P163-178
[42] Palepu, K., Diversification strategy, profit performance and the entropy measure, Strategic Management Journal, 1985, 6, P239-255
[43] Penrose, Edith, The Theory of the Growth of the Firm, Oxford University Press, 1995
[44] Pitts, R. A., H. D. Hopldns, Firm diversity: Conceptualization and measurement, Academy of Management Review, 1982, 7, P620-629
[45] Prahalad C. K., Gray Hamel, The Core Competence of Corporation, Harvard Business Review, 1990, Vol. 5-6, P79-91
[46] Ramanujam, Vasudevan and P. Varadajan, Research on Corporate Diversification: A Synthesis, Strategic Management Journal, 1989, 10
[47] Ronald C. Anderson, Thomas W. Bates, John M. Bizjak, Michael L. Lemmon, Corporate Governance and Firm Diversification, Financial Management, Spring 2000, P5-22
[48] Rumelt, Richard P., Strategy, Structure and Economic Performance, Boston, Harvard University Press, 1974
[49] Rumelt, Richard P., Diversification Strategy and Profitability, Strategic Management journal, 1982, 3, P359-369
[50] Scharfstein, D. S., The Dark Side of Internal Capital Markets Ⅱ: Evidence from Diversified Conglomerates, NBER, 1998, No. 6352
[51] Servaes, Henri, The Value of diversification during the conglomerate merger wave, Joumal of Finance, 1996, 51, P1201-1225
[52] Stephen P. Ferris, Nilanjan Sen, Chee Yeow Lim, Gillian H. H. Yeo, Corporate focus versus diversification: the role of growth opportunities and cashflow, Journal of International Financial Markets, Institutions and Money, 2002, 12, P231-252
[53] Stulz, R. M., Managerial discretion and optimal financing politicies, Journal of Financial Economics, 1990, 26, P3-27
[54] Varadarjan P. R, Diversification and Performance: A reexamination Using a new Two-dimensional conceptualization of Diversify in Firms, Academy of Management Journal, 1987, 30, P383-393
[55] Villalonga, B., Diversification Discount or Premium? New Evidence from BITS Establishment-level Data, Los Angeles, Anderson Graduate School of Management, University of California, 2000
[56] Villalonga, B., Matching BITS to COMPUSTAT: Towards Richer Data for Large Sample Research within Firms, Los Angeles, Anderson Graduate School of Management, University of
California, 2000
[57] Weston, J. F., The nature and significant of conglomerate firms, St. John's Law Review, 1970, 44, P66-80
[58] Whited, Toni, Is it inefficient investment that causes the diversification discount?, Journal of Finance, 2001, 56, P1667-1691
[59] Wrigley, L., Division, autonomy and diversification, Doctoral dissertation, Harvard Business Review, Boston, MA, 1970
[60] 财政部注册会计师考试委员会办公室编,财务成本管理,第1版,大连,东北财经大学出版社,2000年3月
[61] 陈晓芸,林海颖,上市公司进入高科技行业绩效的实证研究,南开管理评论,2001,5,P14-18
[62] 冯根福,韩冰,闫冰,中国上市公司股权集中度变动的实证分析,经济研究,2002,8,P12-18
[63] 郭志刚,社会统计分析方法—SPSS软件应用,第1版,北京,中国人民大学出版社,1999年12月
[64] 郝旭光,多元化经营的几个问题,管理世界,2000,2,P82-85
[65] 贾明江,吴峰,企业剩余资源与多元化扩张战略,商业研究,2003,4,P28-29
[66] 姜曙光,走出多元化经营的误区,经济师,2003,1,P131-132
[67] 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,P67—73
[68] 康荣平,柯银斌,中国企业评论—战略与实践,第1版,北京,企业管理出版社,1999年3月
[69] 李京文,我国企业发展的专业化与多元化战略选择问题,经济界,2002,6,P11-16
[70] 李敬,多元化战略,第1版,上海,复旦大学出版社,2002年11月
[71] 李伟奇,王同春,企业多元化战略的选择分析,南开管理评论,2000,3(1),P48-51
[72] 罗伯特·S·平狄克,丹尼尔·L·鲁宾菲尔德著,钱小军等译,计量经济模型与经济预测,北京,机械工业出版社,1999年11月
[73] 迈克尔·波特,竞争战略,第1版,北京,华夏出版社,1997年1月
[74] 祁顺生,归核化战略,第1版,上海,复旦大学出版社,2002年11月
[75] 任燕燕,卞瑞玲,平行数据模型,曲阜师范大学学报,2002,1,P37-40
[76] 上海证券交易所研究中心,上证研究:2002年第1辑,第1版,上海,复旦大学出版社,2002年12月
[77] 宋伟,多元化经营的“4W”,商业研究,2002,3(上),P39—103
[78] 孙永祥,黄祖辉,上市公司的股权结构与绩效,经济研究,1999,12,P23-39
[79] 徐晓东,陈小悦,第一大股东对公司治理、企业业绩的影响分析,经济研究,2003,2,P64-74
[80] 杨雷,洪元义,我国企业多元化经营的实证探析,武汉理工大学学报,2001,14(1),P61-64
[81] 姚辉,陈继恩,基于企业核心能力的资产重组绩效评价,决策借鉴,2001,5,P2-5
[82] 姚秦,中国证券业的集中度:现状、成因及趋势,改革,2003,1,P72—76
[83] 尹义省,中国大型企业多角化实证研究,管理工程学报,1998,12(3),P1-12
[84] 王江,樊治平,杨锡怀,基于企业核心能力的多元化战略分类方法及其评价,工业工程,2002,5(4),P6—9
[85] 王小哈,杨扬,上市公司主营业务贡献与经营绩效的实证研究,当代经济科学,2002,5,P64-95
[86] 王妲,陈敏,刘娜,关于企业多元化经营战略抉择的理论探讨,哈尔滨商业大学学报(社会科学版),2003,1,P102—104
[87] 易行健,杨碧云,聂子龙,多元化经营战略、核心竞争力框架与股权结构,南开管理评论,2003,2,P55-59
[88] 殷瑾,魏江,多角化战略的进入方式研究,科学管理研究,2000,Vol.18,4,P46—53
[89] 于吉永,企业经营分析与效绩评价,第1版,中国石化出版社,2001年9月
[90] 郁娟,阎志军,加入WTO后中国企业多元化经营战略的新思索,北方经贸,2002,10,P38—40
[91] 张维迎,企业理论与中国企业改革,第1版,北京,北京大学出版社,1999年3月
[92] 张涛,文新三,企业绩效评价研究,第1版,北京,经济科学出版社,2002年12月
[93] 赵阳,多元化回归专业化:企业理性的选择,东北财经大学学报,2003,1,P22-24
[94] 朱江,我国上市公司的多元化战略和经营业绩,经济研究,1999,11,P54—61
[95] 邹统钎,行业选择战略,第1版,上海,复旦大学出版社,2002年11月