沪市上市公司多元化经营战略与企业绩效关系之实证研究
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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.
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
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[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
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