市场化进程对企业多元化经营及绩效的影响
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摘要
国外丰富的多元化文献为分析中国上市公司多元化经营范围战略抉择提供了有益的视角,但是对于同时处于新兴市场与转轨经济特征的中国而言,西方的多元化理论并不完全适合解释中国上市公司多元化经营行为及其产生的绩效后果。
本文根据制度基础观和哈佛商业学派的SCP范式,演变成基于制度基础观的ICP模式,遵循“制度——多元化经营行为——公司绩效”这一制度影响行为、行为引致结果的逻辑范式,从代理理论、交易成本理论和政府干预观等理论出发,在系统分析我国市场化进程现况和我国国有控股上市公司多元化经营取向的基础上,探讨了市场化进程对多元化经营的影响。通过设置市场化进程与多元化的交互相乘项,探寻市场化进程通过影响多元化经营行为进而对公司财务绩效产生的间接作用。中国市场经济制度不断健全,随着股份制的盛行,我国国有控股公司得到较快发展,随着企业规模的不断扩大和竞争力的不断提高,很多企业走上了多元化经营的道路。2008年本轮经济危机过后,“国进民退”是解释我国国有企业多元化经营的一个较好的现象,经济危机后,国企扩张不仅发生在房地产、钢铁、能源、航空等国民经济支柱行业,同时在食品销售等长期民营经济占主体的行业也有所加强。在经济市场化背景下,国有控股上市公司多元化经营是否与目前市场化程度保持一致?二者有何联系?对于公司绩效又会产生怎样的影响?
基于上述困惑,本文采取规范研究与实证研究相结合的方法,规范研究部分,本文主要是针对国内外的文献进行了综述,介绍了多元化经营和市场化进程相关的基础理论。实证部分,本文以2007——2009年我国深沪两市中具有代表性的90家国有控股上市公司作为样本,根据市场化进程指数的不同将总样本分为两个子样本,通过总样本描述性统计和子样本描述性统计、相关分析和固定效应模型的多元回归分析,分别对市场化进程与我国国有控股上市公司多元化经营及其绩效的关系进行了实证研究。研究表明:市场化进程与多元化程度正相关;位于市场化进程高的地区多元化程度高于位于市场化进程低的地区;多元化经营程度与多元化绩效负相关;位于市场化进程高的地区多元化绩效高于位于市场化进程低的地区,在其他条件都不变的前提下,随着市场化进程的提高,企业多元化经营绩效也随之增加。
The rich foreign literature of diversity has provided the scope of diversification of Chinese listed companies to a useful strategic choice perspective, but at the same time, as the emerging markets and transition-economic characteristics of China, the West's diversity theory does not entirely explain the diversified management behavior and the consequences arising from the performance in the Chinese market.
As based on the concept of institutional—based view and the Harvard Business School's SCP paradigm, this paper evolved into ICP mode, follow the "institution—conducts of diversification - performance of firm ".The logic paradigm means the institution affects behaviors, then the behaviors affect the results. From the theory of agency , transaction cost and the perspective view of government intervention, through systematically anglicizing the status of our market process and our state--owned listed companies’basis of diversified approach ,this paper is to discuss the impact of the market process to the diversification, and then ,the process by setting the market process to be multiplied with a wide range of interactive items, in an attempt to explore the market process through the diversification of the company's financial performance .With the development of China's market economy system, the stock companies have expanded, as well as the rapid development of state-owned company , the continuous expansion of business scale and the continuous improvement of the competitiveness make many enterprises take a diversified way. After the 2008 round of economic crisis, "the people back into the country" perfectly explain the phenomenon that the state-owned enterprises in China are busy in diversification .After the economic crisis, state-owned enterprises not only occurs in the realm of real estate, steel, energy, aviation and other economic pillar, while have been strengthened food sales which usually accounted for the main long-term private economic sectors. In the context of market economy, are the diversifications of state-controlled listed companies consistent with the market process? What links the two? How are the company's performance affected?
Based on the above problems, this paper uses the standardizing research and empirical studies. As the standardizing research, this article is mainly aimed at home and abroad research, reviewed the literature, and describes the process of diversification and market-related basic theory. As the empirical part, this paper uses 90 Chinese cities of Shenzhen and Shanghai state holding listed companies as samples from the year 2007 to2009.The process according to the market index divided the total sample into two different sub-samples, then does the descriptive statistics of total sample and sub-sample, correlation analysis and fixed effect model of multiple regression analysis. Then respectively conducts the relationship between the process of the market and listed companies in China's state-owned, as well as the relationship between diversification and performance with an empirical study. The results show that the market process in areas with high diversity and high and low in areas of the market process, provide market process and diversification with a positive correlation; in the process of market performance in areas with higher diversity than in the process of low market area, on the premise of the same in the other conditions, with the improvement of market process, corporate diversity performance is also increased.
本文根据制度基础观和哈佛商业学派的SCP范式,演变成基于制度基础观的ICP模式,遵循“制度——多元化经营行为——公司绩效”这一制度影响行为、行为引致结果的逻辑范式,从代理理论、交易成本理论和政府干预观等理论出发,在系统分析我国市场化进程现况和我国国有控股上市公司多元化经营取向的基础上,探讨了市场化进程对多元化经营的影响。通过设置市场化进程与多元化的交互相乘项,探寻市场化进程通过影响多元化经营行为进而对公司财务绩效产生的间接作用。中国市场经济制度不断健全,随着股份制的盛行,我国国有控股公司得到较快发展,随着企业规模的不断扩大和竞争力的不断提高,很多企业走上了多元化经营的道路。2008年本轮经济危机过后,“国进民退”是解释我国国有企业多元化经营的一个较好的现象,经济危机后,国企扩张不仅发生在房地产、钢铁、能源、航空等国民经济支柱行业,同时在食品销售等长期民营经济占主体的行业也有所加强。在经济市场化背景下,国有控股上市公司多元化经营是否与目前市场化程度保持一致?二者有何联系?对于公司绩效又会产生怎样的影响?
基于上述困惑,本文采取规范研究与实证研究相结合的方法,规范研究部分,本文主要是针对国内外的文献进行了综述,介绍了多元化经营和市场化进程相关的基础理论。实证部分,本文以2007——2009年我国深沪两市中具有代表性的90家国有控股上市公司作为样本,根据市场化进程指数的不同将总样本分为两个子样本,通过总样本描述性统计和子样本描述性统计、相关分析和固定效应模型的多元回归分析,分别对市场化进程与我国国有控股上市公司多元化经营及其绩效的关系进行了实证研究。研究表明:市场化进程与多元化程度正相关;位于市场化进程高的地区多元化程度高于位于市场化进程低的地区;多元化经营程度与多元化绩效负相关;位于市场化进程高的地区多元化绩效高于位于市场化进程低的地区,在其他条件都不变的前提下,随着市场化进程的提高,企业多元化经营绩效也随之增加。
The rich foreign literature of diversity has provided the scope of diversification of Chinese listed companies to a useful strategic choice perspective, but at the same time, as the emerging markets and transition-economic characteristics of China, the West's diversity theory does not entirely explain the diversified management behavior and the consequences arising from the performance in the Chinese market.
As based on the concept of institutional—based view and the Harvard Business School's SCP paradigm, this paper evolved into ICP mode, follow the "institution—conducts of diversification - performance of firm ".The logic paradigm means the institution affects behaviors, then the behaviors affect the results. From the theory of agency , transaction cost and the perspective view of government intervention, through systematically anglicizing the status of our market process and our state--owned listed companies’basis of diversified approach ,this paper is to discuss the impact of the market process to the diversification, and then ,the process by setting the market process to be multiplied with a wide range of interactive items, in an attempt to explore the market process through the diversification of the company's financial performance .With the development of China's market economy system, the stock companies have expanded, as well as the rapid development of state-owned company , the continuous expansion of business scale and the continuous improvement of the competitiveness make many enterprises take a diversified way. After the 2008 round of economic crisis, "the people back into the country" perfectly explain the phenomenon that the state-owned enterprises in China are busy in diversification .After the economic crisis, state-owned enterprises not only occurs in the realm of real estate, steel, energy, aviation and other economic pillar, while have been strengthened food sales which usually accounted for the main long-term private economic sectors. In the context of market economy, are the diversifications of state-controlled listed companies consistent with the market process? What links the two? How are the company's performance affected?
Based on the above problems, this paper uses the standardizing research and empirical studies. As the standardizing research, this article is mainly aimed at home and abroad research, reviewed the literature, and describes the process of diversification and market-related basic theory. As the empirical part, this paper uses 90 Chinese cities of Shenzhen and Shanghai state holding listed companies as samples from the year 2007 to2009.The process according to the market index divided the total sample into two different sub-samples, then does the descriptive statistics of total sample and sub-sample, correlation analysis and fixed effect model of multiple regression analysis. Then respectively conducts the relationship between the process of the market and listed companies in China's state-owned, as well as the relationship between diversification and performance with an empirical study. The results show that the market process in areas with high diversity and high and low in areas of the market process, provide market process and diversification with a positive correlation; in the process of market performance in areas with higher diversity than in the process of low market area, on the premise of the same in the other conditions, with the improvement of market process, corporate diversity performance is also increased.
引文
①Ansoff H.I., Strategies for diversification, Harvard Business Review, 1957.
②Penrose E.T.,The Theory of the Growth of the Firm, New York Press,1959.
⑧李晓明.提升央企竞争力的强身之路.中国投资,2006,(8).
[1]Gort, M.., Diversification and integration in American industry, Princeton University Press,princeton,1962.
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[3]Penrose, E.,The theory of growth of the firm.Bsil Blackwell:Oxford,1959.
[4]Penrotti. E.C.,and Gelfer,S.,Investment Financing in Russian Financial-industrial Groups, Working Paper,1998.
[5]Mueller, D.C.,Merger Policy in the United States: A Reconsideration, Review of. Industrial Organization, 1997(12):655-685.
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[7]Campa, J.M, Explaining the diversification discount, Journal of Finance, 2002(57):1731-1762
[8]Villalonga, B., Diversification discount or preimum? New evidence from the business information tracking series. Journal of Finance, 2004(59):479-506
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②Penrose E.T.,The Theory of the Growth of the Firm, New York Press,1959.
⑧李晓明.提升央企竞争力的强身之路.中国投资,2006,(8).
[1]Gort, M.., Diversification and integration in American industry, Princeton University Press,princeton,1962.
[2]Fauver,L.,Houston J.,and Naranjo,A.,1998,Cpital Market Development,Lega Systems and the Value of Corporate Diversification: A cross-Country Analysis,Mimeo,Uniyersity of Florida.1998(2):91-118.
[3]Penrose, E.,The theory of growth of the firm.Bsil Blackwell:Oxford,1959.
[4]Penrotti. E.C.,and Gelfer,S.,Investment Financing in Russian Financial-industrial Groups, Working Paper,1998.
[5]Mueller, D.C.,Merger Policy in the United States: A Reconsideration, Review of. Industrial Organization, 1997(12):655-685.
[6]Khanna,T.,Palepu,k.,Why focused strategies may be wrong for emerging markets. Harvard Business Review, 1997-75(4):41-51.
[7]Campa, J.M, Explaining the diversification discount, Journal of Finance, 2002(57):1731-1762
[8]Villalonga, B., Diversification discount or preimum? New evidence from the business information tracking series. Journal of Finance, 2004(59):479-506
[9]Santalo,J.,and Becerra,M.,Competition from specialized firms and the diversification performance linkage, Journal of Finance,2008(63):852-883.
[10]Aggarwal,R. and Zhao,S.,The Diversification Discounts Puzzle: Empirical Evidence for a Transaction Cost Resolution. The Finance Review, 2009, 44(1):113-135.
[11]贾良定,张君君,钱海燕,崔荣军,陈永霞.企业多元化的动机、时机和产业选择——西方理论和中国企业认识的异同研究,管理世界,2005(8).
[12]韩忠雪,朱荣林,王宁.股权结构、代理问题与公司多元化折价,当代经济科学,2006(5).
[13]韩忠雪,王益锋.控股股东的利益攫取与公司多元化折价,上海交通大学学报,2007(7).
[14]韩忠雪.基于代理问题的公司多元化折价研究,上海交通大学:博士论文.2006.
[15]韩忠雪,朱荣林,王宁.超额控制、董事会构成与公司多元化折价,南开管理评论,2007(1).
[16]邵军,刘志.管理层薪酬、多元化战略与公司价值,管理科学,2006(2):33-4
[17]苏冬蔚.多元化经营与企业价值我国上市公司多元化溢价的实证分析,经济学季刊.
[18]陈信元,黄俊.政府干预、多元化经营与公司业绩,管理世界,2007(1).
[19]黄俊,李增泉,张汉荣.多元化经营的价值效应,中国会计与财务研究,2007(9).
[20]姚俊,吕源,蓝海林.我国上市公司多元化与经济绩效关系的实证研究,管理世界,2004(11).
[21]张翼,李习,许德音.代理问题、股权结构与公司多元化,经济科学,2005(3).
[22]张翼,刘巍,龚六堂.中国上市公司多元化与公司业绩的实证研究,金融研究,2005(9).
[23]魏立江.基于终极控制人视角的多元化经营及绩效研究,暨南大学:博士学位论文,2009:15-32
[24]林晓辉,刘湘玫.公司治理结构与多元化经营.税务与经济,2008(2).
[25]林晓辉,吴世农.股权结构、多元化与公司绩效关系的研究,证券市场导报,2008b(1)
[26]林晓辉,吴世农.中国上市公司多元化动因的理论与实证分析.证券市场导报,2008a(1)
[27]林毅夫,刘明兴,章奇.政策性负担与企业的预算软约束:来自中国的实证研究,管理世界,2004(8)
[28]林毅夫,苏剑.论我国经济增长方式的转换,管理世界,2007(11)
[29]李善民,朱滔.多元化并购能给股东创造价值吗——兼论影响多元化并购长期绩效的因素,管理世界,2006(3)
[30]李涛,周开国,乔根平.企业增长的决定因素——中国经验,管理世界,2005(12).
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