摘要
在企业规模与经济绩效的关系问题上,学界长期以来一直争论不休,莫衷一是。学者张元智、马鸣萧提出企业规模可以划分为横向规模和纵向规模,为研究企业规模与经济绩效的关系提供了一条全新的路径,并提出了纵向规模不经济的理论猜想。本文利用纽约证券交易所上市公司的年报数据,分析企业的纵向规模是否与经济绩效存在负相关的关系。本文用上市公司的年平均股价升值率作为度量其经济绩效的指标,用上市公司的事业部数量和加权跨行业数量作为度量纵向规模的指标。文中所要检验的理论命题有：事业部数量与年平均股价升值率是负相关的关系；加权跨行业数量与年平均股价升值率是负相关的关系；事业部数量变化率与年平均股价升值率负相关；加权跨行业数量变化率与年平均股价升值率负相关。通过实证分析,要检验的理论命题得到验证,支持了纵向规模不经济的理论猜想,即企业的纵向规模越大,经济绩效越差；企业纵向规模越小,经济绩效越好。
About the relationship between Enterprise Scale and the Economic Performance, scholars have a debate with no consensus for a long time. Scholar Yuanzhi Zhang, Mingxiao Ma proposed that size of enterprise can be divided into horizontal and vertical scale and provides a new path for the study of the relationship between Enterprise Scale and economic performance, and put forward the theory conjecture of Diseconomies of Vertical Scale. In this paper, we analysis if the vertical scale of enterprise and economic performance is a negative correlation relationship through the New York Stock Exchange listed company's annual report data. In this paper, we use the the Average Stock Price Appreciation Rate of listed companies as a measure of Economic Performance, with the number of Business Segments and the Weighted Cross-Industry as a measure of Vertical Scale indicator. In this Paper, four theoretical propositions to be tested:the number of Business Segment and he Rate of Average Stock Price Appreciation is negative relation; The number of Weighted Cross-Industry and the Rate of Average Stock Price Appreciation is a negative relation; The Rate of Business Segment Change and the Rate of Average Stock Price Appreciation is negative correlation; The Rate of Cross-Industry Change and the Rate of Average Stock Price Appreciation is negative correlation. The empirical analysis indicate theoretical propositions have been tested and support the theory conjecture of Diseconomies of Vertical Scale, that is, the greater the company's Vertical Scale, the worse the Economic Performance; the smaller the company's Vertical Scale, the better the economic performance.
引文
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