行业多元化、国际多元化与公司风险——基于中国上市公司并购数据的研究  

Industrial Diversification, International Diversification and Firm Risk: A Research Based on Chinese Firms’ Acquisition

作　　者：张耕[1] 高鹏翔 Zhang Geng;Gao Pengxiang(School of Economics,Xiamen University)

机构地区：[1]厦门大学经济学院

出　　处：《南开管理评论》2020年第1期169-179,共11页Nankai Business Review

摘　　要：本文对我国上市公司2003-2014年发生的1417起境内与出境并购事件进行分析,通过构建L o g i t回归模型,对企业多元化战略影响企业风险的机制进行实证研究。研究结果发现,行业多元化战略主要削弱了企业的特有风险,而国际多元化战略则能显著降低企业的系统风险。研究表明,将多元化战略纳入企业风险管理体系的框架内,有助于企业有的放矢地制定更加合理的风险控制方案,增强企业在复杂多变的经济环境中抗御风险的能力。特别是考虑到实施行业多元化战略有助于降低企业特有风险,因此可将行业多元化作为管理企业自身风险的主要手段;而国际多元化战略的实施则更有利于降低企业受国内单一市场波动的影响程度,因此国内市场蕴含的系统风险增大时,企业应采取积极的国际多元化战略。In order to explore the influence mechanism of enterprise diversification strategy on enterprise risk, this paper focuses on the two most used enterprise diversification strategies, industry diversification and international diversification. It discusses how enterprise risk is affected by different diversification strategies from two dimensions of systematic risk and specific risk. Based on the 1417 merger and acquisition events of listed companies in China, this paper did an empirical research on the mechanism between diversification strategy and corporate risk by constructing a logit regression model. According to the empirical results, it is found that, on the one hand, for the enterprises adopting the industry diversification strategy, the enterprise specific risk can be reduced more significantly than that of the enterprises not adopting the industry diversification strategy. On the other hand, for the enterprises adopting the international diversification strategy, the enterprise systematic risk can be reduced more significantly than that of the enterprises not adopting the international diversification strategy. To some extent, the results of this study explain the mechanism of enterprise diversification strategy influencing enterprise risk, that is, although neither industry diversification nor international diversification can significantly affect the total risk of enterprises, industry diversification strategy is the main factor to reduce the specific risk of enterprises, while international diversification strategy is the main factor to reduce the systematic risk of enterprises. The conclusion also shows that by putting the diversification strategy into the risk management system of the enterprises, it is important for enterprises to design risk control scheme more reasonably, and can enhance their ability to resist risks in the complex economic environment. Especially considering the industry diversification strategy is helpful to reduce the specific risks faced by enterprises, so the enterprises shou

关 键 词：行业多元化 国际多元化 系统风险 特有风险 

分 类 号：F832.51[经济管理—金融学] F271