中国上市公司多元化与公司业绩的实证研究  

An Empirical Study on Diversification and Finn Performance

作　　者：张翼[1] 刘巍[1] 龚六堂[1] 

机构地区：[1]北京大学光华管理学院,北京100871

出　　处：《金融研究》2005年第9期122-136,共15页Journal of Financial Research

基　　金：国家自然科学基金(70271063);新世纪优秀人才基金资助。

摘　　要：本文以2002年深沪两市的1032家非金融公司作为样本,选用资产收益率和托宾Q值作为公司绩效的衡量指标,就多元化对企业的影响进行实证检验。本文研究表明,在我国多元化程度与资产收益率和股票收益率成负相关关系,而与托宾Q值成正相关关系,并且这些相关关系在用不同的多元化衡量方法和加入控制变量后仍然显著。对多元化与风险的研究表明,没有证据显示多元化经营可以降低企业陷入财务困境的风险。总体来说,在我国进行多元化经营会降低企业绩效而无助于减小企业风险。这一实证结果与多元化给企业带来巨大成本的理论一致。This paper investigates the impact of diversification on the performance of 1032 firms listed in China. We show that the return on assets （ROA） and firm diversification are negatively related. The finding is consistent with the hypothesis that diversification results in significant costs for firms. However we fred Tobin＇s Q and firm performance are positively related. This finding is inconsistent with the study in developed countries due to the incomplete transition market in China. We also find diversification does not reduce the risk of the finn to be fmancially distressed （ST, PT or delisted）. Our findings surest that overall the diversification strategy is not beneficial for listed finns in China.

关 键 词：多元化 资产收益率 财务困境 风险 

分 类 号：F276.6[经济管理—企业管理]