企业“最优多元化水平”假说是否存在——以中国上市公司为样本的研究  

Does the Hypothesis of Optimal Diversification Level for Corporations Exist?——An Empirical Study Based on Listed Corporations in China

作　　者：程勇[1] 徐康宁[1] 

机构地区：[1]东南大学经济管理学院

出　　处：《中国软科学》2006年第9期137-144,共8页China Soft Science

摘　　要：“最优多元化水平”假说是企业多元化研究中一种有代表性的命题。本文选择了沪深143家上市公司作为研究样本，以Jacquemin—Berry“熵”值测量法来度量多元化水平，对样本公司的多元化水平与其经营绩效进行了相关性考察和统计分析。得出的基本结论是，我国上市公司的多元化水平与其经营绩效之间没有显著的相关关系，且无验证结果证实存在所谓“最优多元化水平”；但随着上市公司多元化程度的提高，收益水平波动似趋于减小，从而降低公司的经营收益风险。The hypothesis of optimal diversification level is a representative subject in the study of diversification of the corporations, This study employs the Jacquemin - Berry entropy measure of diversification to analyze the DP relationship from a sample of 143 listed corporations of Shanghai and Shenzhen in China. The results of our tests indicate that no significant relationship exists between diversification and performance, Thus, we provide no validated results to support the optimal diversification level of the listed corporations existing in China. But the variation of profitability decreases as the diversification level of the corporations increases, so as to reduce the uncertainty of the profitability.

关 键 词：多元化 绩效 测度 上市公司 

分 类 号：F270.7[经济管理—企业管理]