公司多元化折价:资源灵活配置与激励缺失  

Corporate Diversification Discounts: Efficient Resources Allocation and Incentives Diminishing

作　　者：韩忠雪[1] 

机构地区：[1]西安电子科技大学经济管理学院,陕西西安710071

出　　处：《武汉理工大学学报（信息与管理工程版）》2007年第6期129-132,共4页Journal of Wuhan University of Technology：Information & Management Engineering

摘　　要：传统理论认为,公司多元化的优势主要来自于其拥有高效的内部资本市场,可以使公司资源在各部门间进行灵活配置。论述了公司资源的灵活配置一方面增加公司价值,另一方面也会带来负面的激励效应,当这种激励负效应超过资源灵活配置的正效应时,公司多元化折价便相应产生。认为当两部门收益率差异越小,且不确定性越小时,公司多元化折价程度也就越大。Although corporate diversification discounts is a fact, roots of this result is unknown. Traditional theories think that the advantage of diversified firm lies in efficient internal capital markets. However, efficient allocation of corporate resources actually brings adverse incentives effects that lead to harm effort of divisional managerial, although it increases corporate value. Corporate diversification discounts come on when adverse incentives effects surpass smart allocation of corporate resources. Furthermore, the degree of corporate diversification discounts becomes higher when benefits between two divisions become larger and stable.

关 键 词：多元化折价 内部资本市场 激励缺失 

分 类 号：F830.91[经济管理—金融学]