企业多元化投资政策选择的实证研究——基于投资机会集设定的视角  

Empirical Research on Investment Policy Selection——Based the Perspective of Diversification under IOS

作　　者：艾健明[1] 

机构地区：[1]广东商学院会计学院,广东广州510320

出　　处：《山西财经大学学报》2009年第5期73-80,共8页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社科规划基金项目:我国国有控股上市公司非效率投资问题的治理研究;项目编号:05JA790022

摘　　要：样本总体分析结果显示,多元化损害企业绩效。设定投资机会集下的分组研究发现,高成长企业的经营绩效显著高于低成长企业,而多元化程度显著低于低成长企业,且多元化程度与企业绩效的关系在高成长性企业组正相关,在低成长性企业组中负相关。进一步分析发现,高管层激励机制设计的不合理是多元化投资政策选择不合理的重要原因。Considering few previous studies on diversification investigating corporate characteristic such as investment opportunities, and resulting in mixed results, the paper analyzes whether the selection of diversification investment policy is proper through testing the relationship of diversification and corporate performance based on investment opportunity set （IOS） theory. The results show that the coefficient between diversification and performance is negatively based on all samples. Given IOS, the performance of the higher growth index （GI） corporate group significantly ovemms the lower GI corporate group and the degree of diversification of the former is significantly less than the latter under T test and Wilcoxon signed ranks test. The regression results show that the coefficient between performance and degree of diversification in higher GI group is significantly positive and negative in lower GI group. It means that it may be inaccurate of the diversification studies leaving out of account of corporate characteristic, and the selection of diversification investment policy is improper in listed companies in China. Further research finds that the improper design of managerial incentives mechanism induces the improper selection of diversification investment policy.

关 键 词：投资机会集 多元化投资 企业绩效 成长指数 高管层激励 

分 类 号：F832.48[经济管理—金融学]