多元化程度、经理人变更与企业资产剥离——来自中国上市公司的经验证据  

Diversification,Manager-Change and Divestiture:An Empirical Research on Chinese Listed Companies

作　　者：苏文兵[1] 李心合[1] 莫迁[1] 

机构地区：[1]南京大学商学院,江苏南京210093

出　　处：《财贸研究》2009年第6期89-96,共8页Finance and Trade Research

基　　金：国家自然科学基金"多元化动机;战略与绩效的关系:中国企业的实证研究"(项目号:70572049);南京大学商学院"985"科研基金的资助

摘　　要：近年来,中国企业资产剥离行为日益增多,但在理论上却没有得到与并购同等的重视。以中国上市公司为对象,从企业战略角度研究多元化水平和经理人变更对企业资产剥离行为的影响。实证研究发现:多元化程度愈高的上市公司,愈有可能从事资产剥离;上年发生总经理或董事长变更的企业,愈有可能在下年进行剥离资产;资产剥离还与上年的每股收益、流动比率显著负相关,但与上年的资产负债率、总资产周转率、第一大股东持股比例及企业资产规模的关系不明显。In recent years, the quantities of company divestitures have been increasing in our country. Contrary to M＆A, the academic research of divestiture hasn＇t been attached the same importance. This pa- per analyzes how diversification and Manager-Change have an effect on divestiture, based on corporate strat- egy of Chinese listed companies. The research results suggest that the higher degree of diversification of lis- ted companies is, the more they are likely to engage in divestiture. Listed companies are probably to divest assets if their general manager or chairman changes in the previous year. In addition, divestiture is correla- ted negatively and significantly with the previous year＇s earnings per share and current ratio, but has no obvious relationship with last year＇s asset-liability ratio, total assets turnover ratio, top-share and corporate assets.

关 键 词：多元化 经理变更 资产剥离 

分 类 号：F272[经济管理—企业管理]