控股股东掏空动机与多元化的盈余波动效应  

Motivation of Controlling Shareholder and the Effect of Diversification on Earning's Variability

作　　者：卢闯[1] 刘俊勇[1] 孙健[1] 杨棉之[2] 

机构地区：[1]中央财经大学会计学院 [2]安徽大学商学院

出　　处：《南开管理评论》2011年第5期68-73,共6页Nankai Business Review

基　　金：国家社会科学基金青年项目(10CGL016);中央财经大学211工程三期资助

摘　　要：多元化经营是公司关注的重大发展问题,因此,多元化经营的动机及其经济后果也成为学者们研究的重点话题。本文从我国上市公司的多元化经营与盈余波动性之间的关系入手对这一问题进行研究,具体分析了公司多元化经营的程度对盈余波动性的影响及控股股东的掏空动机对多元化盈余波动效应的作用。研究发现,我国上市公司的多元化经营显著降低了公司的盈余波动性,多元化程度越高,盈余的波动性越低;但由控股股东代理问题而形成的掏空动机损害了多元化的盈余波动效应。本文的研究为多元化的经济后果增添了新的文献,同时也为上市公司监管提供了参考依据。Diversification is always the key problem that affecting the development of companies,and has always been the hot issue in practice and theory,so the motivations and economic consequences of diversification turn to be popular theses for researchers.Researchers have found that diversification has great effect on the corporation＇s finical outcomes,such as earnings,ROA and Tobin＇s Q.But they seldom take the variability of corporate performance into considerations,and also neglect the importance of the motivations of diversification.In this paper,we argue that diversification can impact the variability of corporate performance,and the motivations of diversification can make great effect on that effect.Based on this idea we develop and test two key hypotheses about：（1） how the diversification affects the variability of corporate performance;（2） whether the effect of diversification on the variability of corporate performance has been affected by the motivation of controlling shareholders.Using the data from CCER and CSMAR database,this paper collected 1207 observations,and empirically tested the relations between diversification,variability of corporate performance and motivations of controlling shareholders.The results reveal that：（1） the variability of earnings,measured by the standard deviation of the firm＇s annual ROA,decreases with the extent of diversification.It indicates that diversification has great effect on the reduction of firm risk;（2） the effect of diversification on the variability of earnings decreases with the extent of the controlling shareholders＇ motivation,measured by the deviation of controlling shareholders＇ voting right from cashing flow right.That means that the motivation of diversification arising from the agency problems of controlling shareholders impaired the risk effect of diversification empirically;（3） we use the extent of tunneling to measure the motivation of the controlling shareholders to run the robust test,and make sure that the above results ar

关 键 词：多元化 盈余波动性 控股股东 掏空动机 

分 类 号：F275[经济管理—企业管理] F272[经济管理—国民经济] F224