多元化经营是否降低了企业的财务风险?——来自中国上市公司的经验证据  

Does Diversification Reduce Financial Risk? Evidence from Chinese Listed Firms

作　　者：吴国鼎[1] 张会丽[2] 

机构地区：[1]中国社会科学院世界经济与政治研究所 [2]北京师范大学经济与工商管理学院

出　　处：《中央财经大学学报》2015年第8期94-101,共8页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金青年项目"企业集团财务资源分布及经济后果:基于中国资本市场的研究"(批准号71202030);教育部人文社科基金青年项目"现金分布;公司治理与投资行为"(项目编号:12YJC630287)

摘　　要：在后金融危机时代,多元化与专业化经营战略何者更有利于企业提升自身抵御风险的能力,成为众多企业家关注的焦点。现代资产组合理论等传统理论观点认为,多元化经营可以分散企业的财务风险。然而事实却表明,金融危机期间一批欧美大企业的破产倒闭大多与企业的多元化扩张有关。笔者运用经修正的Altman Z值作为财务风险的测度指标,以我国上市公司为研究样本,检验了企业进行多元化经营对其财务风险的影响。结果表明:多元化经营并不能有效分散企业财务风险。这意味着现代资产组合理论等传统理论观点尚不适用于解释我国企业多元化经营的财务风险后果。进一步地,我们检验结果表明多元化经营对企业财务风险的影响在国有企业和民营企业之间并没有明显差异。基于我们的研究结论,企业应对多元化经营中可能产生的财务风险给予足够的重视,并在多元化经营与风险控制之间进行权衡,以科学地控制企业扩张步伐,维持企业的可持续发展。During the post-financial-crisis period, whether being diversification or specialization can help companies develop risk-defense ability has being popularly concerned. In contrast to traditional theoretical views, which advocates diversification would decrease financial risk, lots of European or US firms being highly diversified went corrupted during Financial Crisis. Based on Chinese context, adopting modified Altman Z Score as a index for financial risk, this paper examine the effect of diversification on firms＇ financial risk. Empirical reveals that diversification can not necessarily decrease financial risk. This means that the modern portfolio theory and other traditional theory are not applicable to explain the consequences of the financial risk resulting from business diversification of Chinese enterprises. Further, our test results show that the financial risk did not differ significantly between the state-owned enterprises and private enterprises. Based on our findings, enterprises should pay enough attention and weight between diversification and risk control to the financial risk resulting from business diversification , in order to scientifically control the pace of business ex- pansion and maintain sustainable development of enterprises.

关 键 词：多元化 财务风险 经修正的 Altman Z值 企业所有制类型 

分 类 号：F830.9[经济管理—金融学]