多元化经营复杂度、股权绝对集中与资源运营效益  

Complexity in Diversified Firm s,Concentrated Ownership and Operating Performance

作　　者：仓勇涛[1] 储一昀[2] 范振宇 Cang Yongtao

机构地区：[1]上海外国语大学国际金融贸易学院,200083 [2]上海财经大学会计学院/会计与财务研究院,200433 [3]中国进出口银行山东省分行,266071

出　　处：《会计研究》2020年第6期24-35,共12页Accounting Research

基　　金：财政部会计名家培养工程、教育部人文社科规划基金项目(17YJA79005);上海外国语大学导师学术引领计划的资助.

摘　　要：传统的“一股独大”现象在增资扩股、并购重组事件频发的冲击下日渐式微,这背后隐藏何种机理?本文通过实证检验公司多元化经营复杂度、绝对集中的股权结构与资源运营效益之间的关系,对这一问题进行了研究。研究发现,多元化经营复杂程度越高,公司剩余损失越高,资源运营效益越差;尽管股权绝对集中能够降低公司剩余损失,提升资源运营效益,但随着公司多元化经营复杂程度的提高,绝对集中的股权结构反而会刺激公司产生更多的剩余损失,导致公司资源运营效益更差,这意味着多元化经营的复杂性会诱发绝对集中的股权结构产生反公司治理效应。本文发现预示着稀释集中的股权可能是大股东为降低多元化经营中高昂代理成本的一种制度安排。The phenomenon of"one single large shareholder"has been gradually taken the shine off under the impact of frequent Capital Increase and M&A events in recent years,so what is the intrinsic mechanism behind it? This study explores this question by examining the association between complexity in diversified firms,concentrated ownership and firms’ operating performance.The empirical results show that,ceteris paribus,the more complex the diversified business is,the greater the firm’s residual loss and the worse the operating performance will be.Compared to the dispersed ownership,the concentrated one can reduce firms’ residual losses and improve their operating performance.However,as the complexity in diversified firms’ operations increases,the concentrated ownership will incur more residual losses,making firms operating less efficiently,which means that the concentrated ownership brings about an anti-corporate governance effect on firms’ operating performance under a complex operating environment.The finding indicates that the dilution of major shareholders’ ownership is probably one set of firms’ institutional arrangements to alleviate high agency costs in an environment of complex diversified businesses.

关 键 词：业务复杂度 股权集中 资源运营效益 

分 类 号：F275[经济管理—企业管理] F272.3[经济管理—国民经济]