企业多元化经营对资产误定价的影响研究——信息视角的理论机制与实证检验  

Research on the Impact of Enterprise Diversification onAsset Mispricing: Theoretical Mechanism and EmpiricalTest Based on Information Perspective

作　　者：王生年[1] 白秋苹 WANG Sheng-nian;BAI Qiu-ping(School of Economics and Management,Shihezi University,Shihezi 832000,Xinjiang,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000

出　　处：《西部论坛》2023年第6期49-63,共15页West Forum

基　　金：国家自然科学基金资助项目(72262028,71862029);2023年兵团研究生创新项目“股权再融资对应计异象的影响研究”。

摘　　要：多元化经营导致企业组织内部复杂性提高,结构的多元化会产生信息差距,从而加剧信息不对称,导致资产误定价程度提高;但复杂性提高也对管理层的盈余管理形成约束,盈余信息质量的提高会降低资产误定价程度;同时,多元化经营分散了经营风险,会产生联合保险效应,有利于提高分析师盈余预测的准确性,进而降低资产误定价程度。采用2011—2022年沪深A股上市公司数据的分析发现:企业多元化经营显著降低了资产误定价,且非相关多元化经营比相关多元化经营对资产误定价的降低作用更为显著;多元化经营可以通过降低企业盈余管理水平和提高分析师盈余预测准确性来降低资产误定价;多元化经营降低资产误定价的作用,在管理层权力较大企业、机构投资者持股比例较高企业、国有企业、市场化水平较高地区企业中更为显著。企业应适度开展多元化经营,并改善内部治理结构,减少由多元化经营引起的委托代理冲突;股东、投资者、监管机构等应支持企业多元化经营,并约束企业的信息操纵行为,充分发挥多元化经营的对资产定价的积极作用。Compared with the mature capital markets of foreign developed economies,the development of China’s capital market is relatively backward,the construction of various systems is not very perfect,and asset mispricing due to information asymmetry and other reasons is a common phenomenon in the securities market.How to alleviate the phenomenon of asset mispricing and ensure the full play of the optimal allocation of capital in the stock market is an important issue worth exploring and researching.Based on behavioral finance theory and information asymmetry theory,existing studies have analyzed the influence factors of asset mispricing from the perspective of corporate internal and external governance,but there is little literature on the impact of corporate diversification on asset mispricing from the perspective of corporate strategic behavioral decision-making based on the information perspective.This paper selects A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as the research object,adopts relevant data from CSMAR and Wind database,and draws on the calculation method of asset mispricing by Xu Longbing and Xu Shoufu(2015)and the calculation method of diversification by Yang Xingquan et al.(2020)to get the key research variables in this paper,and explores whether and how the diversification strategy of enterprises affects asset mispricing.The study finds that diversification mitigates the degree of asset mispricing,and the impact of unrelated diversification on asset mispricing is more significant than that of related diversification;the analysis of the mechanism of action from the perspective of information transfer shows that the surplus management behavior of enterprises and the accuracy of analysts’surplus forecasts play a mediating role in the effect of diversification on asset mispricing;and the final analysis of heterogeneity finds that the mitigating effect is more significant in SOEs and less market-oriented regions and management power and institutional investor shareholding also st

关 键 词：多元化经营 资产误定价 盈余预测 盈余管理 信息透明度 信息多元化 

分 类 号：F832.51[经济管理—金融学] F272.3