摘要
公司多元化经营是一个在理论界颇具争议的话题 ,许多有关多元化经营结果在资本市场上表现的理论和经验研究往往得出对立的结论。本文基于公司特异性思想 ,在Lucas的动态递归理论框架下 ,探讨了公司特质与市场激励以及公司多元化经营边界之间的相互关系 ,并从理论上统一了对多元化本身的争论。同时 ,本文对沪深两市 3 79家上市公司 1 998— 2 0 0 0年间多元化经营状况变动与公司价值变动情况、经营绩效的研究证实了模型的有关推断 ,即多元化经营本身是中性的 ,但多元化经营的方式、多元化经营的边界与上市公司的超额价值以及经营绩效之间存在显著的相关性。
Corporate diversification is very controversial in the theoretic and empirical literature. The co-authors developed a model investigating the dynamic value-maximizing process revolving around this notion of firm idiosyncrasy and unified the arguments around diversification. The empirical study of the changes of excessive value and performance of 379 Chinese listed companies during 1998—2000 reveals that diversification is neutral, which is consistent with the conclusion of the model. The study also shows that the form and frontier of diversification do have correlations with the changes of the excessive value and performance.
出处
《经济研究》
CSSCI
北大核心
2002年第9期67-73,共7页
Economic Research Journal
