The empirical relationship between business diversification and company's performance has more consistent conclusions,but the relationship between regional diversification and company's performance has not yet reached a consensus.Using the 4880 financial data of 610 listed companies from 2001 to 2008,and the method of panel data model,the paper examines the relationship between corporate performance and both corporate industrial and geographic diversifications and the agency explanation of the relationship....
【基金】
中央高校基本科研业务费(CDJSK100207)资助
【更新日期】
2011-11-01
【分类号】
F272.3
【正文快照】
一、引言近年来,多元化与公司价值之间的关系已成为公司金融学中的一个重要实证问题。学者们对公司进行多元化的动机和价值效应进行了较多的研究,而且也得到了比较一致的结论,即业务多元化会降低公司价值,价值折价的原因在于公司的代理问题和无效的资源分配(Martin and Sayrak,
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