【作者】 郭烨；

【导师】 尹继东；

【作者基本信息】 南昌大学 ， 企业管理， 2006， 硕士

【摘要】 多元化是公司的重要战略决策之一，然而，多元化的影响与原因依然是令人困惑的问题。本文对公司治理、公司多元化战略和公司绩效的关系进行了实证研究。 通过对231家我国上市公司的实证研究结果表明，我国上市公司的多元化水平与公司绩效呈显著负相关关系。同时，本文研究发现，公司多元化水平与国有股比例和股权集中度呈显著的负相关关系，与法人股比例呈倒U型关系，与流通A股比例及董事会持股比例均呈显著的正相关关系，但与董事会规模、独立董事比例、管理董事比例、领导结构等变量关系均不显著。更多还原

【Abstract】 Diversification is one of most important strategic decisions for corporate. However, the causes and effects of diversification still puzzle researchers. This paper empirically explores the relation between corporate performance, corporate governance and corporate diversification.The evidences from 231 China’s listed companies show that corporate performance(ROA、 ROE) and corporate diversification are negatively related. The study also find that the level of diversification is significant negatively related to the proportion of state shares and the ownership concentration, and positively related to the proportion of tradable A shares and the proportion of board ownership. Moreover, the results show that there is a quadratic-liner relation between the proportion of legal person shares and the level of corporate diversification. However, we find that the size of board, the proportion of independent directors, the proportion of management directors and the leadership structure of board are not statistically significant in influencing diversification strategy choice.更多还原