【作者】 周玉波；

【导师】 沈毅；

【作者基本信息】 北京工商大学 ， 产业经济学， 2006， 硕士

【摘要】 多元化战略与公司绩效的关系一直是一个颇有争议的课题。国内外学者针对这一课题做了很多研究,到目前仍然没有得出一个统一的结论。近年来,随着相关政策的松动,中国传媒业的产业化、市场化步伐加快,出现了一些传媒类上市公司。这些公司不同程度地尝试了多元化经营,结果有成有败。为了弄清楚目前中国传媒类上市公司多元化战略与公司绩效的关系,本文以沪深两市上市的10家传媒类上市公司为样本,利用这10家公司2001—2004年年报数据,对中国传媒类上市公司进行了实证研究。本文分为四个部分:第一部分:选题的现实背景。20年来,中国传媒业在从事业单位向市场竞争主体的企业的转变过程中取得了显著的成绩,不仅各种媒体数量增加,而且还出现了报业集团、广电集团等传媒集团。1998年起,国内出现了传媒投资热潮,诞生了一批借壳上市的传媒类上市公司。但同时应该看到,与跨国传媒巨头相比,中国传媒类公司自身的竞争力还远远不够,他们面临着激烈的竞争压力。要想在竞争中取胜,中国传媒类公司必须从战略角度考虑发展问题。其中,多元化战略就是他们要考虑的一个重要的企业战略。第二部分:多元化战略与公司绩效的理论基础和研究综述。本文从三个角度进行了理论回顾。首先是多元化战略的理论基础,介绍了多元化战略的概念及分类,总结了企业实施多元化战略的动机,即分散风险、实现范围经济、交易成本内部化以及获得市场势力。其次对国内外学者在多元化战略与公司绩效这一课题上的研究做了文献综述。多元化理论发展的50年中,学者们从没有停止过对这个问题的研究,但却没有得出一致的结论,有的结论甚至是矛盾的。最后从传媒集团的层面总结了国内外学者对传媒集团多元化战略与公司绩效的研究成果。第三部分:中国传媒类上市公司多元化战略与公司绩效实证分析。本文综合考虑了国内对传媒类上市公司的多种分类方法,从中选择了10家上市公司2001年——2004年年报数据为样本。基于数据的可得性和量化原则,建立了一套多元化和公司绩效的指标体系,并建立了单方程多元线形回归模型。经过数据处理、变量的描述性统计分析以及三组不同的回归分析,本文得出了中国传媒类上市公司多元化战略与公司绩效之间关系的几个结论,其中最重要的一个就是多元化战略对公司绩效的正向影响具有滞后性。第四部分:政策建议及后续研究方向。在对实证研究结论、我国传媒类公司现状以及国际传媒业发展情况综合分析后,本文提出三点针对性的建议:发展方向——依托多元化实现长远发展;操作层面——慎重选择目标行业及实现途径;政策环境——政府放松管制是传媒类公司多元化发展的必要条件。本课题的后续研究方向有增加样本容量进行大样本实证研究、分别考察相关多元化和非相关多元化与公司绩效的关系、关注中国传媒类公司的国际多元化发展动态。更多还原

【Abstract】 The relationship between the diversification strategy and firm performance has been a disputable topic. The foreign and domestic scholars have done quite a lot research of this topic, but no consistent conclusion has made. Due to the deregulation of the government, the media industry of China developed fast and there are some listed media companies in the past few years. These companies are trying the diversification strategy and the result is success or failure. In order to make clear the relationship between diversification strategy and firm performance, we choose ten listed media companies as samples, and employ regression method to do an empirical research.This article includes four parts:Part 1:Introduce the background of this article. Chinese media companies gained many achievements when they tried to transform from units to real competitor of the market in the past 20 years. The number of newspapers and TV stations grow to a high level, and some media conglomerates have been set up. From the year 1998, there has been an investing upsurge of media. We should know that, the competence of domestic media conglomerates is very weak compared to global media conglomerates. So they have to think over the development strategy, including the diversification strategy.Part 2 :Literature review of diversification strategy. In this part, we review the diversification theory, including the concept, the classification and the motivation of diversification strategy. Then we do a literature review of the research on the relationship between diversification strategy and firm performance and that of media industry. We review the foreign and domestic scholar’s research separately. In its 50 years’history, the researches on this topic drew several different conclusions, and they are even conflict to each other.Part 3 : Empirical research on the relationship between the diversification strategy and firm performance of Chinese listed media companies. We choose the data of 2001-2004 from the annual report of ten listed media companies as the samples. On the basis of availability and measurable of the data, we set up a set of index and a single linear equation. We deal with the original data to fit the index and do a description analysis of the varieties. Then we make three kinds of regression of the independent varieties and the dependent varieties. The empirical research draw a few conclusions, and the most important one is diversification strategy has a lagged, positive effect to firm performance.Part 4 : The recommendations and the researches in the future. According to the conclusions of the empirical research, the status quo of Chinese media companies, and the development of international media industry, we recommend that: for the sake of long-term development, media companies should carry out diversification strategy; It’s important for Media companies to choose appropriate target industry they intent to enter, and the way to realize the target is also important; The deregulation of media industry is a necessary condition for Chinese media companies carrying out diversification strategy. The research in the future may be is a larger sample regression, analyzing the relationship between the related-diversification/the unrelated-diversification and firm performance separately, and paying attention to international diversification of Chinese media companies.更多还原