【摘要】 本文调查了747家上市公司的成长性及其产业特征,考察了分散化的价值效应,探索了分散化战略对企业价值的影响方向。研究结果显示,分散化企业较之非分散化企业具有更高的成长性,即使在控制了企业规模、资产结构、财务杠杆以及股权结构等因素的影响之后,分散化对企业价值仍然存在显著的正向解释力。通过分析企业成长性的产业效应,进一步验证了分散化的溢价效应。同时还预测了分散化组织优势源于债务融资的税盾收益以及有效的内部资本市场所产生的财务协同效应。研究表明,在不发达的金融体系中分散化战略具有价值创造功能。更多还原

【Abstract】 This paper investigates 747 public corporate in SHSE, studies the diversification’s effect on firm value. Our empirical result shows that diversified firm have higher growth and value, diversification strategy have significantly positive explanatory power on firm growth, even if control firm size, asset structure, financial leverage and ownership structure’s effect. Author also analyzes industrial effect of firm growth, documents the diversification premium. Author argues that institutional advantage of diversification stem from tax shield of debt financing and effective internal capital market. The conclusion suggests that diversification could create value, given developing economy.更多还原