我国上市公司多元化经营与公司绩效相关性分析

南京财经大学硕士学位论文我国上市公司多元化经营与公司绩效相关性分析姓名：陆月红申请学位级别：硕士专业：会计学指导教师：王开田20061222II200020042000200020045IIIABSTRACTDoescorporatediversificationcreatefirmperformance?Thisissuehascausedwidepublicconcernallovertheworld.Althoughtheoristshavenotreachedconsistentresults,moreandmoreresearchfoundthatdiversificationresultsinadecreaseinperformance.Asthefactsshown,inUSA,Japan,Koreaandmanyotherdevelopedcountries,thereisatrendindicatingtheregressionfromdiversificationtospecialization.Whetherdiversificationinourcountrycanimprovefirmperformanceordoessomedamagetovalue?BasedontheWesternresearchandthepracticeinChina,Itrydevelopingempiricalapproachtostudydiversification'seffectonfirmperformanceinChina'ssecuritiesmarketandtrytofindthereasonsthatcanexplainitproperly.Inthefirstpartofthispaper,thetheoriesofdiversificationandfirmperformancearereviewedandthebenefitsofdiversificationareanalyzedagainstcosts.Basedonthetheories,thispapersummarizedthediversificationempiricalresearchathomeandabroad.Thenthispaperchooses203listedcompaniesinAstockmarketanddoseanempiricalresearchontherelationshipbetweendiversificationandperformanceinourcountry.Theconclusionsareasfollowing:Thereisanegativecorrelationbetweendiversificationandfirmperformance.Accordingtotheresultofempiricalresearch,authoranalyzesthehistoricalbackgroundofdiversificationinourcountryandthereasonsforthenegativecorrelationbetweendiversificationandperformance.Inthelast,thispaperputsforwardsomepolicysuggestions.Forexample,companiesshouldregressfromdiversificationtospecializationandenhancementcorecompetitiveability.Atthesametime,thispaperpointedoutthedirectionoffurtherstudying.Keywords:diversification;firmperformance;listedcompanies;empiricalresearchI61.12050(Ansoff)20602080“”50080%20%(diversificationdiscount)208090“”1.2200020041.37Q20002000200451.11.1SPSS13.01.4SPSS13.081.21.212341.5()ROA,ROEQ()(20002004)2000200020045()92.1(Ansoff)Ansoff(1957)Penrose(1959)Gort(1962)(heterogeneity)Chandler(1962)ChandlerRumelt(1974)RumeltBerry(1975)PittsHopkins(1982)(business)(industry)Booz,AllenHamilton(1985)(spreadthebaseofabusiness)2.110Ansoff1957Berry1975Booz,Allen,Hamilton1985Chandler1962Gort1962Penrose1959Pitts,Hopkins198211Rumelt19742.2Wrigley(1967)500100(SpecializationRatio,SR)2.22.2Wrigley(SR)(SingleProduct)0.95≤SR≤112(DominantProduct)0.7≤SR0.95(RelatedProduct)SR0.7(UnrelatedProduct)2002WrigleyRumelt(1974)Wrigley(SpecializationRatio,SR)(RelatedRatio,RR)(VerticalRatio,VR)Rumelt(Product)(Business)2.32.3Rumelt(SR)(RR)(VR)(SingleBusiness)0.95≤SR≤113(DominantVertical)VR≥0.795%(DominantConstrained)(DominantLinked)(DominantBusiness)(DominantUnrelated)0.7≤SR0.950.7≤SR0.950.7≤SR0.950.7≤SR0.95VR0.7VR0.7VR0.714(RelatedConstrained)(RelatedBusiness)(RelatedLinked)SR0.7SR0.7RR≥0.7RR≥0.7VR0.7VR0.7(UnrelatedPassive)(UnrelatedBusiness)(AcquisitiveConglomerates)RR0.7RR0.7510%53Rumelt,RichardP.,1974,Strategy,Structure,andEconomicPerformanceRumeltWrigleyCapon,Hulbert(1988)Rumelt15(SpecializationRatio,SR)Rumelt(CategoryRatio,CR)(ProductRatio,PR)2.4Capon(SR)(CR)(PR)0.95≤SR≤1CR≥0.80.7≤SR0.95CR0.8PR≥0.8CR≥0.8PR0.8SR0.7CR0.82002Capon,HulbertRumelt2.32.3.116Staudt(1954)43Ansoff(1958)Poter(1985)ReedLuffman(1986)2.3.2Ber1Means2070MullerAmihudLev(1981)JensenMurphy(1986)Jensen(1986)Stulz(1990)ShleiferVishny(1990)172.3.3PenroseKayTeece(1982)NelsonPenrose2090Guillen(2000)2.3.4Tirole(1995)“”“”BernheirnWinston(1990)“”“”182.3.5Peng(2000),Lee(2003)()2.42.4.1(Performance)QEVAMVA2.4.219ErnestHall(1995)Servaes(1996)2.4.31.Stluz(1990)Stein(1997)Khanna,Palepu,(2000)2.Shleifer,Vishny(1990)Berger,Ofek(1995)3.2.4.41.Jensen(1986)202.“”Meyer(1992)2.52.5.1LangStulz(1994)QQ8%BergerOfek(1995)15%CommentJarrell(1995)19781989NYSEASE197938.1%198855.7%Herfindahl0.14.3%5%Servaes(1996)19611976QDenis(1997)21Gant(1998)Rajan(2000)QQGordon,CharlesJoseph(2000)1984199760006.0%StijnClaessensSimeconDjankovJosephP.H.Fang,andLarryH.P.Lang(2000)()1000019911996LinsServaes(19992002)10%15%77%MansiReeb(2002)2856Megginson(2004)Q18%,9%2%(1998)292(2002)(2002)(2003)22(2005)Lamont(1997)Houston(1997)ShinStulz(1998)Scharfstein(1998)Rajan(2000)LamontPolk(2002)Deni(1997)Whited(2001)Matsusaka(2001)Graham(2002),CampaKedia(2002)Villalonga(2004)2.5Berger,Ofek1995,15%Comment,Jarrell199519781989NYSEASE235%DavidDenis,DianeDenis,AtulyaSarin1997Gant1998Gordon,Charles,Joseph20001984199760006.0%Graham,CampaKedia2002Lamont,Houston,ShinStulz,Scharfstein,RajanLamont,Polk1997199820002002Lang,Stulz1994Q248%LinsServaes19992002Mansi,Reeb20022856Matsusaka2001Megginson2004QRajan2000QQServaes199619611976QStijnClaessensSimeconDjankovJosephP.H.Fang,LarryH.P.Lang200019911996Villalonga2004Whited2001252005200369200319982922002722002200020022.5.2Rumelt(1974)246Bettis(1981)RumeltR&DCapon(1988)112HubbardPalia(1999)1961197039226Hadlock(2001)19831992641HerfindahlFauver(2003)352.6Bettis1981246R&DCapon1988112Fauver200335Hadlock200119831992641Hubbard,Palia19991961197039227Rumelt19742462.5.3Grinyer(1980)48Palepu(1987)“”(1997)2129(2001)1999644(2002)379199820002.7Grinyer198048Palepu1987“”282002379199820001997212920011999