【摘要】：繼多元化公司存在“多元化折價(jià)”這一現(xiàn)象被Wernerfelt and Montgomery(1988),Lang and Stulz(1994),Berger and Ofek(1995)等學(xué)者研究發(fā)現(xiàn)后,眾多的財(cái)務(wù)金融學(xué)者展開了大量的探討和研究。多元化戰(zhàn)略會(huì)損害企業(yè)價(jià)值在財(cái)務(wù)領(lǐng)域已經(jīng)成為學(xué)者共知的觀點(diǎn),金融界學(xué)者也將目光集中于這一領(lǐng)域,即關(guān)注多元化戰(zhàn)略與公司績(jī)效的相關(guān)性。由于我國(guó)經(jīng)濟(jì)類型屬于新興市場(chǎng)經(jīng)濟(jì),其公司治理結(jié)構(gòu)的健全程度和法律法規(guī)完善程度均不及其他西方發(fā)達(dá)國(guó)家,因此在多元化與企業(yè)績(jī)效二者關(guān)系方面和西方國(guó)家也有所不同。2005年前后中國(guó)處于經(jīng)濟(jì)轉(zhuǎn)型期間,此階段的經(jīng)濟(jì)政治環(huán)境都比較獨(dú)特,系族就形成于這個(gè)時(shí)期,是屬于此階段的特殊產(chǎn)物,因此其企業(yè)愿景、戰(zhàn)略目標(biāo)、控制結(jié)構(gòu)、內(nèi)部運(yùn)作模式以及資源配置等都與一般企業(yè)集團(tuán)存在一定的差異。系族企業(yè)這種形式在中國(guó)市場(chǎng)比較常見,且其也給經(jīng)濟(jì)和社會(huì)的發(fā)展起著相當(dāng)大的推動(dòng)作用。過去二十年,系族企業(yè)飛速發(fā)展,在帶動(dòng)資本市場(chǎng)和國(guó)民經(jīng)濟(jì)發(fā)展的同時(shí),也潛藏著很多風(fēng)險(xiǎn)和問題。因此仍需要多方面的理論來支持關(guān)于系族企業(yè)的研究。由于多元化戰(zhàn)略關(guān)系到企業(yè)生存與發(fā)展,多元化戰(zhàn)略作為企業(yè)經(jīng)營(yíng)的一項(xiàng)重大決策,不僅直接關(guān)系著一系列利益相關(guān)者的切身利益,包括管理者、債權(quán)人、投資者等,而且在很大程度上影響企業(yè)價(jià)值及發(fā)展前景。無(wú)論是理論學(xué)者還是實(shí)務(wù)企業(yè)家均將其作為研究?jī)?nèi)容。正因?yàn)槎嘣绾斡绊懫髽I(yè)績(jī)效既可以判斷多元化的合理性,也可以有助于理解多元化,所以這始終是多元化研究理論中的最主要問題之一。而系族企業(yè)中的多數(shù)都是采用的多元化戰(zhàn)略,因此為了深入地分析我國(guó)系族企業(yè)在多元化戰(zhàn)略選擇方面對(duì)公司績(jī)效帶來的影響,本文聯(lián)系我國(guó)系族企業(yè)面臨的背景環(huán)境,采用規(guī)范研究與實(shí)證研究相結(jié)合、文件檢索法、比較研究法等研究方法,對(duì)673家滬深兩市系族企業(yè)2011一2015年的相關(guān)數(shù)據(jù)進(jìn)行分析研究,得到研究結(jié)論。本文將2011一2015年間673家系族公司作為研究對(duì)象,在考察多元化戰(zhàn)略和企業(yè)績(jī)效二者的關(guān)系時(shí),利用多元化的類型不同,將相關(guān)熵指數(shù)和非相關(guān)熵指數(shù)作為區(qū)分不同類型的標(biāo)準(zhǔn)。通過回歸分析等過程,得到多元化戰(zhàn)略與企業(yè)績(jī)效基本存在反向關(guān)系;隨著非相關(guān)多元化程度提升,企業(yè)績(jī)效下降:但是隨著相關(guān)多元化程度的提升,企業(yè)績(jī)效卻不降反升。對(duì)不同多元化戰(zhàn)略的抉擇對(duì)一家公司經(jīng)營(yíng)來講非常重要,這一點(diǎn)可以從本文看出。由此得出,系族企業(yè)若想發(fā)展壯大,必須選擇恰當(dāng)?shù)亩嘣瘧?zhàn)略。
[Abstract]:After the phenomenon of "diversification discount" in diversified companies has been found by Wernerfelt and Montgomery (1988), Lang and Stulz (1994), Berger and Ofek (1995), many financial and financial scholars have carried out a lot of discussion and research. Diversification strategy will damage the value of enterprises in the field of finance has become a well-known point of view, financial scholars also focus on this area, that is, pay attention to the correlation between diversification strategy and corporate performance. Because the economic type of our country belongs to the emerging market economy, the perfection of its corporate governance structure and laws and regulations is not as good as that of other western developed countries. Therefore, the relationship between diversification and corporate performance is also different from that of western countries. China is in the period of economic transformation around 2005, and the economic and political environment in this stage is relatively unique, and the clan was formed in this period. It is a special product of this stage, so its enterprise vision, strategic objectives, control structure, internal operation mode and resource allocation are different from those of general enterprise groups. This form of family enterprises is more common in the Chinese market, and it also plays a considerable role in promoting the development of economy and society. In the past two decades, the rapid development of department enterprises not only drives the development of capital market and national economy, but also lurks many risks and problems. Therefore, many theories are still needed to support the research on department enterprises. Because diversification strategy is related to the survival and development of enterprises, diversification strategy, as an important decision of enterprise management, is not only directly related to the vital interests of a series of stakeholders, including managers, creditors, investors and so on. And to a great extent, it affects the value and development prospect of the enterprise. Both theorists and practical entrepreneurs regard it as the research content. Because how diversification affects corporate performance can not only judge the rationality of diversification, but also help to understand diversification, so this is always one of the most important problems in diversification research theory. Most of the department enterprises adopt the diversification strategy, so in order to deeply analyze the impact of the diversification strategy choice on the corporate performance of the department enterprises in our country, this paper links the background environment faced by the department enterprises in our country. By using the combination of normative research and empirical research, document retrieval method, comparative research method and other research methods, the relevant data of 673 Shanghai and Shenzhen stock markets from 2011 to 2015 are analyzed and studied, and the research conclusions are obtained. In this paper, 673 family companies from 2011 to 2015 are taken as the research object. When investigating the relationship between diversification strategy and enterprise performance, the correlation entropy index and non-correlation entropy index are used as the criteria to distinguish different types by using the different types of diversification. Through regression analysis and other processes, it is found that there is a reverse relationship between diversification strategy and corporate performance; with the improvement of unrelated diversification, corporate performance decreases: but with the improvement of related diversification, corporate performance does not decline but rise. The choice of different diversification strategies is very important for a company to operate, which can be seen in this paper. It is concluded that if the department enterprises want to develop and grow, they must choose the appropriate diversification strategy.
【學(xué)位授予單位】：內(nèi)蒙古財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F272

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