本文關(guān)鍵詞： 煤炭企業(yè) 多元化經(jīng)營(yíng) 影響因素 企業(yè)績(jī)效 多元化折價(jià)　出處：《中國(guó)礦業(yè)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著市場(chǎng)競(jìng)爭(zhēng)的日趨激烈，企業(yè)規(guī)模的不斷擴(kuò)大，多元化經(jīng)營(yíng)日益成為現(xiàn)代企業(yè)的一種發(fā)展趨勢(shì)。由于煤炭資源具有可耗竭性和不可再生性，煤炭企業(yè)發(fā)展面臨著嚴(yán)峻的考驗(yàn)，多元化經(jīng)營(yíng)是煤炭企業(yè)可持續(xù)發(fā)展的必經(jīng)之路；在逐漸進(jìn)入發(fā)展的“寒冬期”之后，煤炭行業(yè)陷入內(nèi)部缺乏減產(chǎn)動(dòng)力、外無(wú)需求改善和進(jìn)口煤沖擊的三重困境，多元化經(jīng)營(yíng)成為許多煤炭企業(yè)在新形勢(shì)下迎接挑戰(zhàn)的重要手段。但是多元化水平受哪些因素影響以及多元化經(jīng)營(yíng)能否提高企業(yè)績(jī)效在理論界一直未能達(dá)成一致結(jié)論。因此研究煤炭多元化經(jīng)營(yíng)的影響因素及其經(jīng)濟(jì)后果具有重要的理論與現(xiàn)實(shí)意義。 本文首先界定了多元化和企業(yè)績(jī)效的概念，梳理了國(guó)內(nèi)外學(xué)者對(duì)于多元化經(jīng)營(yíng)影響因素、多元化經(jīng)營(yíng)與企業(yè)績(jī)效的關(guān)系以及煤炭企業(yè)多元化經(jīng)營(yíng)等方面的相關(guān)文獻(xiàn)，闡述了多元化經(jīng)營(yíng)的動(dòng)因理論和效應(yīng)理論，為下文的研究奠定理論基礎(chǔ)。 其次，，分析了我國(guó)煤炭企業(yè)多元化經(jīng)營(yíng)現(xiàn)狀、特點(diǎn)和存在問(wèn)題。分析發(fā)現(xiàn)，我國(guó)煤炭企業(yè)大都開(kāi)展了多元化經(jīng)營(yíng)業(yè)務(wù)，且以相關(guān)多元化占主導(dǎo)地位，同時(shí)存在多元化動(dòng)力不足、經(jīng)濟(jì)效益不高等方面的問(wèn)題。 然后，本文以多元化動(dòng)因理論和效應(yīng)理論為基礎(chǔ)，分析煤炭企業(yè)多元化經(jīng)營(yíng)的影響因素及其對(duì)公司績(jī)效的影響，提出研究假設(shè)。選取30家以煤炭為主業(yè)的上市公司作為研究樣本，從樣本公司2008-2012年年報(bào)中手工整理出多元化分行業(yè)數(shù)據(jù)，運(yùn)用多元化熵、經(jīng)營(yíng)行業(yè)數(shù)和赫芬達(dá)爾指數(shù)三個(gè)指標(biāo)度量煤炭企業(yè)的多元化水平。選取企業(yè)規(guī)模、負(fù)債水平、股權(quán)集中度和成長(zhǎng)能力等指標(biāo)構(gòu)建了煤炭企業(yè)多元化經(jīng)營(yíng)影響因素的回歸分析模型，選取凈資產(chǎn)收益率和煤炭企業(yè)多元化水平指標(biāo)構(gòu)建了煤炭企業(yè)多元化經(jīng)營(yíng)與公司績(jī)效關(guān)系的回歸分析模型。 最后，運(yùn)用SPSS統(tǒng)計(jì)分析軟件對(duì)煤炭企業(yè)多元化水平的影響因素及其經(jīng)濟(jì)后果進(jìn)行實(shí)證檢驗(yàn)。通過(guò)相關(guān)性分析和回歸分析驗(yàn)證企業(yè)規(guī)模、負(fù)債水平、股權(quán)集中度和成長(zhǎng)能力對(duì)企業(yè)多元化水平的影響程度，并基于凈資產(chǎn)收益率對(duì)多元化經(jīng)營(yíng)的經(jīng)濟(jì)效果進(jìn)行分析。結(jié)果表明：企業(yè)規(guī)模、負(fù)債水平、股權(quán)集中度和成長(zhǎng)能力均對(duì)煤炭企業(yè)多元化經(jīng)營(yíng)產(chǎn)生顯著影響，其中企業(yè)規(guī)模和成長(zhǎng)能力與企業(yè)多元化水平顯著正相關(guān)，負(fù)債水平、股權(quán)集中度與企業(yè)多元化水平顯著負(fù)相關(guān)；煤炭企業(yè)的多元化水平與企業(yè)績(jī)效顯著負(fù)相關(guān)，即在煤炭行業(yè)存在“多元化折價(jià)”，并且這種“折價(jià)”效果具有滯后性。最后針對(duì)煤炭企業(yè)多元化經(jīng)營(yíng)存在的問(wèn)題和實(shí)證研究結(jié)果，提出煤炭企業(yè)實(shí)施多元化經(jīng)營(yíng)戰(zhàn)略的建議，為煤炭企業(yè)開(kāi)展多元化經(jīng)營(yíng)提供參考。
[Abstract]:With the increasingly fierce market competition and the continuous expansion of enterprise scale, diversified management is becoming a trend of modern enterprises. Because of the exhaustion and non-reproducibility of coal resources, the development of coal enterprises is facing a severe test. Diversification is the only way for the sustainable development of coal enterprises, and after gradually entering the "winter period" of development, the coal industry falls into the triple dilemma of lack of power to reduce production inside, improvement of external demand and impact of imported coal. Diversification has become an important means for many coal enterprises to meet the challenge under the new situation. However, what factors affect the level of diversification and whether diversification can improve the performance of enterprises has been unable to reach a consensus in the theoretical circle. Therefore, it is of great theoretical and practical significance to study the influencing factors and economic consequences of coal diversification. This paper first defines the concept of diversification and enterprise performance, combing the influence factors of diversification, the relationship between diversification and enterprise performance, and the related literature of coal enterprise diversification. This paper expounds the theory of motivation and effect of diversification, which lays a theoretical foundation for the following research. Secondly, the paper analyzes the present situation, characteristics and existing problems of diversified management of coal enterprises in China. At the same time, there are many problems such as insufficient power and low economic benefits. Then, based on the theory of diversification motivation and effect, this paper analyzes the influence factors of coal enterprise diversification and its influence on company performance. The research hypothesis is put forward. 30 listed companies with coal as the main industry are selected as the research samples. The diversified sub-industry data are manually sorted out from the sample companies' annual reports of 2008-2012, and the diversity entropy is used. The number of business sectors and the Huffendal index measure the diversification level of coal enterprises. The regression analysis model of influencing factors of coal enterprises' diversified management is established by the index of ownership concentration and growth ability. The regression model of the relationship between diversified management and corporate performance of coal enterprises is established by selecting the index of return on net assets and diversification level of coal enterprises. Finally, using the SPSS statistical analysis software to carry on the empirical test to the coal enterprise diversification level influence factor and its economic consequence, through the correlation analysis and the regression analysis verifies the enterprise scale, the debt level. The degree of influence of ownership concentration and growth ability on diversification level, and the economic effect of diversification based on net asset return are analyzed. The results show that: enterprise size, debt level, Ownership concentration and growth ability have a significant impact on the diversified management of coal enterprises, in which enterprise size and growth ability are significantly positive correlation with enterprise diversification level, debt level, equity concentration degree and enterprise diversification level significantly negative correlation; The diversification level of coal enterprises is negatively correlated with enterprise performance. That is to say, there is a "diversified discount" in the coal industry, and the effect of the "discount" is lagging behind. Finally, aiming at the problems existing in the diversified management of coal enterprises and the results of empirical research, the paper puts forward some suggestions for the coal enterprises to implement the diversified management strategy. For coal enterprises to carry out diversified management to provide a reference.
【學(xué)位授予單位】：中國(guó)礦業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F272.3;F426.21;F406.7

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 巫景飛;何大軍;林(日韋);王云;;高層管理者政治網(wǎng)絡(luò)與企業(yè)多元化戰(zhàn)略:社會(huì)資本視角——基于我國(guó)上市公司面板數(shù)據(jù)的實(shí)證分析[J];管理世界;2008年08期

2 戴鈺;;我國(guó)傳媒上市企業(yè)資本結(jié)構(gòu)與公司績(jī)效關(guān)系的實(shí)證研究[J];財(cái)經(jīng)理論與實(shí)踐;2013年01期

3 蘇冬蔚;;多元化經(jīng)營(yíng)與企業(yè)價(jià)值:我國(guó)上市公司多元化溢價(jià)的實(shí)證分析[J];經(jīng)濟(jì)學(xué)(季刊);2005年S1期

4 金曉斌,陳代云,路穎,聯(lián)蒙珂;公司特質(zhì)、市場(chǎng)激勵(lì)與上市公司多元化經(jīng)營(yíng)[J];經(jīng)濟(jì)研究;2002年09期

5 賴(lài)步連;楊繼東;周業(yè)安;;異質(zhì)波動(dòng)與并購(gòu)績(jī)效——基于中國(guó)上市公司的實(shí)證研究[J];金融研究;2006年12期

6 黃海玉;黃文濤;;我國(guó)旅游上市公司多元化經(jīng)營(yíng)績(jī)效分析[J];江西財(cái)經(jīng)大學(xué)學(xué)報(bào);2011年03期

7 張平;;我國(guó)企業(yè)集團(tuán)行業(yè)多元化與績(jī)效的實(shí)證研究[J];科技管理研究;2011年12期

8 程宏偉;張永海;常勇;;公司R&D投入與業(yè)績(jī)相關(guān)性的實(shí)證研究[J];科學(xué)管理研究;2006年03期

9 金天;余鵬翼;;股權(quán)結(jié)構(gòu)、多元化經(jīng)營(yíng)與公司價(jià)值:國(guó)內(nèi)上市公司的證據(jù)檢驗(yàn)[J];南開(kāi)管理評(píng)論;2005年06期

10 邵軍,邵兵;多元化戰(zhàn)略對(duì)上市公司資本結(jié)構(gòu)的影響基于面板數(shù)據(jù)模型的實(shí)證分析[J];遼寧工學(xué)院學(xué)報(bào)(社會(huì)科學(xué)版);2005年05期

相關(guān)博士學(xué)位論文 前1條

1 李國(guó)棟;董事會(huì)職能影響企業(yè)多元化經(jīng)營(yíng)績(jī)效的實(shí)證研究[D];南開(kāi)大學(xué);2010年

本文編號(hào)：1541749