本文關(guān)鍵詞： 多元化 財(cái)務(wù)風(fēng)險(xiǎn) 營(yíng)運(yùn)資本管理　出處：《西北大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：多元化經(jīng)營(yíng)是企業(yè)一種重要的成長(zhǎng)方式,也是學(xué)界一直關(guān)注的問(wèn)題。關(guān)于多元化對(duì)財(cái)務(wù)風(fēng)險(xiǎn)影響的研究,主流觀點(diǎn)是依據(jù)資產(chǎn)組合投資理論,認(rèn)為多元化經(jīng)營(yíng)必然降低財(cái)務(wù)風(fēng)險(xiǎn)。然而,來(lái)自經(jīng)驗(yàn)層面的觀察卻與之相悖。許多大公司的倒閉都與其多元化的擴(kuò)張戰(zhàn)略有關(guān)。因此,企業(yè)多元化經(jīng)營(yíng)能否分散風(fēng)險(xiǎn),尤其是能否降低財(cái)務(wù)風(fēng)險(xiǎn)是一個(gè)值得探討的問(wèn)題。本文探討了企業(yè)多元化經(jīng)營(yíng)對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的影響,更進(jìn)一步地,探討了多元化如何影響企業(yè)的營(yíng)運(yùn)資本管理進(jìn)而影響到企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)。本文分別從多元化對(duì)企業(yè)的營(yíng)運(yùn)資本投資、融資政策和流動(dòng)性的影響來(lái)尋求多元化對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的影響機(jī)制。采用收入的赫芬達(dá)爾指數(shù)計(jì)量多元化程度、Z-score計(jì)量模型衡量財(cái)務(wù)風(fēng)險(xiǎn),以2012-2015年制造業(yè)上市公司為樣本,通過(guò)描述性統(tǒng)計(jì)、相關(guān)性分析、多元回歸分析實(shí)證檢驗(yàn)假設(shè),得出結(jié)論:(1)企業(yè)多元化程度與財(cái)務(wù)風(fēng)險(xiǎn)正相關(guān)。(2)企業(yè)多元化程度越高,營(yíng)運(yùn)資本管理投資政策越激進(jìn)。(3)企業(yè)多元化對(duì)營(yíng)運(yùn)資本融資政策負(fù)相關(guān),但不顯著。(4)企業(yè)多元化程度越高,企業(yè)流動(dòng)性越差。除了實(shí)證檢驗(yàn)之外,本文試圖運(yùn)用相關(guān)理論來(lái)解釋多元化影響企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)的原因。認(rèn)為組合投資理論的應(yīng)用基礎(chǔ)不適用于企業(yè)多元化,公司的委托代理機(jī)制導(dǎo)致多元化影響財(cái)務(wù)風(fēng)險(xiǎn),范圍經(jīng)濟(jì)理論的共享機(jī)制存在著管理上的弊端。建議企業(yè)剝離非核心業(yè)務(wù),縮小縱向規(guī)模的擴(kuò)張。并建議監(jiān)管部門(mén)和公共管理機(jī)構(gòu)能夠鼓勵(lì)企業(yè)進(jìn)行專業(yè)化發(fā)展,降低多元化程度。
[Abstract]:Diversification is an important way of growth of enterprises, but also has been concerned by the academic community. On the impact of diversification on financial risk, the mainstream view is based on portfolio investment theory. It is believed that diversification is bound to reduce financial risk. However, the observation from the experience level is contrary to it. Many large companies' failures are related to their diversified expansion strategy. Whether the diversification of enterprises can disperse the risk, especially whether the financial risk can be reduced is a problem worth discussing. This paper discusses the influence of diversification on the financial risk, and further further. This paper discusses how diversification affects the management of working capital and then affects the financial risk of enterprises. The influence of financing policy and liquidity to seek the influence mechanism of diversification on financial risk. Using the income of Hefendal index to measure the degree of diversification and Z-score model to measure financial risk. Taking the manufacturing listed companies from 2012-2015 as a sample, the empirical test hypothesis is tested by descriptive statistics, correlation analysis and multivariate regression analysis. Conclusion: 1) the degree of diversification is positively related to financial risk. 2) the degree of diversification is higher. The more radical the investment policy of working capital management, the more negative correlation between enterprise diversification and working capital financing policy, but not significant. This paper tries to use the relevant theories to explain the reasons why diversification affects the financial risk of enterprises, and holds that the application basis of portfolio investment theory is not suitable for enterprise diversification. The principal-agent mechanism of the company leads to diversification affecting financial risk, and the sharing mechanism of scope economy theory has some management drawbacks. It is suggested that enterprises divest non-core business. It is suggested that regulators and public administration agencies should encourage the professional development of enterprises and reduce the degree of diversification.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F425;F832.51
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本文編號(hào)：1493766