本文選題：多元化 + 企業(yè)價(jià)值��； 參考：《廣東財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：自多元化概念被提出來，，其與企業(yè)價(jià)值之間關(guān)系一直是國內(nèi)外學(xué)術(shù)界研究的熱門問題，而學(xué)術(shù)界對(duì)二者的關(guān)系也存在較大分歧。近年來多數(shù)西方學(xué)者認(rèn)為多元化會(huì)折損企業(yè)價(jià)值，即存在“多元化折價(jià)”現(xiàn)象。我國學(xué)者對(duì)此也進(jìn)行了大量研究，大多結(jié)果表明多元化折價(jià)現(xiàn)象的存在，但目前學(xué)術(shù)界仍未就此問題達(dá)成一致結(jié)論。 本文首先運(yùn)用代理理論、內(nèi)部資本市場理論并結(jié)合我國當(dāng)前制度背景對(duì)我國上市企業(yè)多元化經(jīng)營與企業(yè)價(jià)值之間關(guān)系進(jìn)行了分析。針對(duì)我國企業(yè)產(chǎn)權(quán)約束現(xiàn)狀，本文采用學(xué)術(shù)界一貫做法按最終控制人性質(zhì)將上市企業(yè)分為中央政府控制企業(yè)、地方政府控制企業(yè)和民營企業(yè)三類，并進(jìn)一步對(duì)不同產(chǎn)權(quán)性質(zhì)企業(yè)的代理成本、政治負(fù)擔(dān)等因素進(jìn)行分析。多元化的內(nèi)生性是在研究多元化折價(jià)中不可忽略的問題，我們研究的多元化經(jīng)營對(duì)企業(yè)價(jià)值影響的問題，多元化戰(zhàn)略是企業(yè)自主選擇的經(jīng)營戰(zhàn)略，企業(yè)在多元化決策中可能出于多種原因，引起企業(yè)進(jìn)行多元化經(jīng)營的因素中很有可能導(dǎo)致了企業(yè)價(jià)值的降低，這就是多元化的內(nèi)生性。文中我們同樣對(duì)此問題做出了進(jìn)一步分析。在理論分析基礎(chǔ)上，本文選取我國A股市場2009-2012年上市企業(yè)共3809個(gè)樣本對(duì)多元化與企業(yè)價(jià)值之間關(guān)系進(jìn)行實(shí)證研究。首先通過建立多元回歸模型對(duì)多元化與企業(yè)價(jià)值之間關(guān)系進(jìn)行分析，進(jìn)一步探討了多元化內(nèi)生性對(duì)研究結(jié)論的影響并利用Probit模型和Heckman二階段模型對(duì)多元化內(nèi)生性進(jìn)行控制。 研究結(jié)論表明：（1）多元化經(jīng)營折損企業(yè)價(jià)值；（2）不同產(chǎn)權(quán)性質(zhì)企業(yè)多元化折價(jià)程度不同，其中地方政府控股企業(yè)最嚴(yán)重，中央控股企業(yè)次之，上市民營企業(yè)最低。（3）通過對(duì)多元化內(nèi)生性因素的控制，多元化戰(zhàn)略對(duì)企業(yè)價(jià)值折損程度顯著降低，并且在上市民營企業(yè)中表現(xiàn)為多元化溢價(jià)。
[Abstract]:Since the concept of diversification has been put forward, the relationship between diversification and enterprise value has always been a hot issue in academic circles at home and abroad, and the academic community also has great differences on the relationship between the two. In recent years, most western scholars believe that diversification will reduce the value of enterprises, that is, the phenomenon of diversification. Chinese scholars have also carried out a large number of studies, most of the results show the existence of diversification discount phenomenon, but the academic community has not reached a consensus on this issue. This paper first analyzes the relationship between the diversification of listed enterprises and the value of enterprises in China by using the agency theory, the internal capital market theory and the current institutional background of our country. In this paper, according to the nature of ultimate controller, the listed enterprises are divided into three categories: central government controlled enterprises, local government controlled enterprises and private enterprises. Furthermore, the agency cost, political burden and other factors of enterprises with different property rights are analyzed. The endogenous nature of diversification is a problem that can not be ignored in the study of diversification discount. We study the influence of diversification on enterprise value. Diversification strategy is the management strategy chosen by enterprises independently. In the process of diversification decision, the factors that lead to diversification may lead to the decrease of enterprise value, which is the endogenous nature of diversification. In this paper, we also make a further analysis of this problem. On the basis of theoretical analysis, this paper conducts an empirical study on the relationship between diversification and firm value by taking 3809 samples from 2009-2012 in China's A-share market. Firstly, the relationship between diversification and enterprise value is analyzed by establishing a multivariate regression model, and the influence of diversification endogeneity on the research conclusion is further discussed, and the Probit model and Heckman two-stage model are used to control the diversification endogeneity. The research results show that: (1) the value of the enterprise is reduced by diversification. (2) the degree of diversification discount is different among the enterprises with different property rights, among which the local government holding enterprises are the most serious, the central holding enterprises are the second. By controlling the endogenous factors of diversification, the degree of loss of enterprise value by diversification strategy is significantly reduced, and the diversification premium is shown in listed private enterprises.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F272.3;F275;F832.51

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