实施多元化战略的上市公司其市场价值偏离基本价值的路径研究——基于证券分析师关注度的视角

发布时间：2018-04-29 22:10

本文选题：非相关多元化战略 + 相关多元化战略　；参考：《管理评论》2013年10期

【摘要】：本文从证券分析师关注度的视角,以2007至2011年我国A股上市公司的1930个观测对象为样本,研究了多元化战略对企业资本市场价值的影响路径,以及这种路径下实施多元化战略的上市公司其市场价值偏离基本价值的机制。研究结果表明,上市公司的非相关多元化对企业价值有负向作用,且证券分析师关注度在这种负向作用中发挥了部分中介效应,从而使得市场价值在基本价值的基础上存在向下偏离;相关多元化对企业价值有正向作用,且证券分析师关注度在这种正向作用中发挥了部分中介效应,从而使得市场价值在基本价值的基础上存在向上偏离。这一结论不仅拓展和深化了有关多元化战略对企业价值影响研究的理论框架,同时为上市公司、证券分析师和投资者的决策也提供了新的依据。
[Abstract]:From the perspective of securities analysts' attention, this paper studies the influence of diversification strategy on the capital market value of Chinese A-share listed companies from 2007 to 2011, taking 1930 observed objects as samples. And the mechanism of market value deviation from the basic value of listed companies implementing diversification strategy under this path. The results show that the non-related diversification of listed companies has a negative effect on corporate value, and securities analysts' attention plays a part of the intermediary effect in this negative effect. As a result, the market value deviates downwards on the basis of the basic value, and the related diversification has a positive effect on the enterprise value, and the concern of the securities analyst plays a part of the intermediary effect in this positive effect. As a result, the market value in the basic value of the existence of upward deviation. This conclusion not only extends and deepens the theoretical framework of the research on the influence of diversification strategy on enterprise value, but also provides a new basis for the decision of listed companies, securities analysts and investors.
【作者单位】：哈尔滨工业大学经济与管理学院;
【基金】：国家自然科学基金重点项目(71031003);国家自然科学基金面上项目(70972097)
【分类号】：F832.51;F272

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