资产规模、多元化经营与企业绩效的关系研究

发布时间：2018-05-03 06:37

本文选题：多元化经营 + 资产规模　；参考：《新疆大学》2017年硕士论文

【摘要】：多元化经营是现代企业发展到一定水平后所普遍采取的一种经营手段。美国学者安索夫最早提出企业多元化经营理论,后被学术界及企业界逐渐认同接受,并运用于企业经营中。但随着企业不断发展,因开拓、并购本企业所不熟悉擅长的业务,造成企业资源分散,成本加大,企业运作难度增加,致使企业经营出现问题的案例逐渐增多。改革开放以来,中国企业的经营理念发展了很大变化,在战略行为上也积极向西方学习。在我国经济体制仍不完善的环境下,多元化经营演变成我国企业为规避受环境不确定性带来的运营风险并保持竞争能力实现企业自身长远发展的重要战略手段。也因此,尽管多元化经营备受争议,但其在现实社会仍普遍存在,并一直是我国企业在发展至一定阶段存在的一种必然战略手段。本文在整合包含组合投资理论、企业成长理论、市场力量理论等多元化理论主要观点以及包含资产规模边界理论、效用理论等资产规模理论主要观点的基础上,提出了基于企业资产规模的多元化经营与企业绩效关系研究,并综合运用探索性研究、文献和理论分析、统计分析法、回归分析法、比较研究法、门槛回归法等定性与定量的方法。分析并解答了两个研究问题:(1)多元化经营与企业绩效二者之间是否存在一定的关系,具体的关系是怎样的?(2)多元化经营是否可以通过资产规模对企业绩效产生影响?不同资产规模强度区间,多元化经营对企业绩效的影响效果有何差异?以制造业企业为例,选取2009-2015年七年间国内沪深股上市的530家制造业企业数据。依据企业主营业务构成比,综合整理得出衡量企业多元化经营程度的调整的赫芬达尔指数,选定净资产收益率(ROE)衡量企业绩效,总资产对数衡量资产规模,此外选定息税前利润、现金运营指数、资产负债率,盈利能力、流动比率、RD支出、公司属性一系列财务及非财务指标作为控制变量。经Excel2007进步处理汇总得出初始数据。运用Stata12进行最小二乘法(OLS)、固定效应模型和门槛回归。先是对多元化与企业绩效的关系进行研究,再对资产规模作用影响下多元化经营与企业绩效的关系进行探究。在此基础上,得到以下结论:(1)多元化经营对于企业绩效有正向促进作用,系数较小为1.56,说明企业的多元化经营虽然有利于企业的发展,但是效果不慎明显。控制变量中企业规模、现金运营指数、流动比率均于绩效显著负相关,资产规模对企业绩效的抑制作用最为明显;息税前利润、资产负债率、盈利能力、RD支出均于绩效显著正相关。(2)无论国有企业还是非国有企业,其多元化经营对企业绩效均呈正向促进作用,但是国有企业的正向促进作用较非国有企业更为明显,这可能是因为我国民营企业在多元化成长过程中,不仅面临着行业市场准入上的政策歧视,还有较高的信贷门槛。(3)因在指标衡量初期选取总资产额对数作为衡量资产规模的指标,企业资产规模的确会在一定程度上影响企业多元化经营与企业绩效的关系,当规模小于19.613时,相对专业化的经营对企业绩效的提高更为有利;当资产规模介于19.613至20.298时,多元化经营与企业绩效间呈显著的正相关,这时努力扩大自身多元化水平利于企业发展;当企业资产超过20.298时,多元化经营虽然有利于企业绩效的提高,但系数9.904小于第二门槛区间的31.928系数值。若以门槛值为临界值,将样本按企业资产规模分为高中低划三个不同的区域。显然,在不同区制下规模对企业绩效的影响程度不同,表现出了明显的门槛特征。(4)当制造业企业资产规模小于19.613时,在人力资本,资金、技术等核心资源不充分的情况下,集中利用现有资源经营企业容易获得较为理想的经营效果。而当企业成长到20.298时,相应的会产生一定的剩余资源,此时企业如采取多元化经营方式,可有效将部分剩余企业核心资源进行利用和转化,同时多元化的经营方式也有利于规避外部环境所带来的不确定性。在企业逐渐成长为大型企业后,资产规模达到20.298后,多元化业务的扩大会降低企业资本利用效率,经营效果好的部门必然会对经营不好的部门进行大量补贴,长此以往会影响企业整体绩效和长远发展,这时,调整、剥离非核心业务单元,提高专业化程度,发展相关多元化战略,以使企业的核心资源与经营业务处于适当的匹配状态。
[Abstract]:Diversified management is a kind of management means adopted by modern enterprises to a certain level. The American scholar andoff first proposed the theory of enterprise diversification, which was gradually accepted by academic and business circles and used in business management. However, as enterprises continue to develop, the enterprise is not familiar with the merger and acquisition. Since the reform and opening up, the business concept of Chinese enterprises has been greatly changed and the strategic behavior has been actively studied in the West. In the environment of our country's economic system is still imperfect, the diversification of business has been diversified. It has evolved into an important strategic means for Chinese enterprises to avoid the operational risks caused by environmental uncertainty and to maintain their competitive ability to realize their long-term development. Therefore, although diversification is controversial, it still exists in the real society, and has always been an inevitable battle in the development of the state-owned enterprises to a certain stage. On the basis of the main viewpoints of diversification theory including portfolio investment theory, enterprise growth theory, market force theory and the main viewpoints of asset scale theory including asset scale boundary theory and utility theory, this paper puts forward the research on the relationship between diversification and enterprise performance based on the scale of enterprise assets. Combined with exploratory research, literature and theoretical analysis, statistical analysis, regression analysis, comparative research, threshold regression, and other qualitative and quantitative methods, this paper analyzes and answers two research questions: (1) whether there is a certain relationship between the two parties of diversification and enterprise performance, and how is the specific relationship? (2) diversification is Is it possible to influence the performance of the enterprise through the size of the assets? What is the difference in the effect of diversification on the performance of the enterprise performance in the intensity interval of different assets? Take the manufacturing enterprises as an example to select the data of 530 manufacturing enterprises listed in the Shanghai and Shenzhen Stock Market in the past 2009-2015 years and seven years. The Beh Finn Dahl index, which measured the adjustment of the diversification of the enterprise, selected the net assets yield (ROE) to measure the performance of the enterprise, the logarithm of the total assets to measure the asset size, in addition to the pre tax profit, the cash operation index, the asset liability ratio, the profitability, the liquidity ratio, the RD expenditure, the company attributes and a series of financial and non-financial indicators. Control variables. The initial data are collected through the Excel2007 progress treatment. Using the Stata12 to carry out the least squares (OLS), the fixed effect model and the threshold regression. First, the relationship between the diversification and the enterprise performance is studied, and the relationship between the diversification and the enterprise performance under the influence of the asset scale is explored. On the basis of this, the paper obtains the relationship between the diversification and the enterprise performance. The following conclusions are as follows: (1) diversification has a positive effect on enterprise performance, and the coefficient is less than 1.56. It shows that the diversification of enterprises is beneficial to the development of enterprises, but the effect is inadvertent. The production is the most obvious; the pre tax profit, the asset liability ratio, the profitability, the RD expenditure are all significantly positive related to the performance. (2) the diversification of the state-owned enterprises and non-state-owned enterprises has a positive effect on the enterprise performance, but the positive promotion effect of the state-owned enterprises is more obvious than that of the non state-owned enterprises, which may be due to our country. In the process of diversified growth, private enterprises not only face the policy discrimination on the industry market access, but also have a high credit threshold. (3) the size of the enterprise assets will affect the diversification and performance of the enterprise in a certain range because of the selection of the logarithm of the total assets in the initial stage of the index. When the scale is less than 19.613, relatively specialized operation is more beneficial to the improvement of enterprise performance. When the scale of assets is between 19.613 and 20.298, there is a significant positive correlation between the diversification and the performance of the enterprise. It is beneficial to the improvement of enterprise performance, but the coefficient 9.904 is less than the 31.928 line value of the second threshold interval. If the threshold value is the critical value, the sample is divided into three different regions according to the size of the enterprise's assets. Obviously, the scale has different impact on the enterprise performance. (4) when manufacturing is made. When the scale of the enterprise's assets is less than 19.613, when the core resources of human capital, capital, technology and other core resources are not sufficient, it is easy to use the existing resource management enterprises to obtain more ideal management effect. When the enterprise grows up to 20.298, the corresponding surplus resources will be produced. After the enterprise is gradually growing into a large enterprise, the expansion of the diversified business will reduce the efficiency of the enterprise capital utilization after the enterprise is gradually growing into a large enterprise and the expansion of the diversified business will reduce the efficiency of the enterprise capital utilization. There will be a lot of subsidies to the poor management departments. This will affect the overall performance and long-term development of the enterprise. At this time, the adjustment, the stripping of non core business units, improve the degree of specialization, and develop the related diversification strategy, so that the core resources and business operations of the enterprise are in a proper matching state.

【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F272.3

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