中国系族企业多元化战略与企业绩效相关性研究
发布时间：2019-06-10 14:14
【摘要】：继多元化公司存在“多元化折价”这一现象被Wernerfelt and Montgomery(1988),Lang and Stulz(1994),Berger and Ofek(1995)等学者研究发现后,众多的财务金融学者展开了大量的探讨和研究。多元化战略会损害企业价值在财务领域已经成为学者共知的观点,金融界学者也将目光集中于这一领域,即关注多元化战略与公司绩效的相关性。由于我国经济类型属于新兴市场经济,其公司治理结构的健全程度和法律法规完善程度均不及其他西方发达国家,因此在多元化与企业绩效二者关系方面和西方国家也有所不同。2005年前后中国处于经济转型期间,此阶段的经济政治环境都比较独特,系族就形成于这个时期,是属于此阶段的特殊产物,因此其企业愿景、战略目标、控制结构、内部运作模式以及资源配置等都与一般企业集团存在一定的差异。系族企业这种形式在中国市场比较常见,且其也给经济和社会的发展起着相当大的推动作用。过去二十年,系族企业飞速发展,在带动资本市场和国民经济发展的同时,也潜藏着很多风险和问题。因此仍需要多方面的理论来支持关于系族企业的研究。由于多元化战略关系到企业生存与发展,多元化战略作为企业经营的一项重大决策,不仅直接关系着一系列利益相关者的切身利益,包括管理者、债权人、投资者等,而且在很大程度上影响企业价值及发展前景。无论是理论学者还是实务企业家均将其作为研究内容。正因为多元化如何影响企业绩效既可以判断多元化的合理性,也可以有助于理解多元化,所以这始终是多元化研究理论中的最主要问题之一。而系族企业中的多数都是采用的多元化战略,因此为了深入地分析我国系族企业在多元化战略选择方面对公司绩效带来的影响,本文联系我国系族企业面临的背景环境,采用规范研究与实证研究相结合、文件检索法、比较研究法等研究方法,对673家沪深两市系族企业2011一2015年的相关数据进行分析研究,得到研究结论。本文将2011一2015年间673家系族公司作为研究对象,在考察多元化战略和企业绩效二者的关系时,利用多元化的类型不同,将相关熵指数和非相关熵指数作为区分不同类型的标准。通过回归分析等过程,得到多元化战略与企业绩效基本存在反向关系;随着非相关多元化程度提升,企业绩效下降:但是随着相关多元化程度的提升,企业绩效却不降反升。对不同多元化战略的抉择对一家公司经营来讲非常重要,这一点可以从本文看出。由此得出,系族企业若想发展壮大,必须选择恰当的多元化战略。
[Abstract]:After the phenomenon of "diversification discount" in diversified companies has been found by Wernerfelt and Montgomery (1988), Lang and Stulz (1994), Berger and Ofek (1995), many financial and financial scholars have carried out a lot of discussion and research. Diversification strategy will damage the value of enterprises in the field of finance has become a well-known point of view, financial scholars also focus on this area, that is, pay attention to the correlation between diversification strategy and corporate performance. Because the economic type of our country belongs to the emerging market economy, the perfection of its corporate governance structure and laws and regulations is not as good as that of other western developed countries. Therefore, the relationship between diversification and corporate performance is also different from that of western countries. China is in the period of economic transformation around 2005, and the economic and political environment in this stage is relatively unique, and the clan was formed in this period. It is a special product of this stage, so its enterprise vision, strategic objectives, control structure, internal operation mode and resource allocation are different from those of general enterprise groups. This form of family enterprises is more common in the Chinese market, and it also plays a considerable role in promoting the development of economy and society. In the past two decades, the rapid development of department enterprises not only drives the development of capital market and national economy, but also lurks many risks and problems. Therefore, many theories are still needed to support the research on department enterprises. Because diversification strategy is related to the survival and development of enterprises, diversification strategy, as an important decision of enterprise management, is not only directly related to the vital interests of a series of stakeholders, including managers, creditors, investors and so on. And to a great extent, it affects the value and development prospect of the enterprise. Both theorists and practical entrepreneurs regard it as the research content. Because how diversification affects corporate performance can not only judge the rationality of diversification, but also help to understand diversification, so this is always one of the most important problems in diversification research theory. Most of the department enterprises adopt the diversification strategy, so in order to deeply analyze the impact of the diversification strategy choice on the corporate performance of the department enterprises in our country, this paper links the background environment faced by the department enterprises in our country. By using the combination of normative research and empirical research, document retrieval method, comparative research method and other research methods, the relevant data of 673 Shanghai and Shenzhen stock markets from 2011 to 2015 are analyzed and studied, and the research conclusions are obtained. In this paper, 673 family companies from 2011 to 2015 are taken as the research object. When investigating the relationship between diversification strategy and enterprise performance, the correlation entropy index and non-correlation entropy index are used as the criteria to distinguish different types by using the different types of diversification. Through regression analysis and other processes, it is found that there is a reverse relationship between diversification strategy and corporate performance; with the improvement of unrelated diversification, corporate performance decreases: but with the improvement of related diversification, corporate performance does not decline but rise. The choice of different diversification strategies is very important for a company to operate, which can be seen in this paper. It is concluded that if the department enterprises want to develop and grow, they must choose the appropriate diversification strategy.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F272
本文编号：2496513
[Abstract]:After the phenomenon of "diversification discount" in diversified companies has been found by Wernerfelt and Montgomery (1988), Lang and Stulz (1994), Berger and Ofek (1995), many financial and financial scholars have carried out a lot of discussion and research. Diversification strategy will damage the value of enterprises in the field of finance has become a well-known point of view, financial scholars also focus on this area, that is, pay attention to the correlation between diversification strategy and corporate performance. Because the economic type of our country belongs to the emerging market economy, the perfection of its corporate governance structure and laws and regulations is not as good as that of other western developed countries. Therefore, the relationship between diversification and corporate performance is also different from that of western countries. China is in the period of economic transformation around 2005, and the economic and political environment in this stage is relatively unique, and the clan was formed in this period. It is a special product of this stage, so its enterprise vision, strategic objectives, control structure, internal operation mode and resource allocation are different from those of general enterprise groups. This form of family enterprises is more common in the Chinese market, and it also plays a considerable role in promoting the development of economy and society. In the past two decades, the rapid development of department enterprises not only drives the development of capital market and national economy, but also lurks many risks and problems. Therefore, many theories are still needed to support the research on department enterprises. Because diversification strategy is related to the survival and development of enterprises, diversification strategy, as an important decision of enterprise management, is not only directly related to the vital interests of a series of stakeholders, including managers, creditors, investors and so on. And to a great extent, it affects the value and development prospect of the enterprise. Both theorists and practical entrepreneurs regard it as the research content. Because how diversification affects corporate performance can not only judge the rationality of diversification, but also help to understand diversification, so this is always one of the most important problems in diversification research theory. Most of the department enterprises adopt the diversification strategy, so in order to deeply analyze the impact of the diversification strategy choice on the corporate performance of the department enterprises in our country, this paper links the background environment faced by the department enterprises in our country. By using the combination of normative research and empirical research, document retrieval method, comparative research method and other research methods, the relevant data of 673 Shanghai and Shenzhen stock markets from 2011 to 2015 are analyzed and studied, and the research conclusions are obtained. In this paper, 673 family companies from 2011 to 2015 are taken as the research object. When investigating the relationship between diversification strategy and enterprise performance, the correlation entropy index and non-correlation entropy index are used as the criteria to distinguish different types by using the different types of diversification. Through regression analysis and other processes, it is found that there is a reverse relationship between diversification strategy and corporate performance; with the improvement of unrelated diversification, corporate performance decreases: but with the improvement of related diversification, corporate performance does not decline but rise. The choice of different diversification strategies is very important for a company to operate, which can be seen in this paper. It is concluded that if the department enterprises want to develop and grow, they must choose the appropriate diversification strategy.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F272
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