煤炭企业多元化经营影响因素及其经济后果研究

发布时间：2018-02-27 07:40

本文关键词： 煤炭企业多元化经营影响因素企业绩效多元化折价　出处：《中国矿业大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着市场竞争的日趋激烈，企业规模的不断扩大，多元化经营日益成为现代企业的一种发展趋势。由于煤炭资源具有可耗竭性和不可再生性，煤炭企业发展面临着严峻的考验，多元化经营是煤炭企业可持续发展的必经之路；在逐渐进入发展的“寒冬期”之后，煤炭行业陷入内部缺乏减产动力、外无需求改善和进口煤冲击的三重困境，多元化经营成为许多煤炭企业在新形势下迎接挑战的重要手段。但是多元化水平受哪些因素影响以及多元化经营能否提高企业绩效在理论界一直未能达成一致结论。因此研究煤炭多元化经营的影响因素及其经济后果具有重要的理论与现实意义。本文首先界定了多元化和企业绩效的概念，梳理了国内外学者对于多元化经营影响因素、多元化经营与企业绩效的关系以及煤炭企业多元化经营等方面的相关文献，阐述了多元化经营的动因理论和效应理论，为下文的研究奠定理论基础。其次，，分析了我国煤炭企业多元化经营现状、特点和存在问题。分析发现，我国煤炭企业大都开展了多元化经营业务，且以相关多元化占主导地位，同时存在多元化动力不足、经济效益不高等方面的问题。然后，本文以多元化动因理论和效应理论为基础，分析煤炭企业多元化经营的影响因素及其对公司绩效的影响，提出研究假设。选取30家以煤炭为主业的上市公司作为研究样本，从样本公司2008-2012年年报中手工整理出多元化分行业数据，运用多元化熵、经营行业数和赫芬达尔指数三个指标度量煤炭企业的多元化水平。选取企业规模、负债水平、股权集中度和成长能力等指标构建了煤炭企业多元化经营影响因素的回归分析模型，选取净资产收益率和煤炭企业多元化水平指标构建了煤炭企业多元化经营与公司绩效关系的回归分析模型。最后，运用SPSS统计分析软件对煤炭企业多元化水平的影响因素及其经济后果进行实证检验。通过相关性分析和回归分析验证企业规模、负债水平、股权集中度和成长能力对企业多元化水平的影响程度，并基于净资产收益率对多元化经营的经济效果进行分析。结果表明：企业规模、负债水平、股权集中度和成长能力均对煤炭企业多元化经营产生显著影响，其中企业规模和成长能力与企业多元化水平显著正相关，负债水平、股权集中度与企业多元化水平显著负相关；煤炭企业的多元化水平与企业绩效显著负相关，即在煤炭行业存在“多元化折价”，并且这种“折价”效果具有滞后性。最后针对煤炭企业多元化经营存在的问题和实证研究结果，提出煤炭企业实施多元化经营战略的建议，为煤炭企业开展多元化经营提供参考。
[Abstract]:With the increasingly fierce market competition and the continuous expansion of enterprise scale, diversified management is becoming a trend of modern enterprises. Because of the exhaustion and non-reproducibility of coal resources, the development of coal enterprises is facing a severe test. Diversification is the only way for the sustainable development of coal enterprises, and after gradually entering the "winter period" of development, the coal industry falls into the triple dilemma of lack of power to reduce production inside, improvement of external demand and impact of imported coal. Diversification has become an important means for many coal enterprises to meet the challenge under the new situation. However, what factors affect the level of diversification and whether diversification can improve the performance of enterprises has been unable to reach a consensus in the theoretical circle. Therefore, it is of great theoretical and practical significance to study the influencing factors and economic consequences of coal diversification. This paper first defines the concept of diversification and enterprise performance, combing the influence factors of diversification, the relationship between diversification and enterprise performance, and the related literature of coal enterprise diversification. This paper expounds the theory of motivation and effect of diversification, which lays a theoretical foundation for the following research. Secondly, the paper analyzes the present situation, characteristics and existing problems of diversified management of coal enterprises in China. At the same time, there are many problems such as insufficient power and low economic benefits. Then, based on the theory of diversification motivation and effect, this paper analyzes the influence factors of coal enterprise diversification and its influence on company performance. The research hypothesis is put forward. 30 listed companies with coal as the main industry are selected as the research samples. The diversified sub-industry data are manually sorted out from the sample companies' annual reports of 2008-2012, and the diversity entropy is used. The number of business sectors and the Huffendal index measure the diversification level of coal enterprises. The regression analysis model of influencing factors of coal enterprises' diversified management is established by the index of ownership concentration and growth ability. The regression model of the relationship between diversified management and corporate performance of coal enterprises is established by selecting the index of return on net assets and diversification level of coal enterprises. Finally, using the SPSS statistical analysis software to carry on the empirical test to the coal enterprise diversification level influence factor and its economic consequence, through the correlation analysis and the regression analysis verifies the enterprise scale, the debt level. The degree of influence of ownership concentration and growth ability on diversification level, and the economic effect of diversification based on net asset return are analyzed. The results show that: enterprise size, debt level, Ownership concentration and growth ability have a significant impact on the diversified management of coal enterprises, in which enterprise size and growth ability are significantly positive correlation with enterprise diversification level, debt level, equity concentration degree and enterprise diversification level significantly negative correlation; The diversification level of coal enterprises is negatively correlated with enterprise performance. That is to say, there is a "diversified discount" in the coal industry, and the effect of the "discount" is lagging behind. Finally, aiming at the problems existing in the diversified management of coal enterprises and the results of empirical research, the paper puts forward some suggestions for the coal enterprises to implement the diversified management strategy. For coal enterprises to carry out diversified management to provide a reference.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.3;F426.21;F406.7

【参考文献】