中国上市公司多元化经营、非效率投资与财务风险关系研究

发布时间：2018-01-12 09:05

本文关键词：中国上市公司多元化经营、非效率投资与财务风险关系研究　出处：《西北大学》2017年硕士论文　论文类型：学位论文

【摘要】：按照马柯维茨的资产组合投资理论,多元化投资能够分散风险,然而现实世界的大量事实表明,许多大公司的倒闭都与其多元化的扩张战略有关。企业多元化经营能否分散风险,尤其是能否有效降低财务风险,就是一个值得探讨的问题。本文从企业财务活动之一的投资活动角度,研究多元化经营对财务风险的影响作用。首先通过对投资组合理论、资源基础理论及代理理论的分析,探讨多元化经营对非效率投资和财务风险的影响。然后以我国沪深两市2013-2015年的A股制造业上市公司数据为样本,用描述性统计、相关性检验及多元线性回归等实证方法进行检验论证,得出以下结论:(1)多元化程度与财务风险显著正相关,表明随着多元化水平的提升,企业的财务风险增大。(2)ST样本企业的多元化平均水平要高于非ST样本企业的多元化平均水平。(3)多元化程度与过度投资显著正相关,与投资不足显著负相关,表明企业的多元化程度越高,企业的非效率投资就越倾向于过度投资。(4)多元化程度与投入资本回报率显著负相关,表明企业的多元化程度越高,投入资本回报率越低。本文认为:投资组合理论并不适合解释多元化经营能够分散财务风险的观点,研究结果表明企业的多元化经营反而会提高财务风险,而且会使企业倾向于过度投资,为企业招致财务风险。因此,为了降低企业财务风险、抑制过度投资,企业首先要对多元化战略持谨慎态度,及时剥离非核心业务,缩减企业的纵向规模,注重核心能力等持续竞争优势的培养;其次,对于多元化经营企业,要将风险管理置于重要的地位,从战略角度加强对财务风险的把控;注重对投资项目的评估,建立与投资项目绩效相关联的考核激励机制。监管部门应格外关注上市公司中多元化经营企业的风险监控。政府应鼓励企业进行专业化经营,并提供优惠政策促进产业集群化。
[Abstract]:According to the theory of Markowitz portfolio diversification, risk diversification, but the fact that a large number of real world shows that the collapse of many large companies with diversified expansion strategy. Enterprise diversification can spread the risk, especially can effectively reduce financial risk, is a problem worthy of discussion. This paper from the perspective of corporate finance the activities of investment activities, study the effect of diversification on financial risk. Firstly, through the analysis of portfolio theory, resource based theory and agency theory, to explore the effect of diversification on non efficiency investments and financial risk. And then to China's Shanghai and Shenzhen two 2013-2015 A share listed companies in manufacturing industry data the sample, using descriptive statistics, empirical correlation test and multiple linear regression method to test proof, draws the following conclusions: (1) diversification Significant positive correlation and the degree of financial risk, that with diversification to enhance the level of enterprise's financial risk increases. (2) ST samples of diversified enterprises average level is higher than that of non ST sample enterprises (3). The average level of diversification is positively related to the degree of diversification and excessive investment and insufficient investment, a significant negative correlation, indicating that the higher the the degree of diversification of enterprises, non efficiency investment enterprises more inclined to excessive investment. (4) the degree of diversification and return on invested capital had a significant negative correlation, indicating that the higher the degree of diversification of enterprises, the lower the rate of return on invested capital. The investment portfolio theory is not suitable to explain the diversification to disperse financial risk view the research results show that diversification will increase the financial risk, but also make enterprises tend to incur excessive investment, financial risk for enterprises. Therefore, enterprises in order to reduce The financial risk, to curb excessive investment, companies first need to be cautious about the diversification strategy, to divest non core business, reduce the vertical scale of enterprises, cultivating the core competence of sustainable competitive advantage; secondly, for the diversified enterprises, should be placed in the important position of risk management, from the angle of strategy to strengthen the financial risk control; focus on the evaluation of investment projects, investment projects and establish performance related incentive mechanism. The regulatory authorities should pay special attention to risk control of diversified enterprises listed companies. The government should encourage enterprises to carry out the specialized management, and provide preferential policies for the promotion of industrial clusters.

【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425;F832.51

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