中国上市公司多元化经营对营运资本管理及财务风险的影响研究

发布时间：2018-02-06 06:07

  本文关键词： 多元化 财务风险 营运资本管理　出处：《西北大学》2017年硕士论文　论文类型：学位论文

【摘要】：多元化经营是企业一种重要的成长方式,也是学界一直关注的问题。关于多元化对财务风险影响的研究,主流观点是依据资产组合投资理论,认为多元化经营必然降低财务风险。然而,来自经验层面的观察却与之相悖。许多大公司的倒闭都与其多元化的扩张战略有关。因此,企业多元化经营能否分散风险,尤其是能否降低财务风险是一个值得探讨的问题。本文探讨了企业多元化经营对财务风险的影响,更进一步地,探讨了多元化如何影响企业的营运资本管理进而影响到企业的财务风险。本文分别从多元化对企业的营运资本投资、融资政策和流动性的影响来寻求多元化对财务风险的影响机制。采用收入的赫芬达尔指数计量多元化程度、Z-score计量模型衡量财务风险,以2012-2015年制造业上市公司为样本,通过描述性统计、相关性分析、多元回归分析实证检验假设,得出结论:(1)企业多元化程度与财务风险正相关。(2)企业多元化程度越高,营运资本管理投资政策越激进。(3)企业多元化对营运资本融资政策负相关,但不显著。(4)企业多元化程度越高,企业流动性越差。除了实证检验之外,本文试图运用相关理论来解释多元化影响企业财务风险的原因。认为组合投资理论的应用基础不适用于企业多元化,公司的委托代理机制导致多元化影响财务风险,范围经济理论的共享机制存在着管理上的弊端。建议企业剥离非核心业务,缩小纵向规模的扩张。并建议监管部门和公共管理机构能够鼓励企业进行专业化发展,降低多元化程度。
[Abstract]:Diversification is an important way of growth of enterprises, but also has been concerned by the academic community. On the impact of diversification on financial risk, the mainstream view is based on portfolio investment theory. It is believed that diversification is bound to reduce financial risk. However, the observation from the experience level is contrary to it. Many large companies' failures are related to their diversified expansion strategy. Whether the diversification of enterprises can disperse the risk, especially whether the financial risk can be reduced is a problem worth discussing. This paper discusses the influence of diversification on the financial risk, and further further. This paper discusses how diversification affects the management of working capital and then affects the financial risk of enterprises. The influence of financing policy and liquidity to seek the influence mechanism of diversification on financial risk. Using the income of Hefendal index to measure the degree of diversification and Z-score model to measure financial risk. Taking the manufacturing listed companies from 2012-2015 as a sample, the empirical test hypothesis is tested by descriptive statistics, correlation analysis and multivariate regression analysis. Conclusion: 1) the degree of diversification is positively related to financial risk. 2) the degree of diversification is higher. The more radical the investment policy of working capital management, the more negative correlation between enterprise diversification and working capital financing policy, but not significant. This paper tries to use the relevant theories to explain the reasons why diversification affects the financial risk of enterprises, and holds that the application basis of portfolio investment theory is not suitable for enterprise diversification. The principal-agent mechanism of the company leads to diversification affecting financial risk, and the sharing mechanism of scope economy theory has some management drawbacks. It is suggested that enterprises divest non-core business. It is suggested that regulators and public administration agencies should encourage the professional development of enterprises and reduce the degree of diversification.
【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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本文编号：1493766