我国中小板上市公司多元化经营与财务绩效、成长性关系的实证研究

发布时间：2019-03-19 18:40

【摘要】：多元化经营理论自从出现以来,国内外众多学者对其与经营绩效的关系展开了大量的实证研究,至今仍然没有一个统一的结论,这表明多元化经营是否为企业创造价值仍然不确定。但在企业经营的实际过程当中,多元化经营是企业成长和发展到一定阶段普遍采用的发展战略。因此,研究多元化经营对经营绩效的关系具有很强的现实意义。中小企业作为我国企业的重要力量之一,在国民经济的发展过程中扮演着重要的角色。中小企业如何实现更快更好的成长已经成为中小企业经营者普遍关注的焦点。已有的研究表明,中小企业可以通过四个途径实现成长,即单一业务型、主导业务型、相关多元化和非相关多元化。本文以我国中小板上市公司为研究样本,并将测量经营绩效的维度分为财务绩效和成长性,研究多元化经营与二者之间的关系,以期为中小企业实施多元化经营提供理论指导。本文首先对相关研究文献进行综述、对相关概念进行界定,同时对中小板上市公多元化经营与财务绩效和成长性的关系进行理论分析。在此基础上,通过相关分析和回归分析,分析多元化程度与财务绩效、成长性的关系,同时运用均值比较和单因素方差分析方法,分析多元化类型与财务绩效、成长性的关系。通过实证分析,本文得出的主要结论有：(1)中小板上市公司多元化程度与财务绩效呈正相关；(2)中小板上市公司多元化程度与成长性呈正相关；(3)实行相关多元化经营的中小板上市公司的财务绩效和成长性均优于实行非相关多元化经营的公司；(4)实行单一业务经营的中小板上市公司的财务绩效和成长性优于实行主导业务型的公司；(5)在不同的经济发展环境下,专业化经营与多元化经营对财务绩效和成长性的关系不确定。因此,中小企业为了能够获得持续的发展,本文建议中小企业在发展过程中首先考虑实施专业化经营。当中小企业主营业务已经得到充分发展,并在行业中占据相当优势地位和在资金、市场、技术等方面具有相当规模和潜力的条件下时,中小企业可以选择实施多元化经营,而且多元化经营仍以核心业务和核心能力为主的相关多元化战略。
[Abstract]:Since the emergence of diversification theory, many scholars at home and abroad have carried out a large number of empirical studies on the relationship between diversification theory and business performance, and there is still no unified conclusion so far. This shows whether diversification creates value for the enterprise is still uncertain. However, in the actual process of enterprise management, diversification is the development strategy that is widely used in the development of enterprises. Therefore, it is of great practical significance to study the relationship between diversification and business performance. As one of the important forces of Chinese enterprises, small and medium-sized enterprises (SMEs) play an important role in the development of national economy. Small and medium-sized enterprises how to achieve faster and better growth has become the focus of attention of small and medium-sized enterprises. Previous studies have shown that small and medium-sized enterprises can achieve growth in four ways, that is, single business type, dominant business type, related diversification and non-related diversification. This paper takes small and medium-sized board listed companies as research samples and divides the dimensions of measuring business performance into financial performance and growth to study the relationship between diversification and both in order to provide theoretical guidance for the implementation of diversification in small and medium-sized enterprises. First of all, this paper reviews the relevant research literature, defines the related concepts, and analyzes the relationship between the listed public diversification of small and medium-sized boards and financial performance and growth. On this basis, through correlation analysis and regression analysis, the relationship between diversification degree and financial performance and growth is analyzed. At the same time, the relationship between diversification type and financial performance and growth is analyzed by means of mean comparison and one-way variance analysis. Through empirical analysis, the main conclusions of this paper are as follows: (1) the degree of diversification of listed companies on small and medium-sized boards is positively correlated with financial performance; (2) the degree of diversification of listed companies of small and medium-sized boards is positively related to the growth of listed companies; (3) the financial performance and growth of small and medium-sized listed companies with diversified management are better than those with non-related diversification; (4) the financial performance and growth of small and medium-sized listed companies with single business operation are better than those with dominant business type; (5) under different economic development environment, the relationship between specialization and diversification on financial performance and growth is uncertain. Therefore, small and medium-sized enterprises in order to achieve sustainable development, this paper suggests that small and medium-sized enterprises in the process of development should first consider the implementation of professional operation. When the main business of small and medium-sized enterprises has been fully developed and occupies a fairly dominant position in the industry and has considerable scale and potential in terms of capital, market, and technology, small and medium-sized enterprises can choose to implement diversification. And diversification is still based on the core business and core competence-based diversification strategy.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.3;F275

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