代理问题、公司多元化与多元化折价研究

发布时间：2018-04-18 10:08

本文选题：代理问题 + 多元化　；参考：《东北财经大学》2013年硕士论文

【摘要】：近年来,公司多元化与公司价值之间的关系受到理论界和实务界越来越多的关注,然而学者们对于两者之间的关系却未能达成一致。从代理理论的视角来看,管理层与股东之间的代理问题以及大股东与小股东之间的代理问题是公司实施多元化的主要动因。本文以1990-2012年沪深两市727家上市公司IPO当年的财务数据为数据来源,运用描述性统计分析与回归分析方法,从代理问题角度对多元化动因以及多元化与公司价值之间的关系进行了实证研究。本文的逻辑关系为：代理问题(动因)——多元化(行为)——多元化折价(结果)。本文的研究结论为： (1)董事会规模与公司多元化程度呈负相关关系。作为一种重要的公司治理机制,董事会能够代表股东监督管理层的行为,减少管理层的利己行为,促使管理层将股东利益最大化作为公司经营管理的目标。 (2)董事会中独立董事所占比例与公司多元化程度呈负相关关系。独立董事不在公司内部任职,因此能够对公司事务做出客观的评价。一般来说,独立董事不仅能够代表股东监督管理层的行为,还能够抑制大股东的利己行为,从而保护中小投资者的利益。 (3)控股股东的控制权与多元化程度呈正相关关系。控股股东可能通过关联方交易、资金占用、过度发放现金股利等方式进行利益输送,侵占小股东和公司利益,而公司多元化为控股股东进行利益输送提供了更为便利的条件。 (4)内部资本市场的效率性与公司价值呈正相关关系。基于集团整体利益考虑,多元化公司倾向于将资源从收益高的企业转移到收益低的企业,从而降低了资源配置效率,降低了内部资本市场的效率,导致多元化折价。 (5)公司多元化程度与公司价值呈负相关关系。由于代理成本以及内部资本市场的无效性等因素多元化公司的价值普遍较低。本文提出了两点建议： (1)适当扩大董事会规模,提高独立董事在董事会中所占比例。 (2)完善相关法律法规,加强对公司的监督。
[Abstract]:In recent years, the relationship between corporate diversification and corporate value has been paid more and more attention by theorists and practitioners. However, scholars failed to agree on the relationship between them.
From the perspective of agency theory, the agency problem between the agency problems between management and shareholders, large shareholders and small shareholders is the main motivation of the company diversified. The financial data of the 727 listed companies in Shanghai and Shenzhen two city 1990-2012 years IPO as the data source, using descriptive statistical analysis and regression analysis method, the An Empirical Study on the relationship between diversification and diversification and corporate value from the perspective of agency problems. This is the logical relationship of agency problems (motivation), diversity (behavior) - diversification discount (results).
The conclusions of this paper are as follows:
(1) the board of directors is negatively related to the scale and degree of diversification. As an important mechanism of corporate governance, the board of directors on behalf of shareholders can supervise the management behavior, reduce the selfish behavior of the management, the management will maximize the interests of shareholders as the company's management goals.
(2) board of directors of the independent directors is negatively related to the proportion and degree of diversification. The independent directors do not serve in the company, so as to make an objective evaluation on the affairs of the company. In general, the independent directors on behalf of shareholders can not only supervise the management behavior, but also can inhibit the major shareholder of the selfish behavior, so as to protect the the interests of small investors.
(3) the relationship between control rights associated with the degree of diversification positively controlling shareholders. The controlling shareholders through related party transactions, funds, excessive cash dividends and other ways to transfer the interests of small shareholders and the interests of the company, and the company diversified transport provides more convenient conditions for the controlling shareholders interests.
(4) and the internal capital market efficiency value is positively correlated. Consider the overall interests of the group based on diversified companies tend to transfer resources from high profit enterprises to low profit enterprises, thereby reducing the efficiency of resource allocation, reduce the efficiency of internal capital market, leading to the diversification discount.
(5) the degree of diversification is negatively correlated with company value. Due to the agency cost and the inefficiency of internal capital market, the value of diversified companies is generally low.
(1) appropriately expand the scale of the board of directors and increase the proportion of independent directors in the board of directors.
(2) to improve the relevant laws and regulations and to strengthen the supervision of the company.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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