内生性视角下我国上市公司多元化折价研究

发布时间：2018-05-01 04:35

本文选题：多元化 + 企业价值　；参考：《广东财经大学》2014年硕士论文

【摘要】：自多元化概念被提出来，，其与企业价值之间关系一直是国内外学术界研究的热门问题，而学术界对二者的关系也存在较大分歧。近年来多数西方学者认为多元化会折损企业价值，即存在“多元化折价”现象。我国学者对此也进行了大量研究，大多结果表明多元化折价现象的存在，但目前学术界仍未就此问题达成一致结论。本文首先运用代理理论、内部资本市场理论并结合我国当前制度背景对我国上市企业多元化经营与企业价值之间关系进行了分析。针对我国企业产权约束现状，本文采用学术界一贯做法按最终控制人性质将上市企业分为中央政府控制企业、地方政府控制企业和民营企业三类，并进一步对不同产权性质企业的代理成本、政治负担等因素进行分析。多元化的内生性是在研究多元化折价中不可忽略的问题，我们研究的多元化经营对企业价值影响的问题，多元化战略是企业自主选择的经营战略，企业在多元化决策中可能出于多种原因，引起企业进行多元化经营的因素中很有可能导致了企业价值的降低，这就是多元化的内生性。文中我们同样对此问题做出了进一步分析。在理论分析基础上，本文选取我国A股市场2009-2012年上市企业共3809个样本对多元化与企业价值之间关系进行实证研究。首先通过建立多元回归模型对多元化与企业价值之间关系进行分析，进一步探讨了多元化内生性对研究结论的影响并利用Probit模型和Heckman二阶段模型对多元化内生性进行控制。研究结论表明：（1）多元化经营折损企业价值；（2）不同产权性质企业多元化折价程度不同，其中地方政府控股企业最严重，中央控股企业次之，上市民营企业最低。（3）通过对多元化内生性因素的控制，多元化战略对企业价值折损程度显著降低，并且在上市民营企业中表现为多元化溢价。
[Abstract]:Since the concept of diversification has been put forward, the relationship between diversification and enterprise value has always been a hot issue in academic circles at home and abroad, and the academic community also has great differences on the relationship between the two. In recent years, most western scholars believe that diversification will reduce the value of enterprises, that is, the phenomenon of diversification. Chinese scholars have also carried out a large number of studies, most of the results show the existence of diversification discount phenomenon, but the academic community has not reached a consensus on this issue. This paper first analyzes the relationship between the diversification of listed enterprises and the value of enterprises in China by using the agency theory, the internal capital market theory and the current institutional background of our country. In this paper, according to the nature of ultimate controller, the listed enterprises are divided into three categories: central government controlled enterprises, local government controlled enterprises and private enterprises. Furthermore, the agency cost, political burden and other factors of enterprises with different property rights are analyzed. The endogenous nature of diversification is a problem that can not be ignored in the study of diversification discount. We study the influence of diversification on enterprise value. Diversification strategy is the management strategy chosen by enterprises independently. In the process of diversification decision, the factors that lead to diversification may lead to the decrease of enterprise value, which is the endogenous nature of diversification. In this paper, we also make a further analysis of this problem. On the basis of theoretical analysis, this paper conducts an empirical study on the relationship between diversification and firm value by taking 3809 samples from 2009-2012 in China's A-share market. Firstly, the relationship between diversification and enterprise value is analyzed by establishing a multivariate regression model, and the influence of diversification endogeneity on the research conclusion is further discussed, and the Probit model and Heckman two-stage model are used to control the diversification endogeneity. The research results show that: (1) the value of the enterprise is reduced by diversification. (2) the degree of diversification discount is different among the enterprises with different property rights, among which the local government holding enterprises are the most serious, the central holding enterprises are the second. By controlling the endogenous factors of diversification, the degree of loss of enterprise value by diversification strategy is significantly reduced, and the diversification premium is shown in listed private enterprises.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.3;F275;F832.51

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