1中国上市公司多元化经营及其对企业价值影响的实证研究.pdf

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1中国上市公司多元化经营及其对企业价值影响的实证研究.pdf

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Abstract Theformation,developmentofthediversifiedstrategyinbusinessenterprisewith amongthemthetheoriesfieldthattheseproblemsarealwaysindebateamongexperts andenterprise.Diversificationisaninitialproblem,whenabusinessenterprisedevelops intoonecertainscaleorstage,whichcannotbeavoided.Forexploring the relationshipbetweendiversificationandfirmvalue,Firstly,thisthesisproposesrfomthe diversifiedstrategysetsout,analyzingthecreationreason,backgroundofthe diversifiedstrategyininsideinbusinessenterprisestrategychoice,theadvantageplace ofthediversifiedstrategywiththenotenoughplacethatexists;Secondly,Iregard all thelistedcompaniesinShanghaisecuritiesbusinessduringtheperiod1995-2002as thesample,combinationdiversificationmanagementofrelevanttheories,toexplorethe relationshipbetweendiversificationandfirmvalue.Throughtheresultsshowthat: 1)Chineselistedcompaniesarealmostdiversifiedandtheindustriesinvolvedare soextensiveinrfontof1997,butthenumberofdiversificationsisdropoffafter1997. Moreandmorecompaniestakenaturalizationstrategytoimprovetheirfirmvalue.The statusofbusinesshasstronginfluenceonthestrategicchoice,i.e.Companiesinhigh profitbusinessseldomwanttodiversifyandwillincurprofitdecreaseifdiversified, andviceversa. 2)Therearetwophasesbetweenthelistedfirmandthefirmvalue.Before1997, diversificationcanimprovethefirmvalue,butinduringtheperiod1998-2002, especiallyin2001,thediversificationistoacertainextentuncorrelatedwiththefirm value,thatis,thediversificationcantimprovefirmvaluelevel.Moreandmorelisted finesenhancetheirvaluethroughthegrowthoftheprimaryoperations. 3)Naturalizationstrategystillprevailsinthisperiod,butwecanforecastthat diversificationstilloneofthebestchoicewhenafirmexpandonesize.Thecurrent diversificationwillexpelintofinanceandcapitalmarket. Intheconclusionsection,theauthordrawsrfom theprecedingchaptersto constructgeneralguidelinesandvaluableimplicationsfordevelopingandrestru