多元化经营与公司绩效分析多元化经营与公司绩效分析.doc

多元化经营与公司绩效分析 ——基于沪市A股上市公司的经验数据 摘要 多元化经营是企业成长过程中都将面对的重要课题。80年代中期以来，国内一些具有一定规模的企业也纷纷看好和采用多元化经营，开始向多元化经营的方向发展。10多年来，这些企业发生了分化，一部分收缩战场，集中在市场前景好、又有优势的产业上，另一些为数不少的企业却因此而陷入困境，甚至走向绝境。因此，多元化经营也受到了颇多争议，关于多元化的讨论己旷日持久，至今没有一个明确的结论。多元化经营作为一种经营战略形式，有利也有弊，是客观存在的，本身无所谓对错。 关于多元化经营与公司绩效的关系，国外学者进行了大量的研究，尽管还没有一致的结论，但是越来越多学者研究表明，多元化经营会造成价值折价。我国企业多元化经营是不是也造成了折价？如果也是造成折价，那导致这样结果的原因又是什么？ 为了回答这些问题，本文首先从理论研究和实证研究两个方面对多元化经营的研究成果进行了回顾。然后笔者抽取了174家沪市A股上市公司作为研究对象，利用其公布的2001－2004年连续四年的年报，通过因子分析法构建了公司绩效的综合评价模型，并与本文衡量多元化程度的熵指数建立了回归模型。通过统计分析，得出了多元化程度和公司绩效之间的关系，为负相关，即多元化经营降低公司绩效，产生了折价。在此基础上，本文最后利用上海张江（集团）有限公司的具体案例来对我国上市公司造成多元化经营折价的原因进行具体详尽的分析，并提出关于我国企业进行多元化经营的一些针对性的建议。 关键词：多元化经营 公司绩效 实证研究 AN RESEARCH ON DIVERSIFICATION STRATEGIES FIRM PERFOMANCE ——BASED ON THE DATA OF A-SHARE LISTED COMPANIES IN SHANGHAI STOCK EXCHANGE ABSTRACT The diversification is an important task faced by enterprises in their development. Since mid-80s of 20th century, some domestic enterprises have begun to adopt diversification strategy for developing. After more than 10 years, these enterprises begin to come into polarization. On one hand, some of them concentrate on the industry with bright market prospect and advantages through shrinking the scope of their business; on the other hand, others with considerable proportion are in difficult situation, even into impasse. So, many disputes are produced, and the discussions on the diversification last to long time that hitherto no definite conclusion is drawn. The diversification strategy, as one pattern of business operation, has its advantages and disadvantages in nature. Foreign scholars have done many researches on the relationship between diversification and firm performance. Although the conclusions are different, more and more researchers have found that diversification results in a decrease in value. whether diversification in our country can improve firm performance or does some damage to value? If so, what’s the reason? In order to answer these questions, first