公司管理层多元化经营动机分析-金融学专业论文.docx

The result of analysis shows that diversification has a negative effect on companys performance; stake of managing team majority shareholder has a positive effect on companys performance; stake of majority shareholder has a negative effect on the level of diversification, but the stake of managing team does not has co-relativities with the level of diversification. So, we cannot get a clear conclusion of why operators choose diversification, but as a matter of fact, the big shareholders want elude risk through diversification. Through the diversification strategy, majority shareholder could balance their benefits and risks related to the company, while the minority shareholders have to endure lose that diversification brings. So, it is very important to set up internal and external supervising mechanisms and incentive mechanism those take both majority and minority shareholders benefit into consideration. Keywords: diversification, private benefit, company performance 上海交通大学硕士学位论文公司管理层多元化经营动机分析 上海交通大学硕士学位论文 公司管理层多元化经营动机分析 ‐ ‐ PAGE 1‐ 目 录 HYPERLINK \l _bookmark0 1 绪论 3 HYPERLINK \l _bookmark0 1.1 HYPERLINK \l _bookmark0 研究背景及意义 3 HYPERLINK \l _bookmark1 1.2 HYPERLINK \l _bookmark1 论文架构 4 HYPERLINK \l _bookmark2 2 文献综述 6 HYPERLINK \l _bookmark2 2.1 HYPERLINK \l _bookmark2 多元化的定义 6 HYPERLINK \l _bookmark3 2.2 公司价值与多元化 7 HYPERLINK \l _bookmark4 2.3 股权结构与多元化 12 HYPERLINK \l _bookmark5 2.4 公司价值与股权结构 15 HYPERLINK \l _bookmark6 3 研究设计 18 HYPERLINK \l _bookmark6 3.1 HYPERLINK \l _bookmark6 研究假设 18 HYPERLINK \l _bookmark7 3.2 样本选择与资料来源 21 HYPERLINK \l _bookmark7 3.2.1 样本选取 21 HYPERLINK \l _bookmark8 3.2.2 资料来源 22 HYPERLINK \l _bookmark8 3.3 HYPERLINK \l _bookmark8 多元化及公司价值的衡量 22 HYPERLINK \l _bookmark8 3.3.1 公司多元化经营程度的衡量 22 HYPERLINK \l _bookmark9 3.3.2 公司价值的衡量 26 HYPERLINK \l _bookmark10 3.4 变量定义 28 HYPERLINK \l _bookmark10 3.4.1 因变量定义 28 HYPERLINK \l _bookmark11 3.4.2 自变量定义 29 HYPERLINK \l _bookmark12 3.4.3 控制变量的定义 30 HYPERLIN