基于公司治理结构的多元化经营及其价值效应-会计学专业论文.docxVIP

中文摘要摘要：本文以2004．2006年深、沪两市非金融类上市公司为研究样本，基于代理理 中文摘要 摘要：本文以2004．2006年深、沪两市非金融类上市公司为研究样本，基于代理理 论，对多元化经营的价值效应、公司治理结构与多元化经营程度的关系以及公司 治理结构对多元化决策制定、变动中的作用等问题进行了经验验证。本文的研究 在公司治理框架下考虑了双重代理冲突对多元化经营的影响及多元化经营的价值 效应，并动态地分析了公司治理结构对多元化经营决策选择和程度变动的影响。 研究发现，在我国存在多元化经营折价。虽然多元化公司在选择多元化经营前绩 效较差，但是多元化经营程度的提高会继续加剧公司价值绩效的恶化，说明多元 化经营方式会折损价值。公司治理结构与多元化经营的关系研究，表明我国同时 存在经理层追求个人效用最大化和控股股东盘踞效应的双重代理冲突，两类代理 冲突显著地影响多元化决策的制定以及多元化经营程度的提升，股权制衡、有效 的董事会机制可以降低代理成本，从而降低多元化经营决策选择的可能性和多元 化经营程度。本文的研究结论支持多元化经营的代理假说。 关键词：多元化经营；公司价值绩效；公司治理结构；代理理论 分类号： ABSTRACTABSTRACT： ABSTRACT ABSTRACT： This paper empirically examines the performance implications of corporate diversification and the relationship between corporate governance and corporate diversification，by the sample of Chinese listed corporations that is listed before 2004 in China with a observation period from 2004 to 2006．This paper contributes to the existing literatures in two important aspects：firstly,by employing a panel—data fixed effect model，it aims at controlling the endogeneity of the diversification strategies to explore the value effect．Secondly,based 011 the corporate governance framework，it focuses 011 two facets of agency costs to investigate the motives of the firms’adopting a particular diversification strategy and the shift in the diversification strategy．The results reveal that there is a strong negative relation between the extent of diversification and firm value，diversified firms trade at a discount．Although the diversified finns had a poor corporate performance before adopting the diversification strategy，the corporate performance would be worse as the extent of diversification raises．In China，there exist two facets of agency costs，including the shareholder-manager agency costs and the controlling shareholder-noncontrolling shareholder agency costs，to affect the adopting of diversification strategy and the shift in the diversification strategy，The other shareholders’share proportions and an effective board mechanism will decrease the