多元化企业业绩与股权结构－对中国上公司的实证研究Corporate.PDFVIP

Vol. 6, No. 4, Aug 2003 WEB JOURNAL OF 多元化、企業業績與股權結構——對中國上市公司的實證研究 Corporate Diversification, Firm Performance And Ownership Structure 趙山 Shan ZHAO 肖晟 Sheng XIAO Vol. 6, No.4, Aug 2003, 中華管理評論 80 1 多元化、企業業績與股權結構——對中國上市公司的實證研究 Corporate Diversification, Firm Performance And Ownership Structure 趙山 Shan ZHAO 電子科技大學管理學院 Management School, UESTC E-mail: sheng.xiao@V 肖晟 Sheng XIAO 美國Vanderbilt大學經濟系 Dept.of Economics, Vanderbilt University Abstract Based on the data in the Annual Reports (2000) of 942 listed firms in Shanghai and Shenzhen Stock Exchanges, this paper discusses two related issues: the relationship between corporate diversification and firm value and the influence of ownership structure on diversification. We find that the level of diversification is not correlated with firm value (measured by Tobin’Q) and sales growth, but negatively correlated with ROA; diversification is positively correlated with the proportion of legal person shares ratio, and negatively correlated with proportion of state shares ratio. However, in big firms, the relationship between diversification and ownership structure is not statistically significant. This paper also compares the results of our study with those of the relevant studies conducted in other countries. Key Words: corporate diversification, firm performance, firm value, ownership structure 摘要 本文以滬深