管理层薪酬与公司多元化价值会计学专业论文.docxVIP

II II Abstract Diversification has become a hot topic began in the 1990s. It is a strategy to make profound changes in modern enterprises, and it’s commonly used as a development method to expand enterprises size, The benefit of diversification strategy includes: building an internal capital market in the company, information search cost savings, reducing investment risk, easing external financing constrains, overcoming investment shortage. These would increase enterprises value. At the same time, manager agency costs and the biggest shareholder agency costs also exists in diversification. Div