上市公司多元化经营动因的实证研究-企业管理专业论文.docxVIP

华 华 中 科 技 大 学 硕 士 毕 业 论 文 II II Abstract There are lots of researches about diversified strategies in local and international studies. Basically, they found diversified strategies bring about damages to corporations’ values, which is called diversification discount. Therefore, the reason for diversification is a worthwhile topic. Many scholars gave reasons for this phenomenon from the view of market power, resource utilization, financial ability, internal capital market, risk diversification, transaction cost and taxation theory. But all these explanations are based on the hypothesis of maximization of corporations’ values. This paper analyzes diversified strategies from the view of individual rational and irrational behaviors, making complement of the theoretical reasons. The writer then implements an empirical study for our hypotheses on Chinese listed companies in 2006. The results are as follows: Those companies with good operating results prefer to make diversification because their managers tend to have “over confidence”. Those companies with big operating risks prefer to make less diversification because investors have different preferences towards risks and revenues. The sum of percentage of top 10 stockholders’ shares is negatively related to diversification degrees significantly, because the big shareholders could supervise managers well; and managers’ salary seems negatively related to diversification degrees insignificantly. This paper does a summary of previous analysis about reasons of diversification, and presents some new explanation on this topic; what’s more, the writer implements an empirical study on Chinese listed companies, in order to give some useful suggestion to investors on diversified corporations. Key Words: Diversification Reasons Behavior finance Agency theory PAGE IV PAGE IV 目 录 摘 要 I Abstract II 1 绪 论 1.1 选题的背景和意义 (1) 1.2 多元化动因研究发展概况 (2) 1.3 本文的研究思路和结构安排 (8) 2 多元化经营的理论和原理 2.1 多元化的概念(10) 2.2 多元化的衡量方法 (11) 2.3 企业多元