国有企业与家族企业的股权集中度对公司多元化的影响.pdfVIP

国有企业与家族企业的股权集中度对公司 多元化的影响 林梦瑶，贾怀京** 5 （北京邮电大学经济管理学院，北京 100876） 摘要：本文旨在研究不同股东类型的企业对公司多元化的影响。股权结构与公司多元化的关 系已经有了大量的研究，但本文认为其内在关系仍然需要更加细致的分析。本文考虑不同股 东类型的股权集中度是如何影响公司多元化的。通过考察2012 年 451 家中国A 股制造业上 市公司的数据，实证检验了中国转轨经济背景下国有企业与家族企业的股权集中度对公司多 10 元化的影响。研究发现，家族企业的股权集中度与公司多元化程度正相关，国有企业的股权 集中度与公司多元化负相关。本文应用内部资本市场理论和防御假说对这一现象进行了解 释。这是第一次在中国的背景下，研究不同的股东类型公司股权集中度对公司多元化的影响。 关键词：企业管理；国有企业；家族企业；股权集中度；公司多元化 中图分类号：F276.6 15 Ownership Concentration of State-Owned Enterprise and Family Enterprise:A Study of their Impact on Corporate Diversification LIN Mengyao, JIA Huaijing 20 (School of Economics and Management, Beijing Univercity of Posts and Telecommunication, Beijing 100876) Abstract: This paper examines the impact of ownership on corparate diversification. While ownership concentration has received considerable attention from internal capital market theory and defense hypothesis this paper argue that a more nuanced analysis is necessary. This paper 25 consider how the identity of owners moderates the impact of ownership concentration on diversification strategies. Based on a study of 451 Chinas public companies in manufacturing industry we show that family ownership concentration has a positive impact on corporate diversification and state ownership concentration has a negative impact on corporate diversification. This is the first study to explain how ownership concentration and identity interact 30 and affect corporate diversificaton in China. Keywords: Business Management; State-owned Enterprise; Family Ent