| 多元化经营与公司价值研究 |
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| 引用本文： | 傅继波,杨朝军.多元化经营与公司价值研究[J].大连理工大学学报(社会科学版),2005,26(2):28-33. |
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| 作者姓名： | 傅继波 杨朝军 |
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| 作者单位： | 上海交通大学,管理学院,上海,200030 |
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| 摘 要： | 多元化经营能否创造价值是个有争议的问题.多元化经营可以为公司带来收益,也可能增加公司成本.以上海证券交易所的上市公司为样本,对多元化经营和公司价值的关系进行了实证检验.结果表明中国上市公司多元化为企业创造了价值,而资产负债率的提高是多元化创造价值的主要来源,股权结构和治理结构对多元化创造价值没有显著的影响.
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| 关 键 词： | 多元化经营 公司价值 股权结构 |
| 文章编号： | 1008-407X(2005)02-0028-06 |
| 修稿时间： | 2005年4月15日 |
Research on diversification and corporation value |
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| FU Ji-bo,YANG Chao-jun.Research on diversification and corporation value[J].Journal of Dalian University of Technology(Social Sciences),2005,26(2):28-33. |
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| Authors: | FU Ji-bo YANG Chao-jun |
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| Abstract: | It is still a debatable question whether diversification can create value. Diversification can bring costs as well as benefits for companies. The authors analyze the relationship of diversification and corporation value using samples of companies listed in Shanghai Security Exchange. The results show that diversification creates corporation value, which mainly comes from the increase of debt ratio. The stock ownership and governance structure have no significant effects on the value created by diversification. |
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| Keywords: | diversification corporation value stock ownership structure |
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