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dc.contributor.author魏志华
dc.contributor.author李常青
dc.date.accessioned2016-05-17T02:14:46Z
dc.date.available2016-05-17T02:14:46Z
dc.date.issued2009
dc.identifier.citation财贸研究,2009,(5):130-137
dc.identifier.issn1001-6260
dc.identifier.otherCMYJ200905022
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/102311
dc.description.abstract多元化作为公司发展的一种战略举措,对公司绩效有重要影响。与现有研究不同,基于产出效率视角,以全要素生产率(TfP)作为公司绩效指标,采用平衡面板数据分析来考察具有更强经济动因下的中国上市公司多元化与公司绩效的关系。实证研究发现,上市公司多元化程度与产出效率显著负相关,这意味着盲目多元化对上市公司而言可能是一种“陷阱“,从而为“多元化折价“的观点提供了新的诠释。因此,改善管理水平、提高生产效率可能是上市公司提升多元化绩效的重要途径。
dc.description.abstractAs a corporation strategy,diversification has an important impact on the corporation performance.Being different from studies that using accounting-based or market-based metrics,this paper examines relationship between diversification and performance by using panel data analysis with total factor productivity metric from the angle of productivity.The result shows that diversification has significant negative effects on its performance,which means that diversification may be a trap to many companies.This paper presents a new evidence for the viewpoint of "diversification discount".Therefore,enhancing management and improving productivity may be effective methods for diversified corporations to improve performance.
dc.description.sponsorship国家自然科学基金项目“上市公司‘管理层讨论与分析’信息披露理论与实证研究”(项目号:G0205-70572092);教育部人文社会科学重点研究基地基金项目“上市公司财务信息披露质量研究”(项目号:07JJD630009);教育部新世纪优秀人才支持计划(项目号:NCET-06-0565)的阶段性成果
dc.language.isozh_CN
dc.subject多元化
dc.subject公司绩效
dc.subject全要素生产率
dc.subject多元化折价
dc.subjectdiversification
dc.subjectcorporate performance
dc.subjecttotal factor productivity
dc.subjectdiversification discount
dc.title多元化究竟是“馅饼”还是“陷阱”?——基于产出效率视角的实证研究
dc.title.alternativeDiversification:A Pie or A Trap? An Empirical Study from the Angle of Productivity
dc.typeArticle


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