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论文编号：	11876
作者编号：	2120182952
上传时间：	2020/6/23 12:09:37
中文题目：	A股上市公司多元化投资与企业绩效的实证研究——CEO控制权调节作用
英文题目：	An Empirical Study on Diversified Investment and Corporate Performance of A-Share Listed Companies——The Regulatory Role of CEO Control
指导老师：	覃家琦
中文关键字：	多元化经营；企业绩效；多元化折价；CEO控制权；激励相容理论
英文关键字：	diversification; corporate performance; diversification discount; CEO control; incentive compatibility theory
中文摘要：	市场经济改革以来，中国企业不仅要面对越来越激烈的市场竞争环境，同时面临国家产业结构调整的要求，在这两方面的压力下，越来越多的中国上市企业试图通过多元化经营战略提高企业规模，扩展经营行业以创造规模经济效应带来企业绩效上的增长，然而由于管理成本的上升、市场进入壁垒的存在，导致许多企业的多元化经营并未达到原有的目标。而从影响多元化经营绩效的角度分析，管理者在其中所发挥的作用是无法忽视的重要因素。CEO控制权如何调整多元化企业的经营绩效，仍然有待进一步研究。因此，本文的研究目标是首先得出多元化经营与企业绩效间的关系，然后再此基础上研究CEO控制权在多元化经营过程中对企业绩效的调节作用。 本文主要通过文献研究法和实证研究法，分别从多元化经营与企业绩效关系和CEO控制权与多元化经营企业绩效的关系两个角度对文章展开研究，文章首先回顾了以往学者关于多元化经营绩效及CEO控制权与企业绩效的研究，进行总结。之后对多元化相关理论及CEO控制权相关理论进行归纳整理，为后文研究假设的提出做理论铺垫。依据理论基础，本文提出两个研究假设：假设一：在其他条件不变的情况下，行业多元化经营程度与企业绩效存在负相关关系；假设二：在其他条件不变的情况下，CEO控制权越大，多元化经营企业的折价程度越低。根据研究假设，本文对2009-2018年间所有A股上市公司数据进行筛选后，最终得打2616家上市公司10年间的数据，进行实证研究，得出以下结论： 一、多元化经营会造成企业折价。本文实证研究的回归结果显示多元化经营指标赫芬达尔指数与企业绩效指标显著负相关，即多元化程度越高，企业经营绩效越差。 二、CEO控制权会在一定程度正向调节多元化企业的经营绩效。本文的实证研究结果表明，当CEO持股比例越大与CEO同时兼任董事长时，多元化企业的经营绩效越好；而CEO占前三名高管的薪酬比例则与多元化企业经营绩效不相关。 文章最后根据本文的实证研究结果对企业经营提出了相关建议，并总结了 本文的研究创新点及不足之处。
英文摘要：	Since the reform of the market economic system, Chinese enterprises have not only faced an increasingly fierce market competition environment, but also faced the requirements of national industrial structure adjustment. Under these two pressures, more and more Chinese listed companies have tried to diversify. The business strategy improves the scale of the enterprise and expands the business industry to create economies of scale to bring about growth in business performance. However, due to rising management costs and the existence of market entry barriers, many companies have not achieved their original goals of diversified operations. From the perspective of affecting the performance of diversified operations, the role played by managers in it is an important factor that cannot be ignored. How the CEO's control power adjusts the operating performance of a diversified company remains to be further studied. Therefore, the research goal of this paper is to first derive the relationship between diversified operations and corporate performance, and then to study the moderating role of CEO control in corporate diversification. This article mainly researches the article from the two perspectives of the relationship between diversified business and corporate performance and the relationship between CEO control and diversified business performance through literature research and empirical research. The article first reviews the previous scholars on diversified business. Research on performance and CEO control and corporate performance is summarized. Afterwards, the theories related to diversification and CEO control are summarized, and theories are provided for the hypothesis of the following research. Based on the theoretical basis, this article puts forward two research hypotheses: Hypothesis 1: Under other conditions unchanged, the degree of industry diversification has a negative correlation with corporate performance; Hypothesis 2: Under other conditions unchanged, the CEO controls The greater the power, the lower the discount for diversified companies. According to the research hypothesis, after screening the data of all A-share listed companies from 2009 to 2018, the final data of 2616 listed companies must be played for 10 years to conduct an empirical study and draw the following conclusions: First, diversified operation will cause discounts for enterprises. The regression results of the empirical study in this paper show that the diversified business index Hefindahl index is significantly negatively correlated with the enterprise performance index, that is, the higher the degree of diversification, the worse the business performance of the company. Second, the CEO's control will positively regulate the operating performance of diversified enterprises to a certain extent. The empirical research results in this paper show that when the CEO holds a larger share of the company and the CEO concurrently serves as the chairman, the operating performance of the diversified company is better; while the CEO's share of the top three executives' remuneration is not the same as that of the diversified company Related. At the end of the article, based on the empirical research results of this article, it puts forward some suggestions for enterprise management, and summarizes the research innovations and deficiencies of this article.
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