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论文编号：	4269
作者编号：	2120102247
上传时间：	2012/6/6 13:33:14
中文题目：	多元化、盈余波动性与公司治理
英文题目：	Diversification, Earnings Volatility and Corporate Governance
指导老师：	李姝
中文关键字：	多元化；盈余波动性；公司治理
英文关键字：	Diversification; Earnings Volatility; Corporate Governance
中文摘要：	上市公司的多元化经营问题历来是学者们研究的热点问题，其中主要的研究主题分为多元化的经济后果和影响多元化的因素两大类，前者研究多元化与公司绩效、公司价值等的关系，后者的主要代表是各公司治理特征对多元化的影响。本文对相关文献进行回顾发现三个问题：首先，学者们对公司绩效只关注了其绝对水平，缺少其他维度的衡量指标；其次，鲜有文献将上述两方面联系在一起进行研究；同时我们还注意到大多数研究采用了横截面数据，即考察当期多元化与当期经济后果及当期影响因素之间的关系，从而缺乏时间范畴上的考虑。鉴于此，本文从公司绩效的波动性入手，以上市公司5年内的盈余波动性作为研究对象，研究5年内平均的多元化经营程度对其的影响，并探讨公司治理特征作为多元化战略的决策机制是怎样调节多元化与盈余波动性关系的。本文选取2006年到2010年深沪两市共547家上市公司作为研究样本，通过Pearson相关性分析、多元线性回归等方法检验了多元化程度对盈余波动性的影响。然后选取了高管持股比例、董事长和总经理是否两职合一、控股股东两权分离程度、第一大股东持股比例、实际控制人性质这5个公司治理特征作为研究对象，利用他们与多元化的交互项，检验了公司治理特征对多元化与盈余波动性关系的影响。本文发现，上市公司多元化经营程度能够显著的降低盈余波动性，起到稳定收益、增强公司抵抗风险能力的作用，即产生了多元化溢价。但是公司治理结构的好坏会直接影响到多元化溢价作用的发挥，其中良好的公司治理结构会增强这种溢价作用，有缺陷的公司治理结构则会减弱这种溢价作用。具体而言，高管持股比例越高，多元化降低盈余波动性的效果越强；董事长与总经理两职合一的公司，多元化降低盈余波动性的效果越弱；控股股东两权分离程度越高，多元化降低盈余波动性的效果越弱；第一大股东持股比例以及实际控制人性质对多元化降低盈余波动性的效果没有显著影响。本文建议上市公司关注多元化增强公司抵御风险的溢价作用，可在评估多方条件后择机进行适合的多元化战略。同时提醒投资者关注上市公司多元化的真实原因。最后建议通过完善上市公司的公司治理水平，来提高其多元化决策的科学性和有效性，以符合公司长远健康发展的要求和全体股东的利益。
英文摘要：	The diversification of listed company has been the concerned issue for scholars since long time ago, this topic mainly has two categories to research, one is the economic consequences of diversification, and the other one is the factors that influence the decision of diversification. The former category is to study the relationship between diversification and company performance, the later category is typically to study the influence of corporate governance characteristics on the diversification decision. After reviewing the related literature, we’ve found three issues worth exploring. Firstly, the scholars concerns only about the absolute level of company performance, few of them pay attention on performance directors of other dimensions. Secondly, few literatures bond the two categories above together to do research. Thirdly, we notice that most literature use the cross-section data as the sample to investigate the relationship of current diversification degree and the current company performance. We thought this way of study might ignore the time span. For these three reasons, we take the average diversification degree in 5 years as the study sample, and take the earnings volatility as the study object. The main purpose of our research is to explore the relationship of diversification and the earnings volatility and the impact of company governance on the relationship referred above. This thesis selected 547 listed companies from Shanghai and Shenzhen Stock Exchange as samples, applied OSL and the Pearson correlate analyze to test the impact of diversification degree on the earnings volatility. We selected some company governance features including ownership of senior management, the duality of CEO and chairman of board, the two rights separation of controlling shareholders, the ownership of biggest shareholder, and the nature of actual controller. In use of the Interactive items, we tested what kind of impact all these company governance features have on the relationship between diversification and earnings volatility. This thesis found out that, the diversification degree of listed company can significantly lessen the earnings volatility, thus enhancing company’s ability to resist risk. So we are in support of the diversification premium view. This thesis also found that a good governance structure could strengthen the function of diversification premium, but a defective governance structure may reduce the good function. Specifically, the ownership of senior management is higher, the function that diversification can lessen the earnings volatility is stronger; the company which has the same CEO and chairman of board has a weaker diversification’s function to lessen the earnings volatility; the two-rights-separation degree of controlling shareholder is bigger, the diversification’s function to lessen the earnings volatility is weaker; the ownership of biggest shareholder and the nature of actual controller has no significant relationship with the diversification’s function to lessen the earnings volatility. This thesis reminds the listed company of paying more attention to the diversification premium. We also suggest the investors concentrate on the real motives behind the diversification strategy of a company. At last, we call on more thorough governance structure. In this way, the listed companies can improve the diversification strategy’s scientificity and effectiveness and promote the long-term benefit of all the related parties.
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