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论文编号：	724
作者编号：	2120062065
上传时间：	2008/6/20 17:52:26
中文题目：	中国制造业上市公司多元化经营绩
英文题目：	Empirical research on the corp
指导老师：	刘建
中文关键字：	多元化经营；绩效；制造业；熵值
英文关键字：	Corporate diversification;Corp
中文摘要：	二十世纪九十年代以来，我国企业掀起多元化经营热潮，纷纷向不同产业领域扩展。虽然西方学者已对多元化经营绩效作了大量研究，但我国企业面临的内外部环境不同，其多元化经营绩效必然会有不同表现；我国学者的研究对多元化经营绩效也并未达成相对一致的结论；而且国内外的研究都未侧重考察企业规模对多元化经营绩效的影响。因此我国企业多元化经营对绩效有何影响，企业规模对多元化经营绩效有无影响以及呈现怎样的影响，是本文试图探索的问题。 制造业是我国最大的产业体系，其绩效对我国经济发展有重要影响；制造业是上市公司中发展最早、最成熟、分工最为严密的产业群，其多元化经营也较为普遍和显著。因此研究制造业多元化经营绩效具有重要现实意义。 本文首先对多元化经营相关概念和基础理论进行回顾，在此基础上对国内外企业多元化经营绩效相关文献进行梳理；其次选取我国制造业A股600家上市公司2004年至2006年数据作为样本，以企业规模为切入点，建立回归模型分析企业多元化经营与绩效的关系；最后在得出企业规模与多元化经营绩效正相关的基础上，分别对大型企业样本和小型企业样本进行回归分析，以深入探讨及验证不同规模类型企业的多元化经营与绩效关系。 本文实证研究主体为回归分析，具体分为总体样本回归、大型企业样本及小型企业样本回归三部分。通过因子分析法选取企业绩效因子，计算出各公司的综合绩效作为被解释变量；用熵值DT度量多元化，利用其一阶差分形式△DT作为解释变量；将公司财务杠杆、上市年限、第一大股东持股比例作为控制变量（在进行多重共线性的检验后，剔除了公司财务杠杆指标）。在总体样本回归中加入了企业规模指标作为解释变量。实证结果表明，我国制造业上市公司总体的绩效与其多元化程度负相关；不同规模类型企业的多元化经营对绩效会产生不同的影响，具体表现为：大型企业的多元化经营提高企业绩效，小型企业的多元化经营降低企业绩效。因此企业只有发展到一定规模后，才能通过多元化经营达到利用规模经济和范围经济提高企业绩效的目的。 虽然本文的定性分析是基于已有的经济学及管理学理论，实证研究也受到当前上市公司信息披露状况的限制，但本文尽力避免各种噪音对研究结果的不利影响，对实际情况的反映基本上客观准确，最后得出结论，并试探性提出相应建议以体现实践意义。
英文摘要：	Since 1990’s a great number of Chinese corporate have been actively starting to adopt diversification. It’s more remarkable for the manufacturing industry, which is mature and significant in the national economy. Although in the developed countries a lot of empirical researches have been done related to the diversification’s effect on corporate performance, there are a plenty of differences of circumstance between the Chinese corporate and foreign corporate. Whether Chinese firms should select diversification? How to adopt diversification? Based on these questions, this article studies the relationship between the corporate diversification and performance of Chinese Listed Companies in the manufacturing industry. This article reviews the research about diversification’s theories and the relationships between the corporate diversification and performance. Based on the result of Qualitative analysis, the author uses a sample of listed companies during 2004 to 2006 which belong to manufacturing industry in the A stock market with linear regression analysis model. After that, the author divided the sample to two groups by their assets’ size in order to deeply analyze the scale’s effect on the relationships between corporate diversification and performance. In this empirical study, one value variable，one performance variables and three control variables are selected. The empirical results show that the overall corporate performance has a negative relation with diversification, and the scale has a significant effect on the relationships between corporate diversification and performance. Only when the corporate scales come to a high level can diversification raise performance. In the end the author analyzes and interprets these results. Although the section of theory analysis are based on the theory of economic and management, and the empirical research is just be summarized automatically, which is restricted by the corporate information disclosure of listed companies, the article is trying its best to reduce the disadvantages which come from various noises. In addition, the actuality is correctly imaged and it draws a conclusion. At last the author puts forth some suggestions in order to embody the practice sense.
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