The Diversification Motivation of Chinese Listed Firms: Theory and Empirical Evidence

许多研究表明,多元化经营损害公司绩效。既然如此,企业实施经营多元化的动因何在?本文筛选2002-2005年间39家"由专业化扩张为多元化的公司"作为研究样本,并选择39家在研究期间"保持专业化经营的公司"作为配对样本,基于代理理论和过度自信理论,对公司财务特征及其公司治理特征与企业多元化扩张行为的关系进行理论与实证分析,以探讨我国上市公司多元化的动因。研究结果支持代理理论,表明多元化是管理者或控股股东牟取私利的重要方式之一。There is substantial evidence to suggest that corporate diversification decreases corporate performance. This results in another problem why many companies still diversify? This article identifies 39 firms that begin in the study period as single-segment entities and then subsequently choose to diversify, and chooses 39 firms that keep single-segment entities as match-sample according to some standards. Based on Agency Theory and Overconfidence Theory, it studies the relationship between the corporate characteristics and diversifying behavior to deduce the diversification motivation of china’s listed companies. The empirical results support Agency Theory. It means that diversification is a tool for manager or controlling shareholder to heap private benefit of control.国家自然科学基金重点项目(项目批准号:70532003