企業(yè)多元化與多元化折價—基于中國現(xiàn)實的理論拓展與實證解釋.pdf

1、Y769676後旦火學(xué)學(xué)校代碼；10246學(xué)號：021015040博士學(xué)位論文企業(yè)多元化與多元化折價一基于中國現(xiàn)實的理論拓展與實證解釋院專姓系：型塑堡鱉業(yè)：墮鯊墅鎏堂名：指導(dǎo)教師：辛墅張暉明教授完成日期：至壁壘!生壘旦至Q旦AbstractAbstractCorporateDiversificationandDiversificatioilDiscount——』rheoretiealExtensionandEmpiricalExplan

2、ationsBasedonChina’sPracticeThediscussionoilcorporatediversificationanddiversificationdiscountisoneoftheimportanttopicsinfmancialeconomicsThenegativerelationshipbetweendiversificationandfirmperformance(firmvalue)measured

3、by“robinsqisreferredastodiversificationdiscountThisisaveryimportantfmdingAfterthestudiesofWemerfeltandMontgomery((1988)，LangandStulz(1994)andBergerandOfek(1995)，manyresearchershavetriedtogivethetheoreticalandempiricalexp

4、lanationonthefindingHereinto，agencytheoryappliestheconflictbetweenmanagerandstockholderstoelicitingonhowthemanagerialdiversificationmotivesdes廿oyfirmvalue，which，therefore，causethediversificationdiscountInternalcapitalmar

5、kettheoryindicatesthatagencyconflictandinformationasymmetrymayleadtothecapitalmisallocationininternalmarketsButoiltheotherhandinternalcapitalmarketmayallocateresourcesefficientlyThistheoryexplainwellwhysomefirmshavediver

6、sificationdiscounts，butothersnotTheoptimaldiversificationtheorysuggeststhat，althoughthereexistdiversificationdiscounts，diversificationdoesnotcausediversificationdiscount，diversificationisthefifths’optimalsUategychoiceBes

7、ides，somepapersattributediversificationdiscounttothesampleselectionandmeasurementerrors，whenthefactorsarecontrolledwell，diversificationdiscountisdiminishedordisappears，eventurnintopremiumBasedonChina’spracticethisarticle

8、extendscorporatediversificationtheoryTheagencyrelationshipbetweencontrollingstockholdersandminoritystockholdersinintroducedtoanalysisthediversificationmotive，andinvestorprotectiontheoryisusedtoannotateinternalcapitalmark

9、etsAndfirmspecificresourcesareendowedwiththetimevaryingcharacteristics，therefore，toexplaintheChinesefirmdiversificationchoiceFinallythrougiasomeempiricalanalyses，Igivetheanswertothequestionwhetherornotthereexistdiversifi