西方企业的多元化经营战略经历了一个由推崇至遭受质疑的发展历程,其原因在于存在“多元化折价”现象。我国上市公司自20世纪90年代以来,逐步掀起兼并重组及多元化经营的热潮,基于我国上市公司财务与股票交易数据,实证检验了上市公司多元化经营对公司价值的影响,认为上市公司多元化符合现阶段我国经济和股市发展的形势特点,有利于增加公司的价值。
In developed countries, the diversification strategy of western finns have been trending donwarch because of the corporate diversification discount phenomenon. But in China, from the 1990s, more and more from began to emphasize on the role of merger, acquisition and diversification. This paper empirically examines the effect of diversification on listed corporations value in chna. The result shows that diversification favers firm value, and it is believed this conclnsiion consists with current characters of Claim's economy and capital market.