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众多研究表明,多元化对企业价值有显著影响,但是多元化究竟是增加了企业的价值还是减少了企业的价值则没有一致的结论。本文通过对2001至2004年我国上市公司的平衡面板数据进行分析后发现,多元化显著增加了上市公司的企业价值。无论是中央控股的国有上市公司还是地方控股的国有上市公司,均存在溢价现象,中央控股公司的多元化溢价的程度,显著大于地方控股公司的多元化溢价程度。而民营控股公司的多元化行为对企业价值没有显著影响。
Numerous studies show that diversification has a significant impact on the value of the enterprise, but whether the diversification increases the value of the enterprise or reduces the value of the enterprise is not consistent conclusion. This paper analyzes the balance panel data of Chinese listed companies from 2001 to 2004 and finds that diversification significantly increases the corporate value of listed companies. Both state-owned listed companies controlled by the central government and state-owned listed companies controlled by the local governments have a premium. The diversification premium of the central holding company is significantly greater than the diversified premium of local holding companies. However, the diversified behavior of private holding companies has no significant effect on the corporate value.