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上市公司多元化溢价或折价问题一直是学术界研究的焦点,本文选取上市的704家制造企业作为样本空间对这一问题进行分析,发现定性上可以认为多元化有利于企业价值的提升,但是在定量上来看这种提升无法通过显著性检验,而且不同的衡量多元化的指标与不同的衡量企业价值的指标之间得出的结论很可能不同,因此如何选取相应的衡量指标应该是相关研究的首要问题。
The diversification or discount of listed companies has always been the focus of academic research. This paper selects 704 listed manufacturing enterprises as the sample space to analyze this issue, and finds that qualitatively speaking, diversification is beneficial to the improvement of corporate value. However, Quantitatively this promotion can not pass the test of significance, and the different indicators of the measurement of diversity and different indicators of the value of the enterprise may come to conclusions may be different, so how to select the appropriate measure of the relevant research should be main issue.