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理论分析表明,国际多元化有助于降低企业风险;但在跨国公司内部,国际多元化程度与企业风险正相关。本文基于中国上市公司2009-2011年的平衡面板数据对国际多元化战略的风险降低效应进行的实证研究发现,国际多元化战略显著降低了企业的系统性风险和经营风险。在跨国公司内部,国际多元化程度与企业风险不存在统计上显著的关系;但进一步分析表明,企业国际多元化进入发达国家能够显著降低企业的系统性风险。这说明企业国际多元化战略对风险的影响会受到东道国政治经济环境的影响。
Theoretical analysis shows that international diversification can help to reduce the corporate risk. However, within multinational corporations, the degree of international diversification is positively correlated with corporate risk. Based on the empirical analysis of the risk reduction effect of international diversification strategy based on the balance panel data of Chinese listed companies from 2009 to 2011, this paper finds that international diversification strategy significantly reduces the systemic risk and business risk of enterprises. Within MNCs, there is no statistically significant relationship between international diversification and corporate risk. However, further analysis shows that the diversification of enterprises into developed countries can significantly reduce the systemic risk of enterprises. This shows that the impact of corporate international diversification on risk will be affected by the political and economic environment of the host country.