摘要
本文利用2001～2005年沪、深两市692家上市公司的财务数据和市场数据,构建基于股东、管理层和债权人角度的公司风险指标,运用面板数据误差纠正模型估计方法,实证检验了多元化经营与公司风险之间的关系。研究结果表明,多元化经营会提高公司的市场风险,但会降低公司的经营风险。这一结果说明我国上市公司进行多元化经营得到了管理层的支持,而未能得到股东特别是中小股东的支持。
Using the financial data and trading data of 692 listed companies from 2001 to 2005, this paper adopts the panel data error-corrected model, and sets up the risk indicators from the view of shareholders, managements and creditors. The relationship between diversification and corporate risk is examined and the results indicate that corporate diversification increases the market risks of the listed companies, but it reduces the operation risks. The results indicate that the corporate diversification is supported by the management, but not by the shareholders.
出处
《证券市场导报》
CSSCI
北大核心
2008年第6期63-68,76,共7页
Securities Market Herald
基金
中国博士后基金(项目批准号:2005038471)
国家自然科学基金(项目批准号:70372041)
关键词
多元化经营
财务风险
经营风险
市场风险
特有风险
corporate diversification, financial risk, operation risk, market risk, idiosyncratic risk
