长江三角洲地区上市公司多元化行为的实证分析
财经研究 2004 年 第 30 卷第 01 期, 页码:90 - 97
摘要
参考文献
摘要
本文对长江三角洲地区上市公司的股权结构、多元化和公司绩效之间的关系进行了实证分析,结果表明:多元化和公司绩效呈显著的负相关关系;国家股比例、股权集中度和多元化呈显著的倒U型曲线关系;流通A股比例和公司多元化呈U型曲线关系;法人股比例和公司多元化关系不显著。上市公司的股权结构影响其多元化行为,进而影响公司绩效,从这个角度来说,优化上市公司股权结构才是目前完善公司治理的核心。
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[2] 杜莹,刘立国.股权结构与公司治理效率:中国上市公司的实证分析[J].管理世界,2002,(11) .
[3] 冯根福,韩冰,闰冰.中国上市公司股权集中度变动的实证分析[J].经济研究,2002,(8) .
[4] 孙永祥,黄祖辉.上市公司的股权结构与绩效[J].经济研究,1999,(12) .
[5] 呈淑琨.股权结构与公司绩效的U型关系研究[J].中国工业经济研究,2002,(1) .
[6] 徐晓东,陈小悦.第一大股东对公司治理,企业业绩的影响分析[J].经济研究,2003,(2) .
[7] Bhide, Amar. Reversing corporate diversification[J]. Journal of Applied Corporate Finance, 1990.
[8] Charles J Had lock, Michael Ryngaert & Shawn Thomas Corporate structure and equity offerings: Are tiiere benefits to diversification? [J]. Journal of Business,2001.
[9] Comment R, Jarrell G A. Corporate focus and stock returns[J]. Journal of Financial E-conomics, 1995 Volume 37,Issue 1,January.
[10] David J Denis,D K Denis & Sarin, A. Agency problems,equity ownership,and corporate diversification[J]. The Journal of Finance, 1997.
[11] Henri Servaes. The value of Diversification During the Conglomerate Merger Wave [J]. The Journal of Finance, 1996.
[12] John G. Matsusaka. Corporate diversification, value maximization, and organizational capabilities[J]. Journal of Business,2001.
[13] Sheng-Syan Chen, Kim Wai Ha Corporate diversification, ownership structure, and firm value-The Singapore evidence[J]. International Review of Financial Analysis, 2000 Volume 9,Issue 3,Autumn.
引用本文
周晓艳. 长江三角洲地区上市公司多元化行为的实证分析[J]. 财经研究, 2004, 30(1): 90–97.
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