信息不对称与多元化折价关系研究——来自中国沪市上市公司的证据
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财经研究 2008 年 第 34 卷第 04 期, 页码：83 - 93
摘要
参考文献
摘要
国外研究者一般认为,上市公司存在着多元化折价问题。对于我国上市公司而言,多元化折价现象是否存在以及多元化折价的影响因素有哪些,相关研究却很少。文章通过计算超额价值,发现我国上市公司也存在多元化折价现象,而信息不对称是导致多元化折价的主要因素。文章还发现,多元化扩张行为会导致信息不对称水平的上升,从而使多元化折价问题更为严重。
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[2]韩忠雪,朱荣林,王宁.股权结构、代理问题与公司多元化折价[J].当代经济科学,2006,(5):52-58.
[3]韩忠雪,朱荣林,王宁.超额控制、董事会构成与公司多元化折价[J].南开管理评论,2007,(1):16-20.
[4]Berger P,E Ofek.Diversification’s effect on firmvalue[J].Journal of Financial Eco-nomics,1995,37:39-65.
[5]Best R,C Hodges,B Lin.Does information asymmetry explain the diversification dis-count[J].Journal of Financial Research,2004,(2):235-249.
[6]Harris M,C Kriebel,A Raviv.Asymmetric information,incentives andintra-firmre-source allocation[J].Management Science,1982,28:604-620.
[7]James S,A Cole,WJames.Agency cost and ownership structure[J].Journal of Fi-nance,2000,55:81-106.
[8]Jesen M.Agency costs of free cash flow,corporate finance and takeovers[J].Ameri-can Economic Review,1986,76:323-329.
[9]Krishnaswami S,V Subramaniam.Information asymmetry,valuation,and the corpo-rate spin-off decision[J].Journal of Financial Economics,1999,53:72-112.
[10]Lang L,R Stulz.Tobin’s q,corporate diversification,and firm performance[J].Journal of Political Economy,1994,102:1248-1280.
[11]Maksi movic V,G Philip.The market for corporate asset:Who engages in mergers and asset sales and are there efficiency gains?[J].Journal of Finance,2001,56:2019-2065.
[12]Myers S.Determinants of corporate borrowing[J].Journal of Financial Economics,1977,(5):147-175.
[13]Szewczyk S,G Tsetsekos,R Varma.Institutional ownership and the liquidity of com-mon stock offerings[J].Financial Review,1992,27:211-225.
引用本文
戴德明, 邓璠. 信息不对称与多元化折价关系研究——来自中国沪市上市公司的证据[J]. 财经研究, 2008, 34(4): 83–93.
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