本文選題：多元化經(jīng)營(yíng) + 資產(chǎn)規(guī)模��； 參考：《新疆大學(xué)》2017年碩士論文

【摘要】：多元化經(jīng)營(yíng)是現(xiàn)代企業(yè)發(fā)展到一定水平后所普遍采取的一種經(jīng)營(yíng)手段。美國(guó)學(xué)者安索夫最早提出企業(yè)多元化經(jīng)營(yíng)理論,后被學(xué)術(shù)界及企業(yè)界逐漸認(rèn)同接受,并運(yùn)用于企業(yè)經(jīng)營(yíng)中。但隨著企業(yè)不斷發(fā)展,因開拓、并購(gòu)本企業(yè)所不熟悉擅長(zhǎng)的業(yè)務(wù),造成企業(yè)資源分散,成本加大,企業(yè)運(yùn)作難度增加,致使企業(yè)經(jīng)營(yíng)出現(xiàn)問題的案例逐漸增多。改革開放以來,中國(guó)企業(yè)的經(jīng)營(yíng)理念發(fā)展了很大變化,在戰(zhàn)略行為上也積極向西方學(xué)習(xí)。在我國(guó)經(jīng)濟(jì)體制仍不完善的環(huán)境下,多元化經(jīng)營(yíng)演變成我國(guó)企業(yè)為規(guī)避受環(huán)境不確定性帶來的運(yùn)營(yíng)風(fēng)險(xiǎn)并保持競(jìng)爭(zhēng)能力實(shí)現(xiàn)企業(yè)自身長(zhǎng)遠(yuǎn)發(fā)展的重要戰(zhàn)略手段。也因此,盡管多元化經(jīng)營(yíng)備受爭(zhēng)議,但其在現(xiàn)實(shí)社會(huì)仍普遍存在,并一直是我國(guó)企業(yè)在發(fā)展至一定階段存在的一種必然戰(zhàn)略手段。本文在整合包含組合投資理論、企業(yè)成長(zhǎng)理論、市場(chǎng)力量理論等多元化理論主要觀點(diǎn)以及包含資產(chǎn)規(guī)模邊界理論、效用理論等資產(chǎn)規(guī)模理論主要觀點(diǎn)的基礎(chǔ)上,提出了基于企業(yè)資產(chǎn)規(guī)模的多元化經(jīng)營(yíng)與企業(yè)績(jī)效關(guān)系研究,并綜合運(yùn)用探索性研究、文獻(xiàn)和理論分析、統(tǒng)計(jì)分析法、回歸分析法、比較研究法、門檻回歸法等定性與定量的方法。分析并解答了兩個(gè)研究問題:(1)多元化經(jīng)營(yíng)與企業(yè)績(jī)效二者之間是否存在一定的關(guān)系,具體的關(guān)系是怎樣的?(2)多元化經(jīng)營(yíng)是否可以通過資產(chǎn)規(guī)模對(duì)企業(yè)績(jī)效產(chǎn)生影響?不同資產(chǎn)規(guī)模強(qiáng)度區(qū)間,多元化經(jīng)營(yíng)對(duì)企業(yè)績(jī)效的影響效果有何差異?以制造業(yè)企業(yè)為例,選取2009-2015年七年間國(guó)內(nèi)滬深股上市的530家制造業(yè)企業(yè)數(shù)據(jù)。依據(jù)企業(yè)主營(yíng)業(yè)務(wù)構(gòu)成比,綜合整理得出衡量企業(yè)多元化經(jīng)營(yíng)程度的調(diào)整的赫芬達(dá)爾指數(shù),選定凈資產(chǎn)收益率(ROE)衡量企業(yè)績(jī)效,總資產(chǎn)對(duì)數(shù)衡量資產(chǎn)規(guī)模,此外選定息稅前利潤(rùn)、現(xiàn)金運(yùn)營(yíng)指數(shù)、資產(chǎn)負(fù)債率,盈利能力、流動(dòng)比率、RD支出、公司屬性一系列財(cái)務(wù)及非財(cái)務(wù)指標(biāo)作為控制變量。經(jīng)Excel2007進(jìn)步處理匯總得出初始數(shù)據(jù)。運(yùn)用Stata12進(jìn)行最小二乘法(OLS)、固定效應(yīng)模型和門檻回歸。先是對(duì)多元化與企業(yè)績(jī)效的關(guān)系進(jìn)行研究,再對(duì)資產(chǎn)規(guī)模作用影響下多元化經(jīng)營(yíng)與企業(yè)績(jī)效的關(guān)系進(jìn)行探究。在此基礎(chǔ)上,得到以下結(jié)論:(1)多元化經(jīng)營(yíng)對(duì)于企業(yè)績(jī)效有正向促進(jìn)作用,系數(shù)較小為1.56,說明企業(yè)的多元化經(jīng)營(yíng)雖然有利于企業(yè)的發(fā)展,但是效果不慎明顯�？刂谱兞恐衅髽I(yè)規(guī)模、現(xiàn)金運(yùn)營(yíng)指數(shù)、流動(dòng)比率均于績(jī)效顯著負(fù)相關(guān),資產(chǎn)規(guī)模對(duì)企業(yè)績(jī)效的抑制作用最為明顯;息稅前利潤(rùn)、資產(chǎn)負(fù)債率、盈利能力、RD支出均于績(jī)效顯著正相關(guān)。(2)無論國(guó)有企業(yè)還是非國(guó)有企業(yè),其多元化經(jīng)營(yíng)對(duì)企業(yè)績(jī)效均呈正向促進(jìn)作用,但是國(guó)有企業(yè)的正向促進(jìn)作用較非國(guó)有企業(yè)更為明顯,這可能是因?yàn)槲覈?guó)民營(yíng)企業(yè)在多元化成長(zhǎng)過程中,不僅面臨著行業(yè)市場(chǎng)準(zhǔn)入上的政策歧視,還有較高的信貸門檻。(3)因在指標(biāo)衡量初期選取總資產(chǎn)額對(duì)數(shù)作為衡量資產(chǎn)規(guī)模的指標(biāo),企業(yè)資產(chǎn)規(guī)模的確會(huì)在一定程度上影響企業(yè)多元化經(jīng)營(yíng)與企業(yè)績(jī)效的關(guān)系,當(dāng)規(guī)模小于19.613時(shí),相對(duì)專業(yè)化的經(jīng)營(yíng)對(duì)企業(yè)績(jī)效的提高更為有利;當(dāng)資產(chǎn)規(guī)模介于19.613至20.298時(shí),多元化經(jīng)營(yíng)與企業(yè)績(jī)效間呈顯著的正相關(guān),這時(shí)努力擴(kuò)大自身多元化水平利于企業(yè)發(fā)展;當(dāng)企業(yè)資產(chǎn)超過20.298時(shí),多元化經(jīng)營(yíng)雖然有利于企業(yè)績(jī)效的提高,但系數(shù)9.904小于第二門檻區(qū)間的31.928系數(shù)值。若以門檻值為臨界值,將樣本按企業(yè)資產(chǎn)規(guī)模分為高中低劃三個(gè)不同的區(qū)域。顯然,在不同區(qū)制下規(guī)模對(duì)企業(yè)績(jī)效的影響程度不同,表現(xiàn)出了明顯的門檻特征。(4)當(dāng)制造業(yè)企業(yè)資產(chǎn)規(guī)模小于19.613時(shí),在人力資本,資金、技術(shù)等核心資源不充分的情況下,集中利用現(xiàn)有資源經(jīng)營(yíng)企業(yè)容易獲得較為理想的經(jīng)營(yíng)效果。而當(dāng)企業(yè)成長(zhǎng)到20.298時(shí),相應(yīng)的會(huì)產(chǎn)生一定的剩余資源,此時(shí)企業(yè)如采取多元化經(jīng)營(yíng)方式,可有效將部分剩余企業(yè)核心資源進(jìn)行利用和轉(zhuǎn)化,同時(shí)多元化的經(jīng)營(yíng)方式也有利于規(guī)避外部環(huán)境所帶來的不確定性。在企業(yè)逐漸成長(zhǎng)為大型企業(yè)后,資產(chǎn)規(guī)模達(dá)到20.298后,多元化業(yè)務(wù)的擴(kuò)大會(huì)降低企業(yè)資本利用效率,經(jīng)營(yíng)效果好的部門必然會(huì)對(duì)經(jīng)營(yíng)不好的部門進(jìn)行大量補(bǔ)貼,長(zhǎng)此以往會(huì)影響企業(yè)整體績(jī)效和長(zhǎng)遠(yuǎn)發(fā)展,這時(shí),調(diào)整、剝離非核心業(yè)務(wù)單元,提高專業(yè)化程度,發(fā)展相關(guān)多元化戰(zhàn)略,以使企業(yè)的核心資源與經(jīng)營(yíng)業(yè)務(wù)處于適當(dāng)?shù)钠ヅ錉顟B(tài)。
[Abstract]:Diversified management is a kind of management means adopted by modern enterprises to a certain level. The American scholar andoff first proposed the theory of enterprise diversification, which was gradually accepted by academic and business circles and used in business management. However, as enterprises continue to develop, the enterprise is not familiar with the merger and acquisition. Since the reform and opening up, the business concept of Chinese enterprises has been greatly changed and the strategic behavior has been actively studied in the West. In the environment of our country's economic system is still imperfect, the diversification of business has been diversified. It has evolved into an important strategic means for Chinese enterprises to avoid the operational risks caused by environmental uncertainty and to maintain their competitive ability to realize their long-term development. Therefore, although diversification is controversial, it still exists in the real society, and has always been an inevitable battle in the development of the state-owned enterprises to a certain stage. On the basis of the main viewpoints of diversification theory including portfolio investment theory, enterprise growth theory, market force theory and the main viewpoints of asset scale theory including asset scale boundary theory and utility theory, this paper puts forward the research on the relationship between diversification and enterprise performance based on the scale of enterprise assets. Combined with exploratory research, literature and theoretical analysis, statistical analysis, regression analysis, comparative research, threshold regression, and other qualitative and quantitative methods, this paper analyzes and answers two research questions: (1) whether there is a certain relationship between the two parties of diversification and enterprise performance, and how is the specific relationship? (2) diversification is Is it possible to influence the performance of the enterprise through the size of the assets? What is the difference in the effect of diversification on the performance of the enterprise performance in the intensity interval of different assets? Take the manufacturing enterprises as an example to select the data of 530 manufacturing enterprises listed in the Shanghai and Shenzhen Stock Market in the past 2009-2015 years and seven years. The Beh Finn Dahl index, which measured the adjustment of the diversification of the enterprise, selected the net assets yield (ROE) to measure the performance of the enterprise, the logarithm of the total assets to measure the asset size, in addition to the pre tax profit, the cash operation index, the asset liability ratio, the profitability, the liquidity ratio, the RD expenditure, the company attributes and a series of financial and non-financial indicators. Control variables. The initial data are collected through the Excel2007 progress treatment. Using the Stata12 to carry out the least squares (OLS), the fixed effect model and the threshold regression. First, the relationship between the diversification and the enterprise performance is studied, and the relationship between the diversification and the enterprise performance under the influence of the asset scale is explored. On the basis of this, the paper obtains the relationship between the diversification and the enterprise performance. The following conclusions are as follows: (1) diversification has a positive effect on enterprise performance, and the coefficient is less than 1.56. It shows that the diversification of enterprises is beneficial to the development of enterprises, but the effect is inadvertent. The production is the most obvious; the pre tax profit, the asset liability ratio, the profitability, the RD expenditure are all significantly positive related to the performance. (2) the diversification of the state-owned enterprises and non-state-owned enterprises has a positive effect on the enterprise performance, but the positive promotion effect of the state-owned enterprises is more obvious than that of the non state-owned enterprises, which may be due to our country. In the process of diversified growth, private enterprises not only face the policy discrimination on the industry market access, but also have a high credit threshold. (3) the size of the enterprise assets will affect the diversification and performance of the enterprise in a certain range because of the selection of the logarithm of the total assets in the initial stage of the index. When the scale is less than 19.613, relatively specialized operation is more beneficial to the improvement of enterprise performance. When the scale of assets is between 19.613 and 20.298, there is a significant positive correlation between the diversification and the performance of the enterprise. It is beneficial to the improvement of enterprise performance, but the coefficient 9.904 is less than the 31.928 line value of the second threshold interval. If the threshold value is the critical value, the sample is divided into three different regions according to the size of the enterprise's assets. Obviously, the scale has different impact on the enterprise performance. (4) when manufacturing is made. When the scale of the enterprise's assets is less than 19.613, when the core resources of human capital, capital, technology and other core resources are not sufficient, it is easy to use the existing resource management enterprises to obtain more ideal management effect. When the enterprise grows up to 20.298, the corresponding surplus resources will be produced. After the enterprise is gradually growing into a large enterprise, the expansion of the diversified business will reduce the efficiency of the enterprise capital utilization after the enterprise is gradually growing into a large enterprise and the expansion of the diversified business will reduce the efficiency of the enterprise capital utilization. There will be a lot of subsidies to the poor management departments. This will affect the overall performance and long-term development of the enterprise. At this time, the adjustment, the stripping of non core business units, improve the degree of specialization, and develop the related diversification strategy, so that the core resources and business operations of the enterprise are in a proper matching state.

【學(xué)位授予單位】：新疆大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F272.3

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2 戰(zhàn)頌;民營(yíng)企業(yè)多元化經(jīng)營(yíng)與績(jī)效研究[D];遼寧大學(xué);2016年

3 徐康康;上市企業(yè)集團(tuán)多元化經(jīng)營(yíng)與績(jī)效關(guān)系的比較研究[D];復(fù)旦大學(xué);2003年

4 李雪峰;多元化經(jīng)營(yíng)與公司績(jī)效關(guān)系研究[D];華中科技大學(xué);2011年

5 魏立江;基于終極控制人視角的多元化經(jīng)營(yíng)及績(jī)效研究[D];暨南大學(xué);2009年

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7 薛超;我國(guó)城市商業(yè)銀行規(guī)模擴(kuò)張與多元化經(jīng)營(yíng)研究[D];南開大學(xué);2014年

8 王圓圓;企業(yè)多元化經(jīng)營(yíng)與績(jī)效的關(guān)系[D];對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué);2015年

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10 趙景芬;農(nóng)業(yè)上市公司多元化經(jīng)營(yíng)測(cè)度、影響因素及績(jī)效研究[D];沈陽(yáng)農(nóng)業(yè)大學(xué);2013年

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2 王巍;海爾集團(tuán)多元化經(jīng)營(yíng)評(píng)價(jià)[D];長(zhǎng)安大學(xué);2013年

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10 俞文磊;企業(yè)多元化經(jīng)營(yíng)對(duì)總經(jīng)理被動(dòng)離職的影響[D];南京大學(xué);2014年

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