家族型与国有制企业的股权集中度对公司多元化的影响

　　摘要 公司多元化能使企业发生深刻的变化,它是一种战略,并且已成为现代的工业企业成长到一定阶段以后普遍采用的一种成长方式。现有文献的研究将重点纷纷聚焦于公司多元化对于公司绩效的影响,然而本文认为深入了解公司多元化有必要探究其内在动因。本文认为,不同性质的企业,其追求公司多元化的内在动因是不同的。并通过对2012年A股上市的制造业企业的实证研究,发现家族企业的股权集中度与公司多元化成正相关关系,国有企业的股权集中度与公司多元化成负相关关系。本文用内部资本市场理论与防御假说对上述现象进行了解释。

　　本文认为,由于我国产权歧视现象的存在,家族企业很难获取外源融资,因此其融资能力相对国有企业处于弱势中。它们希望通过公司多元化,来建立内部资本市场,以弥补此类缺陷。另外,由于家族成员在公司中投入了大量的私人财产,他们更看重的是降低公司风险,而公司多元化的突出优势就在于能够分散风险,经由运营不同的业务,使得公司持续发展。这样,公司就不会被某个行业的经营不善所拖累而导致整体危机,因此很好地预防了企业面临的风险。

　　国有企业的融资环境相对宽松,缺乏进行公司多元化的动力。同时,在我国新兴经济和转轨经济的制度背景下,股权集中度高的国有企业,其管理人员常常由政府相关部门派人担任,使得管理人员与大股东的利益一致,随着股权集中度的提高,政府及经营者的多元化成本会上升,因此,国有企业更倾向于集中化策略。

　　关键词 公司多元化 股权集中度 国有企业 家族企业

　　ABSTRACT

　　Corporate diversification is a strategy and has become a way of growinginto a modern industrial enterprise which is commonly used after a certain stage.

　　While corporate diversification has received considerable attention from itsimpact on the performance of company, this paper argues that explored thecompany's intrinsic motivation is necessary. This paper considers how theidentity of owners moderates the impact of o\ynership concentration ondiversification strategies. Based on a study of 472 listed manufacturingenterprises on 2012,I found that family ownership concentration has a positiveimpact on corporate diversification while the impact of state ownershipconcentration is negative. This is the first study to identify the ownershipidentity of different corporate.

　　Because of the property rights discrimination, it is more difficult for familyenterprise to access to external finance, and its financing capacity has beengreatly constrained. They have a strong incentive to be diversified in order toestablish an internal capital market to ease external financing difficulties it faces.

　　In addition, because the family business personnel in the company invested a lotof private property, they pay more attention to reducing the company's risk. Dueto the centralized management of enterprise development susceptible to highmarket capacity constraints, once the business is in crisis, companies have noother product can make; while diversification has a significant advantage - riskdiversification, enterprise engaged in the production of multiple products or byareas of industry operations, achieve business expansion, allowing companiesnot because of a deterioration in certain areas of the business environment andthe overall damage, thus effectively reducing the overall risk of the enterprise.

　　State-owned enterprises are the main target of China's four majorstate-owned banks to lend, and its financing relatively relaxed environment;addition, in the institutional context of emerging economies and transitioneconomies, a high degree of concentration of ownership of state-ownedenterprises, their managers are often sent by the relevant governmentdepartments person as such benefits managers and major shareholders in linewith the increase of concentration of ownership, the cost of government andoperators of diversification will increase, therefore, the state-owned enterprisestend to centralize policy.

　　KEYWORDS corporate diversification, ownership concentration, familyenterprise, state-owned enterprise
 

　　目录

　　第一章绪论

　　1 .1选题背景

　　1.1.1选题的现实背景

　　1.1.2选题的理论背景

　　1.2研究对象

　　1.2.1国有企业

　　1.2.2家族企业

　　1.3研究意义

　　1.4研究内容与论文架构

　　第二章文献综述

　　2.1公司多元化经营

　　2.1.1公司多元化经营的定义

　　2.1.2国外对股权与公司多元化关系的研究现状

　　2.1.3国内对股权与公司多元化关系的研究现状

　　2.2内部资本市场理论

　　2.2.1内部资本市场的出现背景

　　2.2.2内部资本市场的概念

　　2.3防御假说

　　第三章假设的提出

　　3.1国内公司多元化发展的制度背景

　　3.2制度背景对多元化动因的影响

　　3.2.1经济环境

　　3.2.2政府影响

　　3.2.3资本市场与公司治理

　　3.3假设的提出

　　3.3.1家族企业

　　3.3.2国有企业

　　第四章实证分析

　　4.1样本的选取

　　4.2变量的选择与度量

　　4:2.1被解释变量一公司多元化

　　4.2.2解释变量一股权变量

　　4.2.3控制变量

　　4.3模型的设定与预估

　　4.4数据分析

　　4.4.1描述性统计分析

　　4.4.2多元回归分析

　　第五章研究的结论和启示

　　5.1主要结论

　　5.2研究局限和未来研究方向

　　参考文献

　　致谢