公司治理特征、多元化经营与企业价值

F2200510303510759··20085CharacteristicsofCorporateGovernance,CorporateDiversificationandFirmValueADissertationSubmittedtoShiheziUniversityInPartialFulfillmentoftheRequirementsfortheDegreeofMasterofManagementScienceByYuedongChen(Accounting)DissertationSupervisor:Prof.XingquanYangMay,2008“”2001-20064971IAbstractDiversificationasamodernenterprisebusinessstrategy,haslongbeenconcernedaboutbyscholarsandcorporatemanagers,Indomesticandothercountries,manycompanieshavesuccessfuldiversifiedoperation,buttherearealsomanyenterprisesintheso-calleddiversifiedtrap.InChina,companiesengagedindiversifiedoperationsisapremiumordiscounthasnoclearanswersofar.Accordingtotheviewsofmanyacademicsathomeandabroad,agencyproblemshasanimportantimpactondiversificationstrategy.Thispapertriestoanalyzetheimpactofcorporategovernancecharacteristicsondiversificationstrategyandtheimpactofthecharacteristicsofcorporategovernanceonthevalueofthediversifiedcompany,providingempiricalevidenceoftherelationshipamongcharacteristicsofcorporategovernace,diversificationstrategyandfirmvalue.Thispaperusesempiricalandnormativeresearchmethods,selectslistedcompaniesinChinafrom2001to2006,atotalof4,971annualobservationdata.Atfirst,weestablishrelationshipmodelbetweenthecompanydiversificationandfirmvalueandrelationshipmodelbetweencorporategovernancecharacteristicsanddiversification,thenanalyzethem.Secondly,wedividedfullsamplesintosub-samplesbyactualcontrollertypes,salarylevelsofexecutives,highorlowproportionoftradableshares,strongorweakconstrainstothebigstockholder,aswellastheunityornotofthechairmanandCEO,thenanalyzetherelationshipbetweendiversificationandfirmvalueinsub-samples.Theresultsshowthat:Onthewhole,therelationshipbetweenlistedcompanies’diversificationandvalueissignificantlynegative.Thecompanywithmoreindependentdirectorshigherproportionofmaleexecutives,moreeldermanagersandhigherproportionoftradablesharestendtousemorediversifiedbusinessstrategy.Thegreatersizeoftheboard,executivesofthehigherpay,thelowerthelevelofdiversification.Comparedtothestate-ownedlistedcompanies,foreign-controlledcompaniesdiversifiedsignificantlylower.Theaboveresultsindicatethatlistedcompanies’diversificationdecisionwasmainlyduetoagencyproblems.Corporategovernancecharacteristicsaffectthevalueofdiversity:thecentralgovernmentcontrolled,domesticcorporatecontrolledandforeign–controlledcompaniesdonothavethesignificantdiversificationdiscountphenomenon,thelocalgovernmentcontrolledandprivatecontrolledcompanieshavesignificantdiversificationdiscountphenomenon,whichindicatethatthediversificationdiscountisnotabsoluteandtheactualcontrolleroflistedcompaniesisakeyfactorthataffectingthevalueofdiversity.Thedifferencetotheconclusionofformerstudyisthestate-ownedholdingdoesnotnecessarilyhaveabadeffectcomparingtonon-state-ownedholding.Thesalarylevelsofexecutivesandtheproportionoftradablesharesalsohaveasignificantimpactonthevalueofdiversification:thehigherthepayofexecutives,thesmallerthedegreeofdiversificationdiscount,whichindicatethatthehigherpaymentcansolvetheagencyproblem;ThehighertheproportionoftradableshareswhilethegreaterdegreeofdiversificationdiscountmeansthatChinaislackofprotectionforsmallandmedium-sizedinvestors.Atlast,wedosensitivitytestsandendogenoustests.Theresultsshowthattheconclusionofthestudyisreliable.Accordingtotheresultsofthestudy,thispaperarguesthatChina'slistedcompanieswhichchoosetodiversifyshouldhavebusiness-relatedtechnology,corecompetitiveness,marketdominanceandstrongmanagementcapabilities.Incorporategovernance,itisnecessarytoreducethegovernment'simproperinterventionoflistedcompanies,andactivelydevelopthemanagermarket,buildareasonableshareholderstructure,protectthesmallandmedium-sizedinvestorsanddesignscientificandeffectivecompensationmechanisms.Keywords:Characteristicsofcorporategovernance;Agencyproblems;Diversificationstrategy;FirmvalueIIIIIIV1.11994500370TCL1.260Martin20031998“”11.312341.41-11-21-121.5123(OLS)(RobustRegression)(2SLS)1-232.11937“”1950“-”19591962—“”(MGort)(SIC)“”4“”41.2.2.2Wrigley1970Wrigley(SpecializationRatio)(SR)=/95%SR95%70%95%70%70%Rumelt1974(RichardP.Rumelt)Wrigley(RelatedRatio)(RR)=/5Wrigley(Product)Rumelt(Business)WrigleyRumelt2.32.3.11(ConcentricDiversification)2(HorizontalDiversification)3(VerticalDiversification)4(ConglomerateDiversification)6“”2.3.21“”2319507“”4.902.3.312ChatterjeeandWernerfelt(1991)(1)(2)()(3)38JensenandMeckling(1976)100%Marris(1964)Bauml(1958)2.42.4.11Lewellen(1971)2MajdandMyers(1987)3Matsusaka(1993)196819711974Stein(1997)9“”(winner—picking)“”1Jensen(1986)AggarawalandSamwick(2003)2Harris(1982)Stulz(1990)3Meyeretal(1992)ScharfsteinStein(2000)“”4MansiandDavid(2002)102.4.2“”Rossetal(1999)MBALangandStulz(1994)COMPUSTATHerfindahlTobin’sQBergerandOfek(1995)()13-15CommentandJarrell(1995)1978GECampaandKedia(2002)ComesandLivdan(2004)CampaandKedia(2002)LamontandPolk(200l)White(200l)Graham.eta1.(2002)CampaandKedia(2002)(Fixed—effectEstimation)(InstrumentalVariablesEstimation)(Self—selectionModel)11Villalonga(2004)COMPUSTATVillalonga(2004)“”Villalonga(2