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共同保险效应理论是解释企业多元化行为的重要理论之一。以往的研究表明中国上市公司多元化与负债比例正相关,说明中国公司多元化经营有可能会产生共同保险效应。然而,基于中国上市公司2000-2006年的有关财务数据,通过截面回归与平衡面板数据模型回归研究表明,在扩展样本期间和控制住相关变量后,中国上市公司多元化行为和资产负债率的上升间不存在明显关系,多元化产生的共同保险效应是微弱的。因此,共同保险效应无法解释中国上市公司的多元化行为。考虑到多元化还会带来企业盈利能力的下降,中国上市公司多元化过程很可能是对债权人和投资者的一种利益侵害方式。
Co-insurance theory is one of the important theories to explain the diversified behavior of enterprises. Previous research shows that the diversification of listed companies in China is positively related to the debt ratio, indicating that the diversification of Chinese companies may have a common insurance effect. However, based on the financial data of Chinese listed companies from 2000 to 2006, the regression of cross-sectional regression and balanced panel data model shows that the diversification of China’s listed companies and the increase of debt-to-asset ratio during the extended sample period and the controlled variables There is no obvious relationship between the common insurance effect of diversification is weak. Therefore, the co-insurance effect can not explain the diversification of Chinese listed companies. Taking into account the diversification will also bring down the profitability of enterprises, the process of diversification of listed companies in China is likely to be creditors and investors a way of interest violations.