基于代理理论的经营多元化对企业业绩的影响研究
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引用本文:张根明,李杨扬.基于代理理论的经营多元化对企业业绩的影响研究[J].财经理论与实践,2012,(3):98-102
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张根明,李杨扬 (1.中南大学 商学院湖南 长沙4100832.大连交通大学 管理学院,辽宁 大连116028) 
中文摘要:基于中国制造业上市公司2003~2009年的财务数据,讨论多元化经营和企业内部代理对企业业绩的影响,结果表明:多元化经营对企业业绩具有负向影响,股东与管理层之间的代理成本、经理层之间的代理成本对企业的业绩具有显著的负向影响,控股股东与中小股东之间的代理问题对企业业绩不具有负向影响;多元化经营导致企业股东与管理层之间代理成本增加,同时使得控股股东与中小股东之间的代理成本减少。
中文关键词:多元化  业绩  代理问题
 
The Impact of Diversification Strategy on Corporate Performance: Based on Agency Theory
Abstract:By the data from the listed manufacturing companies from 2003 to 2009, analyses have been done to discover the impacts of diversification on performance. The results show that firstly diversification has negative effects on corporation performance; secondly, different kinds of agency cost significantly negatively related with performance, while the agency problems between the controlling shareholder and minority shareholders have no negative relationship with performance; thirdly, diversification increases the agency costs between shareholders and managers, while reduces the agency costs between the controlling shareholder and minority shareholders.
keywords:Diversification  Corporate performance  Agency problem
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