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本文调查了747家上市公司的成长性及其产业特征,考察了分散化的价值效应,探索了分散化战略对企业价值的影响方向。研究结果显示,分散化企业较之非分散化企业具有更高的成长性,即使在控制了企业规模、资产结构、财务杠杆以及股权结构等因素的影响之后,分散化对企业价值仍然存在显著的正向解释力。通过分析企业成长性的产业效应,进一步验证了分散化的溢价效应。同时还预测了分散化组织优势源于债务融资的税盾收益以及有效的内部资本市场所产生的财务协同效应。研究表明,在不发达的金融体系中分散化战略具有价值创造功能。
This paper investigates the growth of 747 listed companies and their industry characteristics, examines the value effect of decentralization and explores the impact of decentralization strategy on the value of the enterprise. The results show that the decentralized enterprises have a higher growth rate than the non-decentralized ones. Even after controlling for the influence of such factors as the firm size, asset structure, financial leverage and ownership structure, the decentralization has a significant impact on the corporate value Positive explanatory power. By analyzing the industrial effect of enterprise growth, we further verify the decentralized premium effect. It also predicts the benefits of decentralized organizations stemming from the tax shield revenue from debt financing and the financial synergies generated by effective internal capital markets. Research shows that decentralized strategies have the value-creating function in an underdeveloped financial system.