多元化、國際化與企業績效：基於中國上市公司的實證研究

多元化和國際化都是企業的擴展方式。本文建立起我國上市公司多元化程度和國際化程度的相關資料庫，實證檢驗了我國上市公司多元化、國際化與經濟績效的關係。與國內以往有關研究不同，本文從多元化和國際化兩個維度將樣本分為四組，基於獨立樣本核對總和多元回歸模型實證考察多元化和國際化之間的交互作用。實證表明：（1）在轉型時期，我國企業的多元化和國際化具有交互作用。首先，我國企業的多元化戰略並不能為股東帶來更多投資收益；其次，同時實行多元化和國際化戰略的企業將損害企業的投資收益。但是，採用國際化戰略的專業化企業可以顯著提高企業的經濟績效。（2）薪酬激勵和股權激勵能夠有效降低多元化戰略和國際化戰略所帶來的代理成本，提高企業績效。
Both diversification and internationalization are the way of corporate expansion. Both way consist in benefit and cost. This paper empirically examines the effect of both corporate diversification and internationalization on corporate performance. Using a sample of China’s listed companies from 2002 to 2004, we find the costs of corporate diversification may outweigh the benefits of diversification, but the internationalization takes the mixed effects. In the transferring period, diversification strategy can not bring more earning for corporate. And the corporate which take diversification and internationalization at the same time will destroy there benefits. But the internationalization can improve specialized firm’s performance because this kind of firms has significant premium of product and resource capacity. The paper examines the effects of agency cost problem with the variables of cash compensation and insider ownership. Consistent with the agency explanation, firms with higher cash compensation and higher insider ownership percentage can improve the performance of the firm. Copyright © 2007 四川大學出版社.