期刊论文

The impact of diversification on financial performance of listed companies and the difference between them：Empirical analysis and comparison between enterprises based on maturity and maturity

中文

湖南农业大学学报(社会科学版)

1009-2013

2018

19

4

85-91

10.13331/j.cnki.jhau(ss).2018.04.013

本校为其他机构

基于2012—2016年沪深A股上市的369家公司数据,考察不同生命周期企业的多元化经营与其财务绩效之间的关系。研究结果表明:多元化经营与企业财务绩效之间呈显著负相关,即多元化经营损害企业价值;非相关多元化与企业财务绩效之间呈负相关,相关多元化与企业财务绩效呈正相关。企业的生命周期影响着多元化经营与企业财务绩效之间的关系,相比处于成长期的企业,处于成熟期的企业相关多元化经营更能提高财务绩效,从而提高企业价值。

Based on the data of 369 companies listed in Shanghai and Shenzhen A shares in 2012—2016 years, the relationship between diversification degree and corporate financial performance in different life cycle enterprises was analyzed. The empirical study shows that there is a significant negative correlation between the degree of diversification and the financial performance of the companies, that is, diversification is damaging the value of the companies, and there is a negative correlation between the unrelated diversification and the corporate f...