控股股东掏空动机与多元化的盈余波动效应

多元化经营是公司关注的重大发展问题,因此,多元化经营的动机及其经济后果也成为学者们研究的重点话题。本文从我国上市公司的多元化经营与盈余波动性之间的关系入手对这一问题进行研究,具体分析了公司多元化经营的程度对盈余波动性的影响及控股股东的掏空动机对多元化盈余波动效应的作用。研究发现,我国上市公司的多元化经营显著降低了公司的盈余波动性,多元化程度越高,盈余的波动性越低;但由控股股东代理问题而形成的掏空动机损害了多元化的盈余波动效应。本文的研究为多元化的经济后果增添了新的文献,同时也为上市公司监管提供了参考依据。

Motivation of Controlling Shareholder and the Effect of Diversification on Earning's Variability

Diversification is always the key problem that affecting the development of companies,and has always been the hot issue in practice and theory,so the motivations and economic consequences of diversification turn to be popular theses for researchers.Researchers have found that diversification has great effect on the corporation's finical outcomes,such as earnings,ROA and Tobin's Q.But they seldom take the variability of corporate performance into considerations,and also neglect the importance of the motivati...