多元化经营是当代企业所广泛采用的成长战略。随着我国经济环境的日趋自由和活 跃，20世纪80年代迎来了我国企业多元化经营的萌芽。随后，20世纪90年代进入了 企业多元化经营的迅猛发展时期，逐渐构建了较为完整的多元化经营业务结构。但是， 从20世纪90年代后期开始，由于某些行业的收益不断合理化，利润空间逐步缩小，导 致企业之间的竞争愈发激烈。企业采取剥离多元化经营业务的方式，逐渐聚焦于主营业 务，产生了归核化趋势。进入21世纪以后，一些行业出现衰退迹象。随着资本市场的 不断完善，企业重新开始采取多元化经营。近年来，有些企业因发展多元化经营业务而 面临经营危机甚至导致经营失败。由此，学者们开始研究多元化经营对企业价值的影响。 目前尚未得到一致的研究结论。 本文围绕企业多元化经营与企业价值之间的关系这一核心问题，首先，通过回顾国 内外相关的文献，厘清多元化程度与企业价值这两个关键定义和测度方法。然后，根据 资源基础理论、代理理论、市场权力理论、制度理论和内部资本市场理论梳理国内外相 关研究结论。在理论分析基础上，本文基于实物期权逻辑，考虑成长机会中介要素，采 用2013年至2018年我国A股上市企业中采取多元化经营企业的相关数据，建立了多元 化经营与企业价值的中介效应模型并进行实证研究。根据对多元化经营与企业价值之间 关系的研究发现：（1）短期来看，多元化经营与企业价值之间存在着显著的负相关关 系，即产生了多元化折价后果。但是，从长期来看，两者之间却表现为显著的正相关性， 带来多元化溢价后果。（2）在中介效应检验中，成长机会的中介效应十分显著，并且 在控制了成长机会因素之后，我国上市企业的多元化程度对企业价值仍然具有显著影响， 即表现为多元化经营溢价后果。经过对相关理论的分析和实证检验，为我国上市企业的 多元化经营决策带来实践启示。我国上市企业应该辩证看待多元化经营与企业价值两者 之间复杂的关系，慎重考虑多元化经营可能产生的经济后果。企业应当以培育自身核心 竞争力为基础形成资源和能力的优势，为多元化经营的实施提供支撑。同时，企业应该 避免盲目采取多元化经营扩张以防止企业价值受损。 关键字：多元化经营；企业价值；成长机会；经济后果 ii Abstract Diversification is a growth strategy commonly adopted by modern enterprises. With the institutional environment of China becoming more and more opening up and active, it’s ushered in an important period of diversification in Chinese enterprises in the 1980s. Subsequently, in the 1990s, it entered the period of rapid development of diversification, and gradually formed a colorful and diversified business structure. However, since the late 1990s, due to the continuous rationalization of the profit of certain industries and the gradual shrinking of profit margins, competition among enterprises has become increasingly fierce. The enterprises adopted the method of diversification and gradually focused on the main business, which led to the trend of refocusing. After entering the 21st century, with the signs of recession in some industries and the continuous improvement of the capital market, some enterprises have resumed diversified operations. In recent years, certain companies have faced operational crisis or even business failure due to the development of diversified business operations. Therefore, people can't help thinking about the impact of diversification on enterprise value. At present, there is no consistent research conclusion. The paper focuses on the core issue of the relationship between diversification and corporate value. First, the two key definitions and measurement methods of diversification and corporate value are clarified by reviewing relevant literature at home and abroad. Then, according to the resource-based theory, agency theory, market power theory, institutional theory and theory of internal capital market, this paper summarizes the relevant research conclusions at home and abroad. Based on theoretical analysis, this article is based on real option logic and considers the intermediary element of growth opportunity. The paper uses the relevant data of diversified enterprises in A-share listed enterprises in China from 2013 to 2018, and establishes the intermediary effect model of diversification and corporate value for empirical research. The conclusion of the research on the relationship between diversification and corporate value is as follows. Firstly, in the short term, there is a significant negative correlation between diversification and corporate value. That is, there is a consequence of diversification discount. However, in the long run, there is a significant positive correlation, which results in diversification premium. Secondly, through the intermediary effect test, it is proved that the intermediary effect of growth opportunity is very significant. And after controlling the element of growth opportunity, the degree of diversification still has a positive impact on corporate value. That is to say, there is the consequence of diversification premium. iii Through the analysis of relevant theories and empirical tests, it brings practical inspirations to the diversification decisions of listed enterprises in China. Enterprises should form the advantages of resources and capabilities based on cultivating their core competitiveness to provide support for the implementation of diversification. At the same time, enterprises should avoid blindly adopting diversification to prevent corporate value from being damaged. Keywords: Diversification; Corporate Value; Growth Opportunity; Economic Consequences 湖南科技大学硕士学位论文 目 录 摘要 ........................................................................................................................................... i Abstract ...................................................................................................................................... ii 第1章 绪论 ............................................................................................................................ 1 1.1 研究背景与意义 ........................................................................................................ 1 1.1.1 研究背景 ........................................................................................................... 1 1.1.2 研究意义 ........................................................................................................... 2 1.2 文献综述与概念界定 ................................................................................................ 2 1.2.1 多元化经营 ....................................................................................................... 2 1.2.2 企业价值 ........................................................................................................... 4 1.2.3 多元化经营与企业价值文献综述 ................................................................... 4 1.3 研究思路与框架 ........................................................................................................ 8 1.3.1 研究思路 ........................................................................................................... 8 1.3.2 研究框架 ........................................................................................................... 9 1.4 研究方法与创新之处 .............................................................................................. 10 1.4.1 研究方法 ......................................................................................................... 10 1.4.2 创新之处 ......................................................................................................... 11 第2章 理论基础 .................................................................................................................. 13 2.1 多元化经营影响企业价值理论依据 ...................................................................... 13 2.1.1 资源基础理论 ................................................................................................. 13 2.1.2 代理理论 ......................................................................................................... 14 2.1.3 市场权力理论 ................................................................................................. 15 2.1.4 制度理论 ......................................................................................................... 1