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Equity Structure, Corporate Diversification and Firm’s Value

Author: ZhangKui
Tutor: HuaMin
School: Fudan University
Course: World economy
Keywords: Diversification Ownership structure The value of the company Unrelated diversification Controlling shareholder Corporate Governance The interests of minority shareholders Principal - agent relationship Of minority shareholders Listed Companies in China
CLC: F276.6
Type: PhD thesis
Year: 2004
Downloads: 1603
Quote: 10
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Abstract


The object of this study is the lack of correlation between the various departments within the company, the main business is not prominent diversified business behavior. Diversification discount has been confirmed for a large number of theoretical and empirical research, and the diversification of the company is a typical example of the conflict of interest between shareholders and managers, large shareholders and minority shareholders. From the history and logic of corporate governance and ownership structure is the basis of corporate governance, corporate governance and the corporate performance. Therefore, the only reasonable ownership structure may form a sound corporate governance structure, and thus to ensure the company achieved good performance. This article attempts to explore the mechanism of diversification discount in the shareholding structure - Corporate Governance - Corporate Performance Paradigm, the company diversified incentives and diversification of the company's governance. Between shareholders and managers of the principal - agent relationship level, the paper constructs a contract model of shareholders and managers engaged in the diversification of the company's motivation for managers to analyze the innovation is endogenous processing model management shareholding within a unified framework to analyze a wide range of both agency cost. The article also cited the authority of the empirical analysis results provide empirical support to the prediction of the model's comparative static analysis, empirical results show that the degree of diversification and management and external shareholders equity negative correlation, diversification to reduce external corporate governance related enforcement mechanisms. At the level of the conflict of interest between large shareholders and minority shareholders, theoretically prove the internal mechanism of the occupation of the interests of minority shareholders controlling shareholder is the separation of cash flow ownership of the controlling shareholder of the company control over, and thus driven to control shareholders distorting investment decision criteria and lead to the loss of the value of the company. An Empirical Analysis of East Asia Enterprise Group, holding ownership structure and corporate diversification relationship, that reflect the major shareholders against the interests of minority shareholders in the company's diversification in these economies. For listed companies in China, the empirical analysis shows the shareholding structure should be the ideal ownership structure is relatively concentrated, while there are a number of relatively controlling shareholder, and the formation of mutual checks and balances each other. The empirical analysis of the relationship between diversification and corporate performance of listed companies in China, the ownership structure of diversification effects that the diversification of the company's value is not significantly lower than the single-sector companies (which is related to the function of the capital market distortions), but its total return on assets than single-sector companies, but also the diversification of the proportion of corporate shares is positively correlated, negatively correlated with the proportion of state-owned shares, the conflict of interest of the controlling shareholder and minority shareholders of listed companies in China should pay attention to. Finally, to prove, unrelated diversification will lead to a decline in investment efficiency and value of the company's. Diversification should be followed by the unrelated diversification to related diversification, further limited based on core competencies related diversification evolution path. Due to non-related diversification and did not give the company the benefit of the core competencies based diversified the inevitable result of the development of the internal logic.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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