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Effect of the value of diversification strategy

Author: ZhuPing
Tutor: MengCuiHu
School: Nanjing University of Finance and Economics
Course: Accounting
Keywords: Diversification strategy Internal capital market efficiency Enterprise Value
CLC: F832.51;F224
Type: Master's thesis
Year: 2008
Downloads: 105
Quote: 0
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Abstract


Effect on the value of diversification strategy, theorists mainly diversification discount and premium on two hypotheses pluralism, diversity exists in the internal capital market is widely considered to be the explanation of this perspective one of the value effect. Based on internal capital market theory, some scholars believe that the diversification of the company's internal capital market can bring value to its positive effects, such as financial synergies, cost savings and other external financing transactions; However, some scholars believe, diversified enterprise's internal capital market will be worth its negative effects, such as cross-subsidization between departments, department manager of rent-seeking behavior. So, how the effects of the value of diversification strategy? Its internal capital market efficiency are available to explain? Because internal capital market efficiency metrics data collection limitations and other reasons, domestic scholars in this regard little empirical analysis. Therefore, in order to compensate for the value of domestic scholars in the diversification strategy in effect causes the internal capital market efficiency explain the lack of perspective, as well as the strategic value of diversification effect causes the internal capital market efficiency hypothesis Listed Companies in China-based empirical evidence, this article from Internal Capital market efficiency perspective on the value of diversification strategy effects were studied. Based on the strategic value of diversification effect causes internal capital market hypothesis, the main research two aspects: the value effect of diversification strategy, internal capital market efficiency perspective the strategic value of the diversification effect of genetic interpretation. The former diversification strategy by examining different relationship with the enterprise value for the latter in the former basis, through one-step test different diversification strategies and the relationship between internal capital market efficiency, the internal capital market efficiency and the relationship between corporate value to carry out. Which, for the study were from a diversification strategy diversification, diversification type two angles. To the adoption of this two-level studies reveal whether the internal capital market efficiency and diversification strategies affect the value of one of the ways. Through theoretical analysis and empirical testing, the paper finally draw the following conclusions three groups: diversification and enterprise value negatively correlated with unrelated diversification impact on corporate value inferior to related diversification; diversification and internal capital market efficiency negative related, unrelated diversification of the internal capital market efficiency inferior related diversification; internal capital market efficiency and enterprise value positively correlated. It showed, especially non-related diversification strategy diversification strategy exists discount effects, and this discount effect and inefficient internal capital markets exist, and the internal capital market efficiency and enterprise value positively correlated, so inefficient internal capital markets One explanation is the diversification discount, ie the efficiency of the internal capital market value effect of diversification strategy is an important factor. This conclusion supports the strategic value of diversification effect causes internal capital market efficiency hypothesis. In this conclusion on the basis of the analysis, we propose a combination of its resources carefully selected diversification strategy and the strengthening of the internal capital market diversification proposals.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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