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Empirical Analysis on China’s Private Listed Companies and Its Diversified Performance

Author: GuoLingLi
Tutor: HuangXu
School: Southwestern University of Finance and Economics
Course: Business management
Keywords: Private Diversification Related Non- related Economic Performance
CLC: F272;F224
Type: Master's thesis
Year: 2010
Downloads: 190
Quote: 0
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Abstract

When the company developed to a certain scale, diversification strategy on the problems faced by the enterprise strategic choice. Twentieth century of the United States in the fifties and sixties third wave of mergers and acquisitions, resulting in the diversification of the American Enterprise peaked. Worldwide, the company diversified business has also become a big trend. The relationship between corporate diversification and economic performance has attracted the interest of many economists and abroad since the fifties of the last century, began to research and practice of diversity has become an important research topic in the financial field, with considerable theoretical and empirical basis. Since the 1980s, Chinese scholars began to study diversification. Due to the different and foreign market conditions and research methods, the conclusions are not the same. Europe and the United States and other developed countries have large-scale diversified to become a professional regression, and Diversification of China's listed companies also account for a considerable proportion. In China, the number of private listed companies, more and more, are also increasingly prominent position in China's national economy, and its nature is also consistent accounted for the dominant position of the family-controlled private enterprise and foreign. Compared with the state-owned enterprises of China's state-controlled study of China's private listed companies diversified business impact on the economic performance of the company has two advantages: First, China's private listed companies are relatively more in line with the behavioral characteristics of the \\Compared with the state-owned enterprises, China's private listed companies in the development of a diversified business strategy, often mainly on its own interests, and government intervention is relatively small; Second, China's private listed companies for the findings of the samples abroad existing research more comparable. Of this thesis is based on this situation, learn from the current domestic and international research method, combined with the diversification of China's private listed companies operating status, make a useful exploration of the relationship between diversification and performance of private listed companies. Private Listed Companies in China as a sample to study the impact of the degree of diversification of its economic performance has important theoretical and practical significance: theoretical aspects and validate theoretical and empirical studies of foreign diversification \achievements in China's applicability; practical aspects of the study of private listed companies diversified business can bring its net income? private enterprise in the end this should not be the implementation of diversification? If the implementation of the industry and the timing of how to choose? implement the relevant diversification or the implementation of non-related diversification? provide a reference for their future strategy development. The norms and a combination of empirical research methods, mainly empirical research. First of all, the domestic and international literature on the diversification of economic performance, combined with the particularity of China's capital market and private listed companies, the normative analysis; followed by analysis of the diversification of China's private listed companies operating status; Then, on the basis of research design, comparative analysis of the various research variables, select the paper's economic performance and diversification measure, put forward the hypothesis of this paper, and build a relative measurement models. Finally, in the empirical analysis, through select 129 private listed companies in Shanghai and Shenzhen in China 2005-2007 data for samples, data collection and sorting through the annual report, the Securities News, a clear concept design variables to determine the proposition logical relationship to the variables in the regression analysis, comparative analysis, correlation analysis between diversification and performance. Diversification its economic performance, and draw some conclusions on Private Listed Companies in China: Private Listed Companies in China between diverse operating its economic performance was a negative correlation, that China's private listed companies \a wide range of conclusions. On this basis, the paper (from two) to explore the reasons for China's private listed company diversified to reduce the company's performance and quality managers of private enterprises in China is relatively low. Corporate diversification to a certain extent, may put forward new demands on management's management capacity, technology, talent, and private enterprise managers often do not have this ability. Second, the lack of a reasonable employment system of private enterprise. Finally, the combination of the results of thesis diversified Private Listed Companies in China are being taken to make recommendations, and make recommendations on the follow-up study direction.

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