本文關鍵詞： 多元化 財務風險 營運資本管理　出處：《西北大學》2017年碩士論文　論文類型：學位論文

【摘要】：多元化經(jīng)營是企業(yè)一種重要的成長方式,也是學界一直關注的問題。關于多元化對財務風險影響的研究,主流觀點是依據(jù)資產(chǎn)組合投資理論,認為多元化經(jīng)營必然降低財務風險。然而,來自經(jīng)驗層面的觀察卻與之相悖。許多大公司的倒閉都與其多元化的擴張戰(zhàn)略有關。因此,企業(yè)多元化經(jīng)營能否分散風險,尤其是能否降低財務風險是一個值得探討的問題。本文探討了企業(yè)多元化經(jīng)營對財務風險的影響,更進一步地,探討了多元化如何影響企業(yè)的營運資本管理進而影響到企業(yè)的財務風險。本文分別從多元化對企業(yè)的營運資本投資、融資政策和流動性的影響來尋求多元化對財務風險的影響機制。采用收入的赫芬達爾指數(shù)計量多元化程度、Z-score計量模型衡量財務風險,以2012-2015年制造業(yè)上市公司為樣本,通過描述性統(tǒng)計、相關性分析、多元回歸分析實證檢驗假設,得出結論:(1)企業(yè)多元化程度與財務風險正相關。(2)企業(yè)多元化程度越高,營運資本管理投資政策越激進。(3)企業(yè)多元化對營運資本融資政策負相關,但不顯著。(4)企業(yè)多元化程度越高,企業(yè)流動性越差。除了實證檢驗之外,本文試圖運用相關理論來解釋多元化影響企業(yè)財務風險的原因。認為組合投資理論的應用基礎不適用于企業(yè)多元化,公司的委托代理機制導致多元化影響財務風險,范圍經(jīng)濟理論的共享機制存在著管理上的弊端。建議企業(yè)剝離非核心業(yè)務,縮小縱向規(guī)模的擴張。并建議監(jiān)管部門和公共管理機構能夠鼓勵企業(yè)進行專業(yè)化發(fā)展,降低多元化程度。
[Abstract]:Diversification is an important way of growth of enterprises, but also has been concerned by the academic community. On the impact of diversification on financial risk, the mainstream view is based on portfolio investment theory. It is believed that diversification is bound to reduce financial risk. However, the observation from the experience level is contrary to it. Many large companies' failures are related to their diversified expansion strategy. Whether the diversification of enterprises can disperse the risk, especially whether the financial risk can be reduced is a problem worth discussing. This paper discusses the influence of diversification on the financial risk, and further further. This paper discusses how diversification affects the management of working capital and then affects the financial risk of enterprises. The influence of financing policy and liquidity to seek the influence mechanism of diversification on financial risk. Using the income of Hefendal index to measure the degree of diversification and Z-score model to measure financial risk. Taking the manufacturing listed companies from 2012-2015 as a sample, the empirical test hypothesis is tested by descriptive statistics, correlation analysis and multivariate regression analysis. Conclusion: 1) the degree of diversification is positively related to financial risk. 2) the degree of diversification is higher. The more radical the investment policy of working capital management, the more negative correlation between enterprise diversification and working capital financing policy, but not significant. This paper tries to use the relevant theories to explain the reasons why diversification affects the financial risk of enterprises, and holds that the application basis of portfolio investment theory is not suitable for enterprise diversification. The principal-agent mechanism of the company leads to diversification affecting financial risk, and the sharing mechanism of scope economy theory has some management drawbacks. It is suggested that enterprises divest non-core business. It is suggested that regulators and public administration agencies should encourage the professional development of enterprises and reduce the degree of diversification.
【學位授予單位】：西北大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F406.7;F425;F832.51
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本文編號：1493766