摘要
伴随着中国经济增速放缓,企业如何调整其多元化发展策略以规避风险值得关注。本文利用2007—2021年中国资本市场A股上市公司数据,实证考察经济波动与企业多元化发展之间的关系。研究结果显示,随着经济增速放缓,企业多元化程度显著降低;机制检验表明,经济增速放缓削弱了高管风险偏好、提高了外部融资条件,从而促使企业降低多元化程度;异质性分析揭示,经济增速放缓对企业多元化程度的抑制作用在经营实力薄弱、采取成本领先竞争战略的企业和非高科技行业企业中更明显;经济后果检验发现,降低多元化程度能够抑制企业经营风险和财务风险,且这一抑制作用在经济增速放缓期更为明显。本文的研究丰富了经济波动和企业多元化发展的相关文献,为企业多元化发展策略调整提供借鉴依据,同时为企业应对经济增速放缓提供了新思路。
With the slowdown of China′s economic growth,it is crucial to examine how enterprises adjust their diversification development strategy to mitigate risks.Using data from A-share listed companies in China′s capital market from 2007 to 2021,this paper investigates the relationship between economic fluctuation and diversification development of enterprise empirically.The results show that enterprises reduce their degree of diversification significantly during economic slowdowns.Mechanism testing reveals that economic slowdowns weaken executives′risk preferences and tighten external financing conditions,prompting enterprises to decrease their diversification levels.Heterogeneity analysis shows that restraining effect of economic slowdowns on enterprise diversification is more pronounced in firms with weaker operational capabilities,those adopting cost-leadership strategies,and those operating in non-high-tech industries.The economic consequence test finds that reducing diversification levels can mitigate enterprises′operating risk and financial risk,and this mitigating effect is more significant during economic slowdowns.This study contributes to the literature on economic fluctuation and corporate diversification,offering practical insights for enterprise diversification strategy adjustments and new approaches for enterprises to navigate economic slowdowns.
作者
王浩然
雷玲
WANG Haoran;LEI Ling(School of Business,Anhui University,Hefei 230601,China)
出处
《中南财经政法大学学报》
北大核心
2025年第2期16-28,共13页
Journal of Zhongnan University of Economics and Law
基金
国家自然科学基金青年项目“上市公司负财务费用问题研究:现象、成因与后果”(72302002)
国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001)
安徽省哲学社会科学规划一般项目“优化融资结构助推安徽实体经济发展研究”(AHSKY2022D069)。
关键词
经济波动
企业多元化发展
高管风险偏好
外部融资条件
Economic Fluctuation
Diversification Development of Enterprise
Executive Risk Preference
External Financing Conditions
