公司多元化折价:寻租与投资偏差
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财经研究 2005 年 第 31 卷第 11 期, 页码：139 - 146
摘要
参考文献
摘要
相对于业务集中的企业来说,多元化公司往往出现市场价值贬损,尽管造成这一现象的原因多种多样,但部门经理寻租引致公司经理配置资源出现偏差,则是产生公司多元化折价的重要根源之一。文章基于这一思想,通过建立模型进行了深入分析,得出多元化公司往往出现折价并给出了影响折价的一些重要因素。
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[2]Brusco S,Panunzi F.Reallocation of corporate resources and managerial incentives ininternal capital markets[J].European Economic Review,2005,49:659~681.
[3]Lamont O.Cash flow and investment:Evidence from internal capital markets[J].Jour-nal of Finance,1997,52:83~109.
[4]Ozbas,Oguzhan.Integration,organzation processes and allocation of resources[J].Jour-nal of Financial Economics 2005,75:201~242.
[5]Rajan R,Servaes H,Zingales L.The cost of diversity:The diversi-fication discount andinefficient investment[J].Journal of Finance,2000,55:35~80.
[6]Scharfstein D S,Stein J.The dark side of internal capital markets:Divisional rent see-king and inefficient investment[J].Journal of Finance,2000,55:2537~2564.
[7]Shin H-H,Stulz R M.Are internal capital markets efficient[J].The Quarterly Journalof Economics,1998,113:531~552.
[8]韩忠雪,朱荣林.多元化公司内部资本市场理论研究[J],外国经济与管理,2005,27(2):38~43.
引用本文
韩忠雪, 朱荣林. 公司多元化折价:寻租与投资偏差[J]. 财经研究, 2005, 31(11): 139–146.
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