上市公司多元化经营对财务风险影响的研究综述
A Review of Research on Diversification Effect on Financial Risk of Listed Companies
摘要: 综述和评析上市公司多元化经营和财务风险的相关研究成果。国内外现有文献对于企业财务风险和多元化经营的研究方法基本保持一致，但国内外学者对于多元化经营对财务风险的研究结果却相差甚远，因此，未来研究方向应侧重于实证分析多元化经营对于财务风险的影响机理及影响程度，以便于降低上市公司财务风险带来的不利影响。
Abstract: This paper reviews the research results of diversification and financial risks of listed companies. Domestic and foreign existing literature is basically the same for corporate financial risk and diversification of research methods, but domestic and foreign scholars have divergent research results on financial risks of diversification. Therefore, the future research direction should focus on the empirical analysis of the diversification, which impact on the financial risk mechanism and degree of influence, in order to reduce the adverse effects of listed companies’ financial risks.
文章引用：黄晓波, 段文乐, 荆洋. 上市公司多元化经营对财务风险影响的研究综述[J]. 现代管理, 2018, 8(3): 344-352. https://doi.org/10.12677/MM.2018.83039

参考文献

[1] Kim, J., Lee, C.-Y. and Cho, Y. (2016) Technological Diversification, Core-Technology Competence, and Firm Growth. Research Policy, 45, 113-124. [Google Scholar] [CrossRef] 
[2] Fernández, R., Novo, M., Marchán, D.F. and Cosín, D.J.D. (2016) Diversification Patterns in Cosmopolitan Earthworms: Similar Mode But Different Tempo. Molecular Phylogenetics and Evolution, 94, 701-708. [Google Scholar] [CrossRef] [PubMed]
[3] Reed, L. (2013) Risk Diversification through Multiple Group Membership in Microfinance. Applied Economics Letters, 21, 622-625.
[4] Rumelt (1974) Diversification, Systematic Risk, and Shareholder Return: A Capital Market Extension of Rumelt’s 1974 Study. Academy of Management Journal, 32, 454-465.
[5] Jacquemin, A.P. and Berry, C.H. (1979) Entropy Measure of Diversification and Corporate Growth. Journal of Industrial Economics, 27, 359-369. [Google Scholar] [CrossRef] 
[6] Lang, X., Fan, S. and Wang, Y. (2010) Intensification of Methane and Hydrogen Storage in Clathrate Hydrate and Future Prospect. Journal of Energy Chemistry, 19, 203-209. [Google Scholar] [CrossRef] 
[7] Rahim, A.M. and Masih, M. (2013) Portfolio Diversification Benefits of Islamic Investors with Their Major Trading Partners: Evidence from Malaysia Based on MGARCH-DCC and Wavelet Approaches. Economic Modelling, 54, 425-438.
[8] Tang, J.X. and Yuan-Yu, N.I. (2015) Social Capital, Diversification Strategy and Corporate Risk—A Case Study on China Listed Tourism Companies. Journal of Hunan Finance & Economics University.
[9] Jouida, S., Bouzgarrou, H. and Hellara, S. (2016) The Effects of Activity and Geographic Diversification on Performance: Evidence from French Financial Institutions. Research in International Business & Finance, 39, 920-939. [Google Scholar] [CrossRef] 
[10] 魏然. 多元化经营对企业财务风险影响的研究[D]: [硕士学位论文]. 青岛: 青岛理工大学, 2012.
[11] 贾于露. 我国钢铁企业多元化经营的财务风险控制问题研究[D]: [硕士学位论文]. 西安: 长安大学, 2013.
[12] 曹爱鸿. 我国煤炭上市公司多元化经营的财务风险及控制研究[D]: [硕士学位论文]. 焦作: 河南理工大学, 2011.
[13] 刘楠. 企业多元化经营的财务效应分析[D]: [硕士学位论文]. 北京: 首都经济贸易大学, 2013.
[14] 杨曼. 互联网企业多元化经营的财务风险及控制措施[J]. 商业经济, 2016(9): 116-118.
[15] 付彬. 基于多元化经营的企业财务风险控制探讨[J]. 财会通讯, 2014(35): 110-111.
[16] 张薪. 企业多元化经营与财务风险控制探析[J]. 财经界(学术版), 2017(14): 77-78.
[17] 黄绪群. 企业多元化经营中的财务风险管控[J]. 现代商业, 2017(15): 101-102.
[18] 吕文豪. 公司多元化经营与财务风险关系实证研究[D]: [硕士学位论文]. 南京: 南京财经大学, 2013.
[19] 吴国鼎, 张会丽. 多元化经营是否降低了企业的财务风险——来自中国上市公司的经验证据[J]. 中央财经大学学报, 2015(8): 94-101.
[20] 张立俊. 苏州创业板上市公司多元化程度与经营绩效的实证研究[J]. 经济与管理, 2014(12): 25-27.
[21] 赵景芬, 戴蓬军. 农业类上市公司多元化经营对绩效的影响研究[J]. 农业技术经济, 2013(12): 118-124.
[22] De, S.P. and Beaver, D. (1966) Collaboration in an Invisible College. American Psychologist, 21, 1011-1018. [Google Scholar] [CrossRef] [PubMed]
[23] Altman, J.A. (1968) Are There Neurons Detecting Direction of Sound Source Motion? Experimental Neurology, 22, 13. [Google Scholar] [CrossRef] [PubMed]
[24] Mossman, C.E., Bell, G.G., Swartz, LM. and Turtle, H. (1998) An Empirical Comparison of Bankruptcy Models. Financial Review, 33, 35-54. [Google Scholar] [CrossRef] 
[25] Altman, E.I. (1977) ZETATM Analysis: A New Model to Identify Bankruptcy Risk of Corporations. Journal of Banking and Finance, 1, 589-609.
[26] Romero, P.V., Sato, J., Shardonofsky, F. and Bates, J.H. (1990) High-Frequency Characteristics of Respiratory Mechanics Determined by Flow Interruption. Journal of Applied Physiology, 69, 1682-1688. [Google Scholar] [CrossRef] [PubMed]
[27] 马珲. 基于Z-Score模型的上市公司财务风险管理研究——以华谊兄弟为例[J]. 中国国际财经(中英文), 2018(2): 30-31.
[28] 杨淑娥, 金帆. 关于公司财务治理问题的思考[J]. 会计研究, 2002(12): 51-55.
[29] 王君萍, 王娜. 我国能源上市公司财务风险评价——基于主成分分析法[J]. 会计之友, 2016(11): 60-66.
[30] 王志仁, 曾繁荣. 制造业上市公司BP神经网络财务预警[J]. 财会月刊, 2008(2): 56-58.
[31] 鲍新中, 杨宜. 基于聚类-粗糙集-神经网络的企业财务危机预警[J]. 系统管理学报, 2013(3): 358-365.
[32] 杨华. 退市风险警示与财务危机的相关性研究[J]. 会计之友, 2013(3): 41-43.
[33] 王超. 基于模糊层次分析法的财务风险评价研究——以X医药企业为例[J]. 会计之友, 2018(3): 115-119.
[34] 李长山. 基于Logistic回归法的企业财务风险预警模型构建[J]. 统计与决策, 2018, 34(6): 185-188.
[35] 高歌. 基于Logistic模型的中小上市公司财务风险预警研究[J]. 财会学习, 2018(10): 5-7.
[36] Montgomery, C.A. and Singh, H. (1984) Diversification Strategy and Systematic Risk. Strategic Management, 5, 181-191. [Google Scholar] [CrossRef] 
[37] 刘媛. 多元化经营财务风险探析——雅戈尔与杉杉同城德比之争[J]. 商业会计, 2013(15): 53-55.
[38] 张华青, 张敏. 农业上市公司多元化经营的财务风险实证分析[J]. 财会月刊, 2014(24): 18-22.
[39] Rumelt (1974) Strategy, Structure and Economic Performance. Business School Press, Boston.
[40] Bettis, R.A. (1981) Performance Differences in Related and Unrelated Diversified Firms. Strategic Management, 2, 379-393. [Google Scholar] [CrossRef] 
[41] 巫海洋. 华润集团多元化经营下的财务风险控制研究[D]: [硕士学位论文]. 大连: 东北财经大学, 2012.
[42] 王军. 商业银行多元化经营对绩效和风险的影响研究——基于53家银行的面板分[J]. 北京市经济管理干部学院学报, 2015(1): 28-31.
[43] 高浠媚, 陈有禄. 我国影视上市企业多元化经营与财务风险研究[J]. 当代传播, 2015(2): 36-39.
[44] 孙策. 我国农业类上市公司多元化经营、资本结构改善与财务风险积聚的实证研究[J]. 湖北经济学院学报(人文社会科学版), 2016, 13(12): 49-51.
[45] 闫迪, 郑少锋. 农业上市公司多元化经营风险分析[J]. 财会通讯, 2018(8): 43-46.
[46] Barton, S.L. and Gordon, P.J. (1988) Corporate Strategy and Capital Structure. Strategic Management, 9, 623-632. [Google Scholar] [CrossRef] 
[47] Bettis, R.A. and Mahajan, V. (1985) Performance of Diversified Firms. Manage-ment Science, 31, 785-799. [Google Scholar] [CrossRef] 
[48] Palich, L.E. (2000) The Impact of Internationalization on the Diversifica-tion-Performance Relationship: A Replication and Extension of Prior Research. Journal of Business Research, 48, 43-54. [Google Scholar] [CrossRef] 
[49] 张运来, 王储. 旅游业上市公司多元化经营能够降低公司风险吗?——基于2004-2012年A股上市公司数据的实证研究[J]. 旅游学刊, 2014(11): 25-35.

为你推荐