CAJ | 학술논문

已有多元化经营经济后果研究结论并不一致，本文认为其主要原因在于多元化经营的经济后果也是“多元”的，不同公司特征和不同影响链条下多元化经营对公司价值的影响也不同。本文以多元化经营对现金持有价值的影响为切入点，分别从市场价值和公司绩效视角分析多元化经营的经济后果。实证结果发现从整体上看，多元化经营对现金持有价值影响并不显著，但按大股东持股比例高低分组回归发现，当大股东持股比例高时．能够有效约束管理者的机会主义行为，提高内部资本市场效率，从而使得多元化经营能够显著提高现金持有价值；而当大股东持股比例低时，严重的代理冲突会导致多元化经营公司内部资本市场损失效率．从而导致现金持有价值的降低。
이유다원화경영경제후과연구결론병불일치，본문인위기주요원인재우다원화경영적경제후과야시“다원”적，불동공사특정화불동영향련조하다원화경영대공사개치적영향야불동。본문이다원화경영대현금지유개치적영향위절입점，분별종시장개치화공사적효시각분석다원화경영적경제후과。실증결과발현종정체상간，다원화경영대현금지유개치영향병불현저，단안대고동지고비례고저분조회귀발현，당대고동지고비례고시．능구유효약속관리자적궤회주의행위，제고내부자본시장효솔，종이사득다원화경영능구현저제고현금지유개치；이당대고동지고비례저시，엄중적대리충돌회도치다원화경영공사내부자본시장손실효솔．종이도치현금지유개치적강저。
There has not emerged some consensus in existing studies concerning economic consequences of corporate diversification. This paper realizes that the main reason is that these consequences could be different among corporations because of corporations＇ different characteristics and working chains. This paper studies how diversification influences the value of corporations by affecting the value of cash holding, both in market value and operation performance. The empirical results prove that diversification does not have obvious influence on the value of cash holding. However, we find that the more controlling shareholders hold shares, the better they can restrain managers＇ opportunistic behaviors, hence improve the efficiency of internal capital market. In this case, corporate diversification can increase the value of cash holding significantly, vice versa.