CAJ | 학술논문

过去数十年来，国内外不少学者就企业多元化与企业价值之间关系进行了比较深入的探讨，但现有研究工作在解释两者关系时并未得到一致性的结论，同时，现有相关研究也很少以旅游企业为研究对象。因此，文章选择具有“天生”多元化经营动机的旅游企业为研究对象，通过科学测度其多元化经营程度，并采用内生性视角探讨多元化经营的内生性及其对企业价值的影响，以期为我国旅游企业的多元化发展提供指导。文章通过严格的数据筛选，选取大陆15家旅游上市公司2006～2009年的面板数据资料，用收入熵衡量多元化经营程度，用ROA衡量企业价值，采用STATA软件进行面板回归及二阶段最小二乘法进行实证分析。结果表明：企业资产规模、公司成长性、企业价值与股权集中度对旅游上市公司多元化经营程度具有显著性正向影响，证明了多元化经营的内生性；在外生性视角下，旅游上市公司的多元化经营程度与企业价值显著正相关，存在3％左右的多元化溢价效应；在内生性视角下，旅游上市公司的多元化经营对企业价值的正向促进作用进一步提升，溢价效应在6％左右。
과거수십년래，국내외불소학자취기업다원화여기업개치지간관계진행료비교심입적탐토，단현유연구공작재해석량자관계시병미득도일치성적결론，동시，현유상관연구야흔소이여유기업위연구대상。인차，문장선택구유“천생”다원화경영동궤적여유기업위연구대상，통과과학측도기다원화경영정도，병채용내생성시각탐토다원화경영적내생성급기대기업개치적영향，이기위아국여유기업적다원화발전제공지도。문장통과엄격적수거사선，선취대륙15가여유상시공사2006～2009년적면판수거자료，용수입적형량다원화경영정도，용ROA형량기업개치，채용STATA연건진행면판회귀급이계단최소이승법진행실증분석。결과표명：기업자산규모、공사성장성、기업개치여고권집중도대여유상시공사다원화경영정도구유현저성정향영향，증명료다원화경영적내생성；재외생성시각하，여유상시공사적다원화경영정도여기업개치현저정상관，존재3％좌우적다원화일개효응；재내생성시각하，여유상시공사적다원화경영대기업개치적정향촉진작용진일보제승，일개효응재6％좌우。
In the past few decades, many researchers have made in-depth discussions on the relationship between diversification and firm value. However, no unanimous conclusion has been reached among existing researchers. Meanwhile, few researchers have taken tourism firms as their study object. Therefore, the paper chooses tourism firms with ＂natural＂ diversified operative motives as study object. We try to discuss their endogenous operation and its impact on firm value by scientifically measuring their diversified operation from endogenous perspective in order to provide guidance for diversified development of China＇s tourism firms. The paper, through strict data screening and choosing panel data materials from 15 listed tourism companies of Chinese mainland from 2006 -2009, makes an empirical analysis by adopting STATA software and using panel regression and the two-stage least-square method based on the income to measure diversified operation and ROA to measure firm value. The results indicate that asset scale of enterprises, growth of companies, firm value and concentration of stock ownership have significant positive impact on diversified operation of tourism listed companies, which proves the endogenous aspect of diversified operation. Under exogenous perspective, diversified operation of tourism listed companies has significant positive correlation with firm value, existing around 3% diversified premium effect. Under endogenous perspective, their diversified operation further upgrades firm value, with around 6% premium effect.