CAJ | 학술논문

基于中国制造业上市公司2003～2009年的财务数据,讨论多元化经营和企业内部代理对企业业绩的影响,结果表明：多元化经营对企业业绩具有负向影响,股东与管理层之间的代理成本、经理层之间的代理成本对企业的业绩具有显著的负向影响,控股股东与中小股东之间的代理问题对企业业绩不具有负向影响;多元化经营导致企业股东与管理层之间代理成本增加,同时使得控股股东与中小股东之间的代理成本减少。
기우중국제조업상시공사2003～2009년적재무수거,토론다원화경영화기업내부대리대기업업적적영향,결과표명：다원화경영대기업업적구유부향영향,고동여관리층지간적대리성본、경리층지간적대리성본대기업적업적구유현저적부향영향,공고고동여중소고동지간적대리문제대기업업적불구유부향영향;다원화경영도치기업고동여관리층지간대리성본증가,동시사득공고고동여중소고동지간적대리성본감소。
By the data from the listed manufacturing companies from 2003 to 2009, analyses have been done to discover the impacts of diversification on performance. The results show that firstly diversification has negative effects on corporation performance; secondly, different kinds of agency cost significantly negatively related with performance, while the agency problems be- tween the controlling shareholder and minority shareholders have no negative relationship with performance; thirdly, diversification increases the agency costs between shareholders and manag- ers, while reduces the agency costs between the controlling shareholder and minority shareholde- rs.