公司多元化经营与财务风险关系实证分析-农业经济管理专业论文.docxVIP

II II ABSTRACT Business diversification, which was the focus of study of corporate finance, has caused wide attention of scholars both at home and abroad since 1950s. So far, the research of diversification has being concentrated on the pros and cons of the corporate performance. There are plenty of different conclusions and achievements about the study of business diversification, whose effect are mostly talked about. This paper will study the rationality of the enterprise business diversification from financial prospect, which was studied relatively less in this field. The theoretical analysis and empirical research of Chinese listed corporations will be conducted to explore the relationships between corporate diversification and financial risks later in this paper, in which way we can provide feasible suggestion and decision-making basis in prospective of corporate financial risks. Firstly, this paper reviews the development history of diversification, and then proposes the problems to be researched. The definition, classification and the measure method of business diversification strategy will be respectively defined to study the present situation of business diversification in China. Meanwhile, Z - score model will be introduced to measure the corporate financial risk and the Shanghai stock market listed companies from 2008-2011 will be selected as sample data to conduct an empirical research of correlations between corporate diversification and financial risks. The results show that, the risk of the enterprise bankruptcy may improve since the enterprises expand diversification in way of increasing corporate numbers in different industries; Corporate financial risks may decrease if it can guarantee the size of the main business and sales in the proportion of total sales while diversifying; Significant negative correlation exist between enterprise related diversification and the financial risk of the enterprise. That is to say, the more correlated of various ind