摘要
随着经济全球化和市场竞争加剧，企业纷纷通过多元化经营寻求新的增长点和竞争优势，但这一战略对企业财务风险的影响尚存争议。本研究旨在探讨多元化经营与企业财务风险之间的关系，并分析其内在机制。基于2010年至2022年间中国A股上市公司的面板数据，采用固定效应模型和工具变量法进行实证分析，同时引入行业异质性和公司治理水平作为调节变量。研究发现，多元化经营在短期内会增加企业的财务风险，主要源于资源分散和管理复杂性上升；然而，在长期视角下，适度的多元化能够通过分散业务风险实现风险对冲效应，从而降低整体财务风险。此外，研究结果表明，行业特性和公司治理质量显著影响多元化经营的财务风险效应：资本密集型行业和高治理水平的企业更能从多元化中获益。本研究的创新点在于结合动态时间维度和多维调节因素，揭示了多元化经营对财务风险的非线性影响机制，为相关理论提供了经验证据。研究成果为企业制定多元化战略提供了决策参考，同时也强调了优化公司治理结构以降低多元化成本的重要性。
关键词：多元化经营；财务风险；公司治理；行业异质性；风险对冲效应
Abstract
With the deepening of economic globalization and intensifying market competition, firms are increasingly adopting diversification strategies to seek new growth points and competitive advantages. However, the impact of diversification on corporate financial risk remains controversial. This study aims to explore the relationship between diversification and corporate financial risk and analyze its underlying mechanisms. Using panel data from Chinese A-share listed companies between 2010 and 2022, this research employs a fixed-effects model and instrumental variable methods for empirical analysis, while incorporating industry heterogeneity and corporate governance quality as moderating variables. The findings indicate that diversification increases corporate financial risk in the short term, primarily due to resource dispersion and heightened management complexity; however, from a long-term perspective, moderate diversification can achieve a risk-hedging effect by dispersing business risks, thereby reducing overall financial risk. Moreover, the results show that industry characteristics and corporate governance quality significantly influence the financial risk effects of diversification, with capital-intensive industries and firms possessing high governance levels benefiting more from diversification strategies. The novelty of this study lies in integrating dynamic time dimensions and multidimensional moderating factors to reveal the nonlinear impact mechanism of diversification on financial risk, providing empirical evidence for relevant theories. The research not only offers decision-making references for firms formulating diversification strategies but also underscores the importance of optimizing corporate governance structures to mitigate the costs associated with diversification.
Keywords：Diversification; Financial Risk; Corporate Governance; Industry Heterogeneity; Risk Hedging Effect
目 录
摘要 I
Abstract II
一、绪论 1
(一) 多元化经营与财务风险的研究背景 1
(二) 研究多元化经营对财务风险的意义 1
(三) 国内外研究现状综述 2
二、多元化经营的理论基础与财务风险关联分析 2
(一) 多元化经营的核心概念界定 2
(二) 财务风险的构成与衡量方法 3
(三) 多元化经营对企业财务风险的影响机制 3
三、多元化经营对不同类型财务风险的具体影响 4
(一) 对企业流动性风险的影响分析 4
(二) 对企业债务风险的作用机制 4
(三) 对企业投资风险的传导路径 5
四、多元化经营策略优化与财务风险管理对策 6
(一) 合理控制多元化程度以降低财务风险 6
(二) 构建多元化经营下的财务风险预警体系 6
(三) 提升企业财务风险管理能力的路径 7
结 论 8
参考文献 9
