Journal of Financial Economics·Volume 127, Issue 1·January 2018

金融市场摩擦与多元化

作者：Gregor Matvos（Booth School of Business, University of Chicago; NBER）

Amit Seru（Booth School of Business, University of Chicago; NBER）

Rui C.Silva（London Business School）

摘要：我们发现了新的事实，这些事实将公司经营范围的演变与外部资本市场在过去三十年里不断变化的摩擦联系起来。我们发现，大型多元化上市公司在外部资本市场高度摩擦时期（例如最近的大萧条时期）增加了它们的经营范围。此外，在此期间，企业将各种投资需求和现金流进行跨行业分散。我们也发现多元化公司之外的类似现象。研究独立和多元化私营企业的并购活动，我们发现了类似的模式。在总量数据中，我们发现并购的构成由重点转向多样化，并随着外部市场条件的变化而转移。我们的证据与这样的观念大致一致，即企业为了应对外部资本市场收紧而扩大其经营范围。

关键词：企业理论，企业边界，企业集团，多元化，内部资本市场

Financial market frictions and diversification

Gregor Matvos（Booth School of Business, University of Chicago; NBER）, Amit Seru（Booth School of Business, University of Chicago; NBER）, Rui C.Silva（London Business School）

ABSTRACT

We find new facts that relate the evolution of firm scope to the changing frictions in external capital markets over the last three decades. We find that large, diversified publicly traded firms increase their scope during times of high external capital market frictions, such as in the recent Great Recession. Moreover, during these times firms diversify their investment needs and cash flow across industries. We also find similar phenomena outside diversified public firms. Examining the mergers and acquisitions activity of stand-alone and diversified private firms, we uncover similar patterns. In aggregate data, we find that the composition of mergers shifts from focused to diversifying and back with changes in external market conditions. Our evidence is broadly consistent with the notion that firms diversify their scope in response to tightening in external capital markets.

Keywords：Theory of firm, Firm boundaries, Conglomerates, Diversification, Internal capital markets

原文链接：http://www.sciencedirect.com/science/article/pii/S0304405X17302386#!

翻译：何杉