管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (1): 177-188.

• 组织与战略管理 • 上一篇    

公共事件背景下的企业转产多元化研究：动因与后果

俞俊利1,2, 梁上坤3, 林欢4, 张括4   

  1. 1. 上海交通大学国际与公共事务学院, 上海 200030;
    2. 上海交通大学中国城市治理研究院, 上海 200030;
    3. 中央财经大学会计学院, 北京 100081;
    4. 上海交通大学安泰经济与管理学院, 上海 200030
  • 收稿日期:2022-01-04 发布日期:2025-01-18
  • 作者简介:俞俊利，上海交通大学国际与公共事务学院副教授，上海交通大学中国城市治理研究院营商环境与产业高质量发展中心主任，博士；梁上坤，中央财经大学会计学院教授，博士；林欢，上海交通大学安泰经济与管理学院博士研究生；张括（通讯作者），上海交通大学安泰经济与管理学院教授，博士。
  • 基金资助:
    国家自然科学基金项目（72132006；72272164；71872196；72272099；71902115）。

Corporate Diversification Strategies during Public Crises: Motivations and Consequences

Yu Junli1,2, Liang Shangkun3, Lin Huan4, Zhang Kuo4   

  1. 1. School of International and Public Affairs, Shanghai Jiao Tong University, Shanghai 200030;
    2. China Institute for Urban Governance, Shanghai Jiao Tong University, Shanghai 200030;
    3. School of Accountancy, Central University of Finance and Economics, Beijing 100081;
    4. Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030
  • Received:2022-01-04 Published:2025-01-18

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摘要： 基于疫情冲击全球经济这一背景，本文以企业转型生产防疫物资为切入点，探究在宏观经济下行、外部资本市场融资困难时期，企业转产多元化战略动因及其对企业价值和绩效的影响。研究发现：①转产成本和收益是企业选择转产防疫物资的重要影响因素；②转产企业在转产公告期间的股票市场存在显著为正的（累计）超额收益；③转产多元化战略带来的正向市场影响不仅短期存在，长期也依然存在，特别是在企业所在地疫情较为严重时表现显著；④基于季度财务数据的研究显示，转产企业转产后盈利水平高于未转产企业，即转产这一多元化战略帮助企业实现了业绩提升。进一步分析表明，转产对企业业绩表现的积极影响，在流动性不足的企业中更显著，这也符合已有文献关于多元化经营能够缓解企业现金流不足的理论解释，并对企业管理者和投资者应对突发形势变化有一定的现实启示，对中国构建更加高效率、行政手段与市场机制相结合的重大公共事件应急体系具有政策启示。

关键词: 多元化战略, 企业转产, 经济后果, 城市治理

Abstract: We investigate the motivation of firms to adopt diversification strategy and its impact on corporate performance against the backdrop of Covid-19. Our results show that firms are willing to diversify away from their existing business and into the production of epidemic prevention supplies if so doing requires low investment and can benefit more from overseas operations. Results from event studies on a matched sample suggest that firms adopting such diversification strategies received significantly more positive stock returns during the announcement period and in the long run, compared to the control firms. Moreover, firms that diversified into the new sector achieved better accounting performance than their peers after their foray into the production of pandemic-related supplies. The positive impact of diversification strategy on corporate performance is more pronounced for firms that are exposed more widely to the shock and financially constrained. This conclusion is consistent with the existing theoretical inference that diversification helps alleviate financing frictions. Overall, our findings shed light on the value of corporate diversification strategy in a period of global economic downturns.

Key words: diversification strategy, foray into a new sector, economic outcome, urban governance