The Impact of Diversification Strategy on a Firm's Value in Real Estate Listed Companies: From the Perspective of Capital Investment

被引：0
|
作者：
Song, Haixu [1 ]
Dai, Hongcai [1 ]
Cai, Tao [1 ]
机构：
[1] State Grid Energy Res Inst, Dept Corp Strategy, Beijing 102209, Peoples R China
来源：
ICCREM 2015: ENVIRONMENT AND THE SUSTAINABLE BUILDING | 2015年
关键词：
FREE CASH FLOW; AGENCY COSTS; PERFORMANCE;
D O I：
暂无
中图分类号：
TU [建筑科学];
学科分类号：
0813 ;
摘要：
From the perspective of capital investment, this paper studies the impact path and mechanism for diversification strategy on firm value in real estate listed companies. The results show that there are two kinds of agency problems in diversified companies. One exists between shareholders and top management, and the other is between top management and department managers. Because of the problems, diversification always leads to over-investment, which makes marginal value of capital investment decrease. This conclusion not only expands the research framework of the relationship between diversification strategy and firm value in theory, but also provides new decision evidence for management and investors in practice.
引用
收藏
页码：893 / 901
页数：9
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