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《Research on Financial and Economic Issues》 2006-11
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Diversification,Firm's Value and Earnings Fluctuation Empirical Research Based on Chinese Listed Firms

JIANG Fu-xiu~1,LIU Zhi-biao~2,LU Zheng-fei~3(1.Guanghua School of Management,Peking University,Peking 100871,China;2.Center for the Yangtze River Deltis Socioeconomic Development,Nanjing University,Nanjing Jiangshu 210093,China;3.Accounting Department of Cuanghua School of Management,Peking University,Peking 100871,China)  
The paper point out that the premise of Marris Model about the negative relation between firm's profit and growth might not exist in Chinese listed firms which are in a transition economy,and there may be a new relation between the two.We prove that diversification is positively related to firm's value,and firms operating in the style of diversification have higher value.There is a negative relation between diversification and earnings fluctuation,that is,diversification decreases the degree of earnings fluctuation.The research dose not find that turn point of the relation between diversification and performance occurs.We think the paper explains why the mode of diversification have been widely adopted in Chinese listed firms.
【CateGory Index】: F276.6;F224
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