大连海事大学硕士学位论文
摘
要
近年来，我国经济进入新常态，经济发展模式由以往的中高速发展转变为高质量发
展。在这一经济转型背景下，诸多企业倾向于实施多元化战略以谋求发展机遇，与此同
时，有关多元化战略对企业经营状况的影响研究也逐渐成为学术界的热点。从现有文献
看，学者大多热衷于讨论多元化经营对企业绩效的影响，但多元化战略属于某种投资活
动，探究其对投资效率的影响更为直接，且投资活动对企业价值也有深远影响。此外，
企业投资效率在很大程度上还取决于内部现金流情况，投资不足或投资过度问题的出现，
主要源于企业内部非正常的现金流水平。因此，本文有必要从多元化经营出发，探究多
元化经营、自由现金流及其协同作用对企业非效率投资的治理效果，这符合国内上市公
司的发展现状。
本文对多元化经营、自由现金流与企业非效率投资的影响做出探究，探讨多元化经
营战略对企业投资效率的治理效用。首先，经过对相关研究背景、现存文献进行归纳梳
理，界定本文的研究范围和具体内容；其次，对主要变量做出概念界定，并从信息不对
称、资源配置、融资约束和自由现金流量假设等方面论述本文的理论依据；再次，在理
论分析基础上提出相关假设，同时采用沪深 A股上市公司 2012-2020年数据进行实证检
验，试图厘清多元化经营对企业非效率投资的治理路径；最后，总结归纳实证分析结果，
并从企业战略和自由现金流管理等角度提出改善企业投资效率的有效建议，同时列举本
文的不足之处，以期在未来相关研究中得到完善。
实证结果表明：（1）多元化战略通过优化内部融资、分散财务风险以及降低外源
融资约束等优势，有效缓解了企业非效率投资问题；（ 2）多元化经营有助于提高企业
内部资金的配置效率，进而在短缺的自由现金流量促使投资不足关系中起到缓解作用；
（3）多元化经营实施过程中产生大量的管理协调成本，有助于约束管理者的机会主义
行为，从而能有效缓解自由现金流富余引发的投资过度问题；（ 4）相对于高成长性企
业，低成长性企业中的融资约束和监督效应更强，使得多元化经营在自由现金流与非效
率投资间的负向调节作用对低成长性企业来说更显著。本文的主要贡献在于：第一，从
企业战略角度探究多元化经营对企业投资效率的作用机理，有助于完善多元化经营战略
的治理效用研究；第二，将企业战略与自由现金流相结合，探究多元化战略如何在自由
现金流促进非效率投资中发挥调节作用，并分别对不同成长性的企业做出探讨，以提出
更具针对性的建议，丰富了企业投资效率的相关研究。
关键词：多元化经营；自由现金流；非效率投资
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多元化经营、自由现金流与非效率投资
Diversification, Free Cash Flow and Inefficient Investments
Abstract
With the deepening of the new economic normal in my country, domestic listed
companies have adopted strategies to seek new development ideas. Diversification strategy is
one of them, which is favored by many enterprises in the transformation. At the same time,
the governance effect of diversification strategy on many aspects of enterprises has gradually
become the focus of academic circles. Judging from the existing literature, most scholars are
keen todiscuss the impact ofdiversification on corporateperformance, but in fact
diversification strategy is a certain investment activity, so it is more direct to explore its
impact oninvestment efficiency, andinvestment activities Enterprisevalue also has
far-reaching implications. In addition, corporate investment efficiency also depends to a large
extenton theinternalcash flowsituation,the emergenceofunder-investment or
over-investment problems, mainly due to the abnormal level of free cash flow within the
enterprise. Therefore, it is necessary for thesis to start from the strategy of diversification and
explore the mechanism of diversification, free cash flow and their combined effects on the
inefficient investment of enterprises, which is in line with the development status of domestic
listed companies.
Thesis explores the influence of diversification, free cash flow and corporate inefficiency
investment, and discusses the governance effect of diversification strategy on corporate
investment efficiency. First, after summarizing the relevant research background and existing
literature, the research scope and specific content of thesis are defined; secondly, the main
variables are conceptually defined, and from information asymmetry, resource allocation,
financing constraints and free cash flow assumptions, etc. Thesis discusses the theoretical
basis of thesis; thirdly, on the basis of theoretical analysis, relevant hypotheses are put
forward, and the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2020
are used to conduct empirical tests, trying to clarify the governance path of diversification to
enterprises' inefficient investment; finally , summarizes the empirical analysis results, and
puts forward effective suggestions to improve the investment efficiency of enterprises from
the perspectives of corporate strategy and free cash flow management.
The empirical results show that: (1) the diversification strategy can effectively alleviate
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