范围、规模与集中:21 世纪的企业

IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Journal of Finance Pub Date : 2024-11-04 DOI:10.1111/jofi.13400
GERARD HOBERG, GORDON M. PHILLIPS
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引用次数: 0

摘要

我们利用公司 10-K 报告提供的证据表明,在过去 30 年中,美国公司扩大了经营范围。经营范围的扩大在很大程度上是在不增加传统经营分部的情况下实现的。范围的扩大大大提高了估值,主要是通过收购和研发投资实现的,而不是通过资本支出。传统的集中度比率无法反映这种范围扩张。我们的研究结果表明,有一种新型企业通过相关扩张来扩大业务范围,并得到市场的高度评价。
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Scope, Scale, and Concentration: The 21st‐Century Firm
We provide evidence using firm 10‐Ks that over the past 30 years, U.S. firms have expanded their scope of operations. Increases in scope were achieved largely without increasing traditional operating segments. Scope expansion significantly increases valuation and is realized primarily through acquisitions and investment in R&D, but not through capital expenditures. Traditional concentration ratios do not capture this expansion of scope. Our findings point to a new type of firm that increases scope through related expansion, which is highly valued by the market.
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来源期刊
Journal of Finance
Journal of Finance Multiple-
CiteScore
12.90
自引率
2.50%
发文量
88
期刊介绍: The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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