An Empirical study on Diversity Discount: Evidence from JapaneseCompany

在世界各地的资本市场中，在(A)业务多元化(行业多元化)和(B)地理多元化(业务全球化)正在向其发展的公司中，可以观察到股票价格下跌的现象。本研究的目的在于实证澄清三个主题：多元化折价真的存在吗？为什么会出现多元化折价？陷入多元化折价的公司集团应该采取什么样的会计信息披露行为或管理行为？作为这项研究的结果，我发现了以下事实。首先，它在业务和地域多元化方面都有折扣。第二，由于管理者和投资者之间的信息不对称，多元化企业被折现。第三，高质量的会计信息降低了多元化折价。然而，当多元化程度很高时，如不相关的多元化，信息披露的效果就不会发生。

In the capital market around the world, in the company to which (A)business diversification (industry diversification) and (B)geographic diversification (globalization of business) are progressing, the phenomenon in which a stock price is lowed is observed. The purpose of this research is empirically to clarify three themes: Does the diversification discount really occur?Why does a diversification discount occur?,what kind of accounting information disclosure action or administrative behavior should the company group which has fallen into the diversification discount take or not? As result of this research, I found the following facts. First, it is discounted both business and geographic diversification. Second, since the information between managers and investors is asymmetric, the diversified firm is discounted. Third, diversification discount is reduced as be alike by high quality accounting information. However, when diversification is progressing very much such as unrelat d diversify, the effect of information disclosure does not happen.