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Does geographic dispersion affect firm valuation Wenlian Gao, Lilian Ng, Qinghai Wang

??. ?????????????????????????????????,????????????????,???????????????6.2%??????,???????????????,???????????????????,??????????????????????????,????????????????????,???????????????????????????,????????????????,????????????????. ????. ??????,Landier????,????????????????????????,??????????,??

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Does geographic dispersion affect firm valuation Wenlian Gao, Lilian Ng, Qinghai Wang

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    1. Does geographic dispersion affect firm valuation? Wenlian Gao, Lilian Ng, Qinghai Wang ????:??? ?? Presented by ??? ???

    2. ?? ????????????????????????? ????????,????????????????,???????????????6.2%??????,???????????????,??????????????? ????,??????????????????????????,????????????????????,???????????? ???????????????,????????????????,????????????????

    3. ???? ??????,Landier????,????????????????? ???????,??????????,??????????????????????,????????????????,?????????????????????????????? ?LexisNexis????????????Directory of Corporate Affiliations(DCA),??????????????????????????????????????,????????????????,?????????????????????????

    4. ???? ?????????????????????????????????????????????????????? Denis ???(1997)?????????????????????????????????? Landier??“?????,????????????????”? ?????????????????????????????????????,??????????????????????????????????????????,??????????????,???????????

    5. ??????? 2.1?????????????? ??????????DCA?Compustat?????????????????DCA?????LexisNexis???Reed Elsevier???????,?????18.4???????????????????,??????????????????????????????

    6. ??????? ???????????????????????? ??????????????????? ???????????????,??Berger and Hann ??(2003)???,??Compustat??????????,?????????????? ???????????????????? Denis???(2002)??,?????????????,?????????????,??DCA???????????????????

    7. ??????? ?1993?2003???,?????????23,844????????,?5,117????DCA?Compustat??????????? ?????????????????????: (?)??????: ???????????????? (?) ?????: ???????????????

    8. ??????? 2.2???? ?????????????????????????????????????????;??????????????????????(pure-play firms)?????????

    9. ??????? ??????????????

    10. ??????? ?????????,???????????(pure-play firms)?,?????????????????????????,??????????????,????????????????????????????????

    11. ???????????? 3.1???? ????????????????,?????????????????

    12. ???????????? ?????Berger and Ofek??(1995?)??????Bodnar ???(1999?,2004?)?Denis?(2002?)?????,???????????????,?????????,????????????????????????? ???????????:??????????,?????????????????4??SIC???????(matching firms),????????????????;??????????????????,????????????????????

    13. ???????????? ???????????????????

    14. ???????????? 3.1.2?????? ????????????????????????????????????????,????????????(One-way fixed effect regression models),????11?????????????,?????????????????????? ??,??????????????????,???:????,??????????????????????????????????????????????????????????????????????????????????????????

    15. ???????????? ???????????????,?????????????????

    16. ???????????? 3.2???????????? ???????????????????,????????????,?????????????????,??,???????????,???????? ???????????????????????????????????????????????? ??,Graham(2002)???????????????????????,???????????????????????

    17. ???????????? ?????Year-1?Year+1????????????

    18. ???????????? 3.3????? ????????????????,??????????????????????????????????????????????,?????????????????????,????????????????????????

    19. ???????????? 3.3.1????????? ???????????????????????,????????????????????????????????,??????????????????????? ????????????????????,??????????????

    20. ???????????? ?????1993-2003??,????????????????????????????????????,????????????????????????

    21. ???????????? 3.3.2????? ????,??????????????????????2000?????????,???,?????????????????,????????????????????,???????20,910?????????,??5,564??????,?????????????????????

    22. ???????????? 3.3.2????? ????????,????????????,???????????????????4.7%?

    23. ???????????? 3.3.3????????? ??????????????????????????????,????,??????????????????,???????????? ?????,-6.4%?????????????,?????????????

    24. ???????????? ?????????????????????EBIT??????????Tobin’s Q? ??????,?????????,???????????????,Tobin’s Q????????????????????????

    25. ???????????? Bodnar?????,???????????????????,??????????,????????????????,????,???????????????,??21503?????????,???7865??????,??????????? ???????????????????????????????????,??????????????,?????????????????,?????????

    26. ????????? ???????????????????,????,??????????????????????,??????????????????? ??????????????????????: ??:?????????????????????????,???????????????? ??:????????????????????????,???????????,??????????????????????????????????????????

    27. ????????? ???????????????????????? [e0.124-1]*100%=13.2%

    28. ????????? ????????????????????????

    29. ????????? ???????????????,??????????,????????????????????????????????

    30. ????????? ?????????????,??????????????????????????,????????????,??????????????,????????????????,??,???????????????,????????????? ??????,???????????????????,?????????????????????,??????????,?????????????????????????????

    31. ???? ?????????????????????????,??????????? ???????????????1993??2003??,?????????????????????,???????????????,???????????????????? ?????????????????????,?????????????????,?????????????????????,??????????????? ????,???????????????????????,??????????????,????????????????????,??????????????????????,??????????????

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