The paper concludes that diversification discount or premium depends on corporate characteristics and diversification is neutral.
本文认为多元化本身是中性的，多元化折价或多元化溢价的产生取决于公司特性。
We find our diversified firms have discounted value. Our study confirms a significant relation between the diversification discount and information asymmetry after controlling other factors;
文章通过计算超额价值，发现我国上市公司也存在多元化折价现象，而信息不对称是导致多元化折价的主要因素。
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