多元化经营与多元化折价--企业多元化研究的新进展

对多元化经营的讨论是传统金融学的一个重要议题。一致的共识是多元化经营会损害企业价值，多元化企业存在着多元化折价；而且大量的实证研究也具体度量了多元化折价程度。而近期对多元化经营的研究却从不同的侧面对上述结论提出了置疑。本文在总结了国外对企业多元化最新研究的基础上，认为对多元化折价的置疑本身仍存在诸多问题，因此，不能仅凭相对少量的研究结论就轻易否认多元化折价的存在。

Diversification and Diversification Discount--New Development of Corporate Diversification Research

The discussion on diversification is one of the important topics in traditional finance. The consent is that diversification harms the firm value, there exists diversification discount in diversified firms and lots of empirical studies also measure the degree of diversification discount. However, the recent researches have doubt on the former results from different perspectives. On the basis of synthesis of new development of corporate diversification research, the article suggests that the doubt on diversification discount is still an open question; the existence of diversification discount is not easily denied due to comparatively little opposite opinions.