资源型企业多元化经营策略研究

目前资源型企业多元化经营已成为企业扩张的主要方式,但是在当前市场环境与条件下,资源型企业虽然通过扩张带动了企业规模发展,可是盲目地扩张也给企业带来了诸多问题。文章对当前资源型企业多元化经营的影响因素进行分析,重点研究资源型企业多元化经营形成的内外部因素,找出当前资源型企业在多元化经营过程中存在的问题,针对资源型企业多元化经营中具体存在的问题,制定具体的应对策略,确保我国资源型企业的健康、可持续地发展。     

多元化战略分析——以雅戈尔公司为例

在企业增长和发展的过程中是否多元化一直是理论界和实业界热议的话题,但只有当企业积累了一定的资本和剩余资源,并且原产业是处于衰退或稳健的时期的时候,企业就可以考虑是否开放多元化战略。本文通过分析雅戈尔公司的多元化战略的实施为主线,对其实施多元化战略的时机和产业等方面来阐述多元化的利弊。     

零售业态及其扩张战略研究

本文在综述零售企业业态的内涵、分类以及业态扩张战略相关支持理论的基础上,结合多元化理论提出:零售企业业态扩张也是一种多元化——同心多元化,并总结出零售企业业态扩张的两种战略:单一扩张战略和多业态扩张战略。     

适度多元化:基于业务多元化效应的理论分析

多元化是企业扩张的一种方式,回顾国内外很多采取多元化扩张的企业,成少败多,因此被很多人企业失败归因于多元化。本文从多元化的本质出发,从理论上分析认为多元化仅仅是企业扩张的一种方式,一把“双刃剑”。     

关于企业多元化经营的财务风险控制分析及思考

在众多的企业经营战略中,企业的多元化经营是企业重要的经营战略之一,是一个企业继续发展和扩张的重要方式之一。多元化经营,具有众多优点,如：提高企业资源利用率,有利于企业长久经营等。但是,企业多元化经营的时也会带来诸多的财务风险。本文分析了企业多元经营的财务风险产生的原因以及内容,并通过以上分析,得出了相应的解决对策和建议。     

避免企业多元化的误区

多元化经营是企业扩张采用的主要方式,但在对多元化的理解上有很多的误区,这些理解误区会导致企业在多元化的扩张过程中付出巨大的纠错成本,甚至给企业带来巨大的损失,因此谨慎操作企业的多元化,避免这些误区,对于企业具有十分重要的意义。     

浅析企业集团多元化战略中的母合优势

多元化战略是指企业在两个或两个以上相关或不相关的产业领域同时经营多项不同业务的战略。在过去几十年中,几乎所有优秀公司的兴起与衰亡都与公司多元化扩张战略有关。多元化战略是优是劣有两种不同观点:一种认为多元化有利于企业抵御外部风险和对内部资源进行有效再分配,从而产生1 1>2的效果,即多元化溢价;另一种认为多元化会造成资源分散,组织管理困难,破坏企业价值产生多元化折扣。一个推行多元化战略企业集团的母公司应如何协调与业务单位的关系?母合优势理论为企业集团如何进行多元化战略提供了一个崭新的视角。一、母合优势理论简述…     

多元化扩张战略下的盈利能力分析——以贵人鸟公司为例

近年来市场经济飞速发展,全球经济一体化的趋势更加明显,单一产业面临的压力剧增。许多企业由单一的业务模式向多元化扩张战略转型,但转型效果并不理想。大部分企业不但没有实现预期收益,甚至还陷入财务危机,贵人鸟公司便是如此。贵人鸟上市后进行数次多元化扩张,然而企业绩效却持续下降,构成债券违约并被实施退市风险警示。现以贵人鸟公司实施多元化扩张战略为例,就多元化扩张战略对盈利能力的影响进行分析,以期为企业多元化扩张战略的制定和实施提出合理建议。     

企业多元化战略风险及防范——以L公司为例

企业发展到一定阶段,基于各种原因往往实施多元化战略.多元化有利有弊,好处是可以充分发挥内部资源优势,降低企业经营风险,发挥协同效益,实现企业快速扩张,为股东创造价值,但也可能分散企业有限资源,增加企业财务风险,加大管理难度,拖累主业发展,导致企业陷入困境.因此企业应根据实际情况妥善选择实施多元化战略.本文以L公司为例,...     

企业实施多元化经营的五大误区

多元化经营又称多角化经营或多样化经营，是指一个企业同时生产或提供两种或两种以上的产品和劳务的一种经营战略。多元化经营是企业发展到一定阶段，为适应外部环境变化、寻求长远发展而采取的一种企业成长或扩张行为。从理论上来说，企业开展多元化经营，一是为了克服原有产品或服务需求规模与经营规模的有限性，使企业的特长和人、财、物力资源得到充分发挥和利用，避免资源的闲置     

Impact of growth strategy on mode of governance in alliances

The aim of this study is to analyse the way in which growth strategies influence the choice of governance mode in corporate alliances. Specifically, the study looks at how expansion, diversification and internationalisation strategies determine choice of joint ventures rather than other types of alliances. To that end, we analysed a sample of 918 alliances among companies from the European Union-15 between 2000 and 2004. The results suggest that companies prefer to set up joint ventures when their strategies are based on expansion and related diversification, whereas they prefer other types of alliances when they follow a strategy of unrelated diversification. Furthermore, in international alliances, it appears that the impact of growth strategy on alliance governance mode is similar for the entire range of companies employed in the sample.     

Managerial ownership,diversification, and firm performance: Evidence from an emerging market

Numerous existing studies have explored the impact of corporate diversification on firm performance, whereas considerably less research has investigated the inter-relationships among managerial ownership, diversification, and firm performance. This paper develops several hypotheses based on the agency theory self-interest perspective and tests the relationships among managerial ownership, corporate diversification, and firm performance using a sample of 98 emerging market firms listed on the Taiwan Stock Exchange. The results show a U-shaped relationship between managerial ownership and corporate diversification, similar to that found in prior studies. However, the inflection point is 33.17%, which is lower than that found in previous studies. Moreover, in contrast to prior results, corporate diversification is found to be positively associated with short-term firm performance and bears no relationship with mid-term firm performance, while firms engaged in unrelated diversification outperform those engaged in related diversification. This paper concludes with theoretical implications and suggestions for future research.     

Does diversification add firm value in emerging economies? Effect of corporate governance

Using 205 Taiwanese firms spanning five years, this research examines how corporate governance factors specific to emerging economies determine the extent of diversification and moderate its performance. The analyses reveal that controlling family ownership is significantly associated with a greater extent of diversification, which impairs firm value. Conversely, domestic bank ownership significantly decreases diversification, which in turn increases diversification performance. These findings present the evidence of controlling family entrenchment through diversification and the significant role domestic banks play in the principal–principal corporate governance framework.     

CEO duality leadership and corporate diversification behavior

This study examines an important, yet understudied relationship between CEO duality and corporate diversification. Results based on the data collected from Fortune 1000 U.S companies indicate that CEO duality is positively associated with corporate diversification into unrelated industries. Further analyses reveal that this relationship is moderated by a number of corporate governance mechanisms. We find that board equity ownership and institutional ownership concentration weaken the initially positive relationship between CEO duality and unrelated diversification while CEO tenure and board independence strengthen this relationship.     

Corporate advantage in customer-centric diversification

Our theory explains how multi-product corporations that engage in customer-centric diversification can create and sustain corporate advantage. First, we invoke the concept of customer-centric assets to explain their role as the cornerstone of corporate advantage in customer-centric diversification. Second, our explanation of the corporate advantage in customer-centric diversification goes beyond the hypothetical ‘consumer synergies’ argument to also include the ‘market-power advantage’ argument. We explain the mechanisms employed by multi-product firms to share and/or leverage their customer-centric assets to create corporate advantage. Third, we explain how sustaining the corporate advantage so achieved requires the organizational-renewal activities to go beyond simply addressing the changing nature of the firm’s demand-side resource (i.e. customer-base) to manage revenue and/or profits.     

Effects of family control on the degree and type of diversification: Empirical evidence for business groups

This article analyzes the impact of ownership structure on corporate diversification, with reference to large listed family business groups. By considering agency theory and socioemotional wealth, the study examines the relationship between family ownership, concentration of ownership, and degree and type of diversification. The study considers 99 Spanish listed business groups (50 family‐controlled‐ and 49 nonfamily‐controlled groups) and considers diversification of business group as the focus of analysis. The results show how family business groups present a lower preference for unrelated diversification than related diversification. There is also a nonlinear relationship between the concentration of ownership in family groups and the degree of diversification, showing different behaviors in family groups according to shares owned by the family's leading shareholders. This article contributes to the literature by providing a more precise identification of the corporate strategy adopted by business groups and establishing new evidence about the impact of family control on diversification strategies and the differences regarding nonfamily business groups.     

民营企业政治关联与会计盈余关系实证研究

近年来,政治关联这一概念正在被民营企业广泛重视,并分别产生了直接参与型、物质刺激型、引导政策型和积极沟通型等若干类型。作为民营企业,选择任何一种类型都是有利无害的,关键是应当结合企业自身状况、发展战略以及行业特点和所在地区特点选择适当的政治关联类型,力求做到成本最小、收益最大。通过运用相关性分析和回归分析,进一步表明,直接参与型可促进企业会计盈余上升;物质刺激型可扩大企业会计盈余;引导政策型和积极沟通型能提高企业会计盈余。     

A Note on the Relationship between Firm Diversification and Corporate Advertising Expenditures

Using data on 200 major U.S. advertisers, our empirical analysis examines the relationship between the degree of firm diversification and corporate advertising expenditures, while controlling for competing explanations. Data on corporate advertising expenditures are obtained from Leading National Advertisers (1989). Compustat line of business data and Hoover's Handbook are used to construct measures of firm diversification, and other firm/industry characteristics included as covariates in our empirical analysis to account for possible alternative explanations. Our results suggest that less diversified firms spend more on corporate advertising.     

我国上市公司的多元化战略和经营绩效分析——基于混合并购的实证研究

本文以2004—2009年期间我国的上市公司作为样本,从首次混合并购视角研究多元化经营对企业绩效的影响。本文采用企业经营性现金流回报作为衡量经营绩效的指标,借鉴事件研究法的基本思路,对比了451家实施不同类型并购的上市公司经营绩效的差异。结果显示无论是跨行业还是跨地区混合并购,企业的经营绩效在并购完成后都明显下降。原因在于混合并购所产生的财务协同效用较小及实施混合并购后企业须承担额外经营成本。     

Heterogeneity in business groups and the corporate diversification-firm performance relationship

This article examines how heterogeneous features among business groups influence the corporate diversification-firm performance relationship. The study classifies heterogeneity along three dimensions: group size, group diversity, and share ownership. Using a sample of firms from India, the study finds some evidence that for firms affiliated to larger business groups, corporate diversification enhances firm performance. However, business group diversity does not influence the diversification-performance relationship. The impact of diversification on firm performance differs substantially owing to the heterogeneity in share ownership. The paper documents an interesting interplay between business group and ownership structure.