中国企业集团多样化经营战略研究——西方近期研究成果之借鉴

Lang和Stulz (1994 ) ,Berger和Ofek (1995 )以多样化企业集团的市场价值与集团各部门所在行业中所有单一企业组合的价值之和相比较,发现企业进行多样化经营后会降低其价值。由此,引发了西方理论界对多样化经营同企业价值间关系的大讨论。目前,中国的企业集团正蓬勃发展,随着企业集团的不断强大,企业过剩的资本会流向不同的产业部门,形成多样化集团。中国作为新兴的市场,与西方的成熟市场不一样。所以在借鉴西方理论以及研究成果为我所用的同时,更要结合中国的实际情况,提出切合实际的中国企业集团多样化经营战略。

The Strategy of Diversified Conglomerates for Chinese Enterprises

By comparing the market value of firms that operate multiple lines of business to the value of a portfolio of stand-alone firms operating in the same industries as the conglomerate divisions, Lang and Stulz(1994),Berger and Ofe k(1995)found that diversified conglomerate value declined. So, in western acad emia it brought about a heated debate on the relationship between firm value and firm diversification.Nowadays,the conglomerates in China are developing and w ill go into diversification because of increased investment. But it has obvious differences between the newly-born market of China and the mature market of the west. Thus with foreign theories and studies,we should make the strategy typic al of Chinese conglomerates' diversification.