摘 要
企业多元化战略作为一种重要的企业发展模式，在当今复杂多变的市场环境中备受关注。随着全球化进程加速和市场竞争加剧，企业为寻求新的增长点和竞争优势，纷纷选择实施多元化战略，然而这一战略既蕴含着潜在收益也伴随着诸多风险，深入探究其风险与收益情况具有重要意义。本研究旨在系统分析企业多元化战略的风险与收益，基于资源基础理论与产业组织理论构建分析框架，选取沪深两市A股上市公司作为样本，运用因子分析法、多元回归分析法等实证研究方法进行研究。结果表明，多元化战略能够为企业带来规模经济、范围经济、分散风险等收益，但也存在管理效率降低、资源配置不合理、企业文化冲突等风险；不同类型的多元化战略（相关多元化与非相关多元化）对企业的风险与收益影响存在差异，相关多元化在风险控制方面表现更优且能获取一定收益。本研究创新性地从风险与收益平衡视角出发，为企业制定多元化战略提供理论依据，有助于企业权衡利弊，合理规划多元化发展路径，提高决策科学性，对丰富企业战略管理理论亦有贡献。
关键词：企业多元化战略 风险与收益分析 相关多元化
Abstract
Corporate diversification strategy, as a significant model for corporate development, has garnered considerable attention in today's complex and volatile market environment. With the acceleration of globalization and intensification of market competition, corporations are increasingly adopting diversification strategies to seek new growth points and competitive advantages. However, this strategy entails both potential benefits and numerous risks, making an in-depth exploration of its risk and benefit profile crucial. This study aims to systematically analyze the risks and benefits associated with corporate diversification strategies. By integrating the resource-based view and industrial organization theory, an analytical fr amework is constructed. Using A-share listed companies from the Shanghai and Shenzhen stock exchanges as samples, empirical research methods such as factor analysis and multiple regression analysis are employed. The findings indicate that diversification strategies can bring about economies of scale, economies of scope, and risk dispersion benefits to firms, while also posing risks such as reduced management efficiency, inefficient resource allocation, and cultural conflicts. Moreover, different types of diversification strategies (related and unrelated diversification) have differential impacts on corporate risks and benefits, with related diversification demonstrating superior performance in risk control and yielding certain benefits. Innovatively approaching from the perspective of balancing risks and benefits, this study provides theoretical support for corporations in formulating diversification strategies, aiding them in weighing pros and cons, planning diversified development paths rationally, and enhancing decision-making scientificity. Additionally, it contributes to enriching the theoretical fr amework of corporate strategic management.
Keyword:Corporate Diversification Strategy Risk And Return Analysis Related Diversification
目 录
引言 1
1企业多元化战略的理论基础 1
1.1多元化战略的定义与分类 1
1.2多元化战略的动因分析 2
1.3多元化战略的相关理论 2
2多元化战略的风险分析 3
2.1市场风险评估 3
2.2管理风险探讨 3
2.3财务风险剖析 4
3多元化战略的收益分析 4
3.1规模经济效应 4
3.2范围经济效应 5
3.3风险分散效应 5
4风险与收益的权衡策略 6
4.1战略选择依据 6
4.2风险控制机制 6
4.3收益优化路径 7
结论 7
参考文献 9
致谢 2
企业多元化战略作为一种重要的企业发展模式，在当今复杂多变的市场环境中备受关注。随着全球化进程加速和市场竞争加剧，企业为寻求新的增长点和竞争优势，纷纷选择实施多元化战略，然而这一战略既蕴含着潜在收益也伴随着诸多风险，深入探究其风险与收益情况具有重要意义。本研究旨在系统分析企业多元化战略的风险与收益，基于资源基础理论与产业组织理论构建分析框架，选取沪深两市A股上市公司作为样本，运用因子分析法、多元回归分析法等实证研究方法进行研究。结果表明，多元化战略能够为企业带来规模经济、范围经济、分散风险等收益，但也存在管理效率降低、资源配置不合理、企业文化冲突等风险；不同类型的多元化战略（相关多元化与非相关多元化）对企业的风险与收益影响存在差异，相关多元化在风险控制方面表现更优且能获取一定收益。本研究创新性地从风险与收益平衡视角出发，为企业制定多元化战略提供理论依据，有助于企业权衡利弊，合理规划多元化发展路径，提高决策科学性，对丰富企业战略管理理论亦有贡献。
关键词：企业多元化战略 风险与收益分析 相关多元化
Abstract
Corporate diversification strategy, as a significant model for corporate development, has garnered considerable attention in today's complex and volatile market environment. With the acceleration of globalization and intensification of market competition, corporations are increasingly adopting diversification strategies to seek new growth points and competitive advantages. However, this strategy entails both potential benefits and numerous risks, making an in-depth exploration of its risk and benefit profile crucial. This study aims to systematically analyze the risks and benefits associated with corporate diversification strategies. By integrating the resource-based view and industrial organization theory, an analytical fr amework is constructed. Using A-share listed companies from the Shanghai and Shenzhen stock exchanges as samples, empirical research methods such as factor analysis and multiple regression analysis are employed. The findings indicate that diversification strategies can bring about economies of scale, economies of scope, and risk dispersion benefits to firms, while also posing risks such as reduced management efficiency, inefficient resource allocation, and cultural conflicts. Moreover, different types of diversification strategies (related and unrelated diversification) have differential impacts on corporate risks and benefits, with related diversification demonstrating superior performance in risk control and yielding certain benefits. Innovatively approaching from the perspective of balancing risks and benefits, this study provides theoretical support for corporations in formulating diversification strategies, aiding them in weighing pros and cons, planning diversified development paths rationally, and enhancing decision-making scientificity. Additionally, it contributes to enriching the theoretical fr amework of corporate strategic management.
Keyword:Corporate Diversification Strategy Risk And Return Analysis Related Diversification
目 录
引言 1
1企业多元化战略的理论基础 1
1.1多元化战略的定义与分类 1
1.2多元化战略的动因分析 2
1.3多元化战略的相关理论 2
2多元化战略的风险分析 3
2.1市场风险评估 3
2.2管理风险探讨 3
2.3财务风险剖析 4
3多元化战略的收益分析 4
3.1规模经济效应 4
3.2范围经济效应 5
3.3风险分散效应 5
4风险与收益的权衡策略 6
4.1战略选择依据 6
4.2风险控制机制 6
4.3收益优化路径 7
结论 7
参考文献 9
致谢 2
