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论文编号：	3194
作者编号：	2120092376
上传时间：	2011/6/3 16:12:06
中文题目：	行业特征对公司多元化战略的影响研究
英文题目：	Research about the industrial characteristics on the impact of corporate diversification strategy
指导老师：	薛有志
中文关键字：	行业特征 多元化战略 行业竞争程度 行业盈利水平 行业成长性 行业生命周期
英文关键字：	Industrial Characteristics; Diversification Strategy; Industry Competition; Industry Profitability; Industry Growth; Industry Life Cycle
中文摘要：	多元化战略是公司层战略的一种，长期以来一直受到众多企业的追捧。自从20世纪60年代Ansoff第一次明确提出多元化战略的概念以来，学术界也开始了对多元化战略的讨论和研究，这其中多元化动因的研究是重要的组成部分，也是机理、绩效等研究的基础。从国内外的研究成果来看，大部分的动因理论都从公司层面和管理者层面来探讨，而近年来通过对我国上市公司多元化的认识和考察，越来越多的学者认识到行业特征对多元化战略的重要影响，并已经在一些研究中加以体现，但是却没有人进行系统的研究。 本研究在既有的对多元化战略动因研究和产业组织理论等行业研究相关理论的基础上，通过对改革开放以来我国行业结构的演变与发展进行了解和分析，并结合我国企业多元化经营的具体演变过程，总结出了我国行业发展的典型特征，特别是对企业多元化经营产生影响的特征，主要包括行业竞争程度、行业盈利水平、行业成长性和行业生命周期。以此为基础，通过实证研究分别对这些行业特征对企业多元化程度的影响进行了检验，揭示了这些行业特征对多元化程度的具体影响作用，并在此基础上对我国上市公司开展多元化经营的动因有了更加清晰的认识。 本研究利用2002-2008年沪深两市的制造业上市公司为样本，利用行业特征数据、上市公司多元化战略数据及相关财务数据，进行了实证分析。结果表明：（1）我国上市公司的多元化经营具有明显的行业差异，不同行业的多元化程度不同。（2）行业特征对上市公司多元化战略具有显著影响：行业竞争程度越高，行业内企业的多元化程度越高；行业盈利水平越高，行业内企业的多元化程度越低；行业成长性越好，行业内企业越不倾向于开展多元化；行业越处于生命周期的晚期，行业内企业的多元化经营程度越高。（3）我国上市公司开展多元化经营的主要动机是为了寻求新的发展机会。本研究是基于中国行业发展的实际情况来考察行业特征对公司多元化战略的影响作用的，这一结合中国具体情境的研究对于指导企业和相关部门的实际工作也具有一定的现实意义。
英文摘要：	Diversification Strategy is an important corporate strategy, many companies like to use it as a development strategy. Since H. I. Ansoff clearly stated the concept of diversification strategy for the first time at 60s of the 20th century, academics also have begun to discuss and research about diversification strategy. One of the research topics is diversification motives. From the research results at home and abroad, most of the motivation theories focus on the corporate level and macro level, but has not reached a consistent conclusion. Recently through a wide range of knowledge and study on diversification strategy of listed companies in China, growing number of scholars recognized the important influence on the diversification strategy of industry factors and had to be manifested in some studies, but no systematic study was carried out. In this study, on the basis of the existing research on the motivation of diversification strategy and industrial organization theory and other relevant theories, we got to know the development of the industry since reform and opening up of China, combined with the situation of enterprise diversification, and summed up the typical characteristics of China’s development of the different industries, especially the characteristics that have great impact on corporate diversification, including industry competition, industry profitability, industry growth and industry life cycle. On this basis, we used empirical studies to test the impact of the industry characteristics on corporate diversification. Understand the specific impact on the role of corporate diversification of these industrial characteristics, and to have a more clear understanding about the motivation of listed companies’ diversification in China. In this study, we chose the listed manufacturing companies in Shanghai and Shenzhen stock exchange as samples, used the company diversification strategy data, the industrial characteristics data and related financial data from 2002 to 2008 to do an empirical analysis. The results showed that: (1) the diversification strategy of listed companies in China have significant industry differences, in different industries the companies have different degree of diversification. (2) Industrial characteristics have a significant impact on the degree of corporate diversification strategy: the higher degree of industry competition, the higher level of corporate diversification; the higher degree of industry profitability, the lower level of corporate diversification; the better the industry growth, the companies do not tend to carry more diversified businesses; the more late in the life cycle, the companies will have higher degree of diversification. (3) the main motive to carry out diversification strategy for listed companies in China is to seek new development opportunities, when the development prospects of the industries in which the company is not good, and the market space is limited, the company has greater power to carry out diversification strategy in order to get rid of the plight of the company’s development, and to seek new opportunities for development. This study is based on the actual situation of China’s development of the industry to examine the characteristics of the industry influence the company’s diversification strategy, this combined with China’s specific situation has practical significance for the companies and relevant departments.
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