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论文编号：	60
作者编号：	2120051877
上传时间：	2007/6/21 13:10:32
中文题目：	多元化选择与公司绩效--基于市场
英文题目：	Diversification Type and Corpo
指导老师：	刘志远
中文关键字：	多元化 多元化类型 企业绩效
英文关键字：	Diversification Diversificati
中文摘要：	本文基于市场结构，研究多元化选择与企业绩效之间的关系，即研究市场结构对多元化选择影响企业绩效的调节作用。本文首先回顾并总结了以前不同的学者对多元化的定义与分类，随后根据本文的内容对多元化进行了界定，并把多元化分为垂直多元化、相关多元化、非相关多元化和地区多元化四类。 从多元化溢价和折价之争、多元化类型对企业绩效的影响以及环境因素对多元化绩效的调节作用三个方面对前人的研究进行文献回顾后，本文分析了多元化溢价和折价的理论基础，前者包括规模经济、市场力量假说、内部资本市场假说等，而后者则主要包括资源配置低效率、反向交叉补贴以及过度投资等等；并进一步对四种多元化类型的收益和成本进行了分析，得出了多元化类型对企业绩效可能产生的影响。 在此基础上，本文对市场结构进行了分类，并着重分析了在不同的市场结构下，多元化类型对企业绩效的影响，以及市场结构对多元化收益和成本的调节作用。通过分析发现，市场结构对多元化收益和成本具有强化或弱化作用，使得在不同的市场结构下，多元化绩效会产生较大的差别。 利用中国经济研究中心的数据，本文分别以行业收入H指数、企业前五名供应商供货比例以及企业前五名客户销售比例衡量市场结构，并以平均值为基准进行分组，研究在不同市场结构下多元化与企业绩效的关系。本文通过研究发现，市场结构确实对多元化的收益和成本有或大或小的强化或弱化作用。虽然研究结果与本文的假设并不能完全吻合，但文章发现，在不同的市场结构下，多元化类型与企业绩效之间以及与总体模型之间的确存在着较大的差异，因而在一定程度上可以得出结论，市场结构对多元化影响企业绩效的关系具有重要的调节作用，在进行多元化战略类型选择时需要考虑企业所面临的市场结构。
英文摘要：	This thesis analyzes the relationship between diversification and performance, based on market structure, namely the adjustment function of market structure on the relationship between diversification and performance. We review and summarize the definition of diversification by previous researchers and raise our own definition in this thesis, then divide the diversification into four types: vertical diversification, related diversification, unrelated diversification and areal diversification. We then review the previous research on diversification premium and discount, on the influence of diversification type on performance, and on the adjustment function of market structure on the relationship between diversification and performance. And analyze the theoretical bases of diversification premium and discount, the former including scale economy hypothesis, the market power hypothesis, internal capital market hypothesis etc, and the later including resource allocation inefficiencies, cross-subsidization, overcapitalization etc. Further, we analyze the benefits and costs of diversification type. Based on the previous analyses, we classify the market structure to analyze the relationship between diversification and performance, and the adjustment function of market structure on diversification benefits and costs. We find by analysis that market structure can strengthen or weaken the benefits or costs of diversification, leading to different diversification performance under different market structure. Using the data in CCER, we measure the market structure with H index, the ratio of big 5 supplier and buyer, and divide the market structure into 2 groups with the three indexes, to analysis the relationship between diversification and performance. This thesis draw to the conclusion that, although the result is not totally the same with the hypotheses, but under different market structure, the relationship between diversification and performance is different, which is just the result we expect.
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