多元化战略在分散风险和增加企业价值等方面的能力较差。相关多元化的风险要明显小于非相关多元化,这与组合投资理论是相违背的,即多元化经营中的“悖论”。企业应该加强核心竞争力,围绕核心竞争力适度多元化,并利用组合投资理论,通过资本的桥梁作用分散风险,稳定现金流,增加企业价值。 Diversification strategies are less capable of diversifying risk and increasing business value. The risk of related diversification is obviously less than that of non-related diversification, which is against the theory of portfolio investment, that is, “paradox ” in diversification. Enterprises should strengthen their core competitiveness, moderately diversify their core competitiveness, and use portfolio investment theory to diversify risks, stabilize cash flow and increase corporate value through the role of bridge of capital.