论文部分内容阅读
多元化与企业价值关系研究是企业战略管理和财务管理的重要研究热点问题。有学者认为多元化会降低企业价值,即存在“多元化折价”现象;有学者认为多元化提高企业价值,即存在“多元化溢价”现象。学术界认为存在其他因素影响多元化与企业价值的关系。本文通过对前人研究进行梳理,按照行业异质性和商业周期两个因素进行相关综述,并对未来研究做出相应展望。
Research on the relationship between diversification and enterprise value is an important research topic in strategic management and financial management. Some scholars believe that diversification will reduce the value of the enterprise, that is, there are “diversified discount” phenomenon; some scholars believe that diversification enhances the enterprise value, that is, there is a “diversified premium” phenomenon. Academia believes that there are other factors that affect the relationship between diversification and enterprise value. In this paper, we sort out the previous studies and make relevant reviews according to the factors of industry heterogeneity and business cycle, and make the corresponding prospect for the future research.