关于过度多元化和归核化的分析——以家电行业为对象的实证分析

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1、AbstractABSTRACTDiVersifiedbusinessisalson锄eddiVersi匆ingoperation．Itmeansthattheente印risesareoperatinganumberofindustries，Whichmayberelatedornon．related．Accordingtotherelationshipbetweentheindustrieswhichtllediversi匆ingente印risesoperateatthesame，mediversificationcanbedividedimorelated-dive

2、rsificationandunrelated．diversification．ThediVersifiedbusinessmaybringalotofadVaIltageformeente印rises．Forexample，bydiVersifyingtheirindustries，t11eycallallocatetheirresourcemoreefrectiVely，saVemeirtradecost，Decentralizeoperatingriskandsoon．TherearealsosomedisadVaJltagesofDiVersi矗edbusiness

3、besidesitsadValltage．Whenmeente叩riseputmuchmoreresourcethantlleycansustaintomenewindustries，t11ecostOfthenewindustriesmayexceedtheretllm．Thus，ifthemaJlagerskeeponraisingmeleVeIOfmediVersification，theente印risewouldsⅢrermore10sses．1nthiscase，t11eenterpriseshaveencounteredtheove卜diversi矗catio

4、n．TherefocusisaBusinessstrategybyWhichtheco印oratestripsomeassetthatcannotcreateprofittofocusont11emainindus仃ies．It’sanea、ectivemeanstos01vethecrisisofoVe卜diVersification．It’snottheoppositionofthediversificationbutthecomplemenla巧ofthediVersification．ThereissuchaprocessinsomedeVelopedcountri

5、es：managersdiversi母andgetexcessretums；astheincreaseofthediversifiedlevel，t11ecorporateencounteredtheoVer-diVersification；thenthemanagerswouldtakemerefocusstrategytosolVemeproblem．Comp撕esinourcounnyjustbegintobet11ediversified，it’sreasonablet11atmesecomp砌esmayencountertheoVe卜diVersification

6、somedayint11efnture，just1iketheforeigncompanies．BecausetherefocusstrategycanbeusedtosolvetheproblemofoVer-diVerSification，soit’snecessaryforustostudyonit．InordertoanalysistheimpactofdiVersificationandRefocusingtotheente印rises，thispaperc秭edoutaseriesofempiricalstudies．First，weusetllecompaIl

7、iesofthe印pliaJlceindus缸yastheobject，andfindmatmodestdiVersificationhelpstoe1111ancebusinessperf．onllance，andexcessivediVersificationwillleadtoadeclineinbusinessperfonnance．ThediVersi矗cationleVelandchangesintheValueofente巾risesmeetthecubiceq眦ion．Themanagersof气A