不成熟市场下企业不相关多元化的动因研究
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摘要
多元化战略是企业持续发展壮大的重要战略方式之一。作为研究热点,多元化已经被学者讨论了近半个世纪。对于以美国为首的西方发达市场经济国家,二战以来多元化战略得到了普遍的应用。然而自80年代以来,多元化经营开始遇到严重的问题,企业逐渐从多元化热潮转向退潮——归核化阶段,尤其表现在对不相关多元化业务的剥离行为上。西方理论界也基本上否定了企业的不相关多元化经营。但是从我国企业的发展实践来看,这一时期的多元化经营特征仍旧表现为不相关多元化占主导,实践中更有很多企业的不相关多元化取得了成功,所以单纯从现有西方理论,已经无法解释我国企业不相关多元化的动因。
从国内对多元化理论的研究来看,主要集中在研究多元化的绩效和多元化动因两方面,但这些研究大多遵循的是国外的研究框架,尤其是建立在国外发达市场经济前提下,缺乏对我国不成熟市场下不相关多元化动因的解释力。因此,本论文试图以不成熟市场对企业不相关多元化动因的影响为切入点,从企业的内部和外部条件来构建我国企业不相关多元化的动因模型框架,由此为我国企业不相关多元化提供一些合理的理论解释和实践指导。
首先,本文对企业多元化研究做文献综述,在此基础上,从不成熟市场特征、企业内部和外部条件三方面来构建企业不相关多元化的动因模型。然后,具体对模型进行深入细致的讨论,归纳总结出不相关多元化的企业内部动因主要包括企业剩余资源、企业经营状况、组织结构和企业文化四方面。企业不相关多元化的外部环境动因主要包括市场容量的有限性和多样性以及经济周期。不成熟市场对企业不相关多元化的影响主要体现在行业因素和政府干预。
接着,本文通过案例研究分析方法,选取了盾安集团、万事利集团和天目山药业三家不相关多元化企业进行了案例研究。根据不成熟市场下不相关多元化的动因模型对三家企业不相关多元化的行为模式进行了各个动因的比较分析。在案例分析的过程中总结出它们在不相关多元化动因中的共性和特性,最终形成本文的研究结论。
最后,本文根据研究结论,提出了不成熟市场下企业不相关多元化的对策和建议,同时为进一步研究提出展望。
Diversification strategy is one of the important ways which Enterprises apply to development and expansion. As a research focus, it has been discussed for nearly half a century by scholars. For the US-led Western developed market countries, since The World War II, diversification strategy has been widespread applied. But since the 1980s, some serious problem occurred in the process of diversification. Therefore, enterprises gradually deduced their scale of diversification, especially reflected by the reduction of non-related diversification, which was called refocussing strategy. Western theorists have largely denied the non-related diversification. However, from the development of China's enterprises' practice, the diversification of this period is still operating non-related diversification. In practice, even more enterprises' non-related diversification has been succeeded. So it is unable to explain the motives of China's enterprises' non-related diversification now just by the existing western theory.
Judging from the domestic research on diversification, it can be divided into two parts: one is focused on the performance of diversification and the other is about the motives of diversification. However, most of these research is based on the framework of developed countries which is unsuitable to explain the phenomenon that non-related diversification success in China. Therefore, this paper attempts to provide a new framework that is based on the impact of imperfect market to explain the non-related diversification in China. Besides the enterprise's internal and external conditions for China's enterprises, the framework builds a motives model to provide our enterprises some viable explanation of the theory and practical guidance.
First of all, the paper has reviewed literature about diversification. On the basis of this, we build a motives model which includes the imperfect market characteristics, internal and external conditions for enterprises. Then, we discuss the model specifically. The internal motives of enterprises include enterprises' remaining resources, the state of business, organizational structure and corporate culture. The external motives of enterprises are about the limited market capacity and diversity, as well as the economic cycle. Imperfect market's impact on non-related diversification is mainly on the industry factor and government intervention.
Then, the paper select three corporations of non-related diversification to case study. They are Dun'an groups, Wanshili groups and Tianmushan medicine.According to the motives model, we compare their non-related diversification for each motive carefully and deeply. In the process of case study, we summarize the common cause and characteristics in their non-related diversification which form the conclusion of the study.
Finally, according to research findings, we give some countermeasures and suggestions for Enterprises' non-related diversification. Meantime some prospect for further study is also provided.
从国内对多元化理论的研究来看,主要集中在研究多元化的绩效和多元化动因两方面,但这些研究大多遵循的是国外的研究框架,尤其是建立在国外发达市场经济前提下,缺乏对我国不成熟市场下不相关多元化动因的解释力。因此,本论文试图以不成熟市场对企业不相关多元化动因的影响为切入点,从企业的内部和外部条件来构建我国企业不相关多元化的动因模型框架,由此为我国企业不相关多元化提供一些合理的理论解释和实践指导。
首先,本文对企业多元化研究做文献综述,在此基础上,从不成熟市场特征、企业内部和外部条件三方面来构建企业不相关多元化的动因模型。然后,具体对模型进行深入细致的讨论,归纳总结出不相关多元化的企业内部动因主要包括企业剩余资源、企业经营状况、组织结构和企业文化四方面。企业不相关多元化的外部环境动因主要包括市场容量的有限性和多样性以及经济周期。不成熟市场对企业不相关多元化的影响主要体现在行业因素和政府干预。
接着,本文通过案例研究分析方法,选取了盾安集团、万事利集团和天目山药业三家不相关多元化企业进行了案例研究。根据不成熟市场下不相关多元化的动因模型对三家企业不相关多元化的行为模式进行了各个动因的比较分析。在案例分析的过程中总结出它们在不相关多元化动因中的共性和特性,最终形成本文的研究结论。
最后,本文根据研究结论,提出了不成熟市场下企业不相关多元化的对策和建议,同时为进一步研究提出展望。
Diversification strategy is one of the important ways which Enterprises apply to development and expansion. As a research focus, it has been discussed for nearly half a century by scholars. For the US-led Western developed market countries, since The World War II, diversification strategy has been widespread applied. But since the 1980s, some serious problem occurred in the process of diversification. Therefore, enterprises gradually deduced their scale of diversification, especially reflected by the reduction of non-related diversification, which was called refocussing strategy. Western theorists have largely denied the non-related diversification. However, from the development of China's enterprises' practice, the diversification of this period is still operating non-related diversification. In practice, even more enterprises' non-related diversification has been succeeded. So it is unable to explain the motives of China's enterprises' non-related diversification now just by the existing western theory.
Judging from the domestic research on diversification, it can be divided into two parts: one is focused on the performance of diversification and the other is about the motives of diversification. However, most of these research is based on the framework of developed countries which is unsuitable to explain the phenomenon that non-related diversification success in China. Therefore, this paper attempts to provide a new framework that is based on the impact of imperfect market to explain the non-related diversification in China. Besides the enterprise's internal and external conditions for China's enterprises, the framework builds a motives model to provide our enterprises some viable explanation of the theory and practical guidance.
First of all, the paper has reviewed literature about diversification. On the basis of this, we build a motives model which includes the imperfect market characteristics, internal and external conditions for enterprises. Then, we discuss the model specifically. The internal motives of enterprises include enterprises' remaining resources, the state of business, organizational structure and corporate culture. The external motives of enterprises are about the limited market capacity and diversity, as well as the economic cycle. Imperfect market's impact on non-related diversification is mainly on the industry factor and government intervention.
Then, the paper select three corporations of non-related diversification to case study. They are Dun'an groups, Wanshili groups and Tianmushan medicine.According to the motives model, we compare their non-related diversification for each motive carefully and deeply. In the process of case study, we summarize the common cause and characteristics in their non-related diversification which form the conclusion of the study.
Finally, according to research findings, we give some countermeasures and suggestions for Enterprises' non-related diversification. Meantime some prospect for further study is also provided.
引文
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[3]Ansoff,I.H.Strategies for Diversification,Havard Business Review[J].1957:113-224
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