多元化经营的现状分析（Analysis of the current situation of diversification）.doc

多元化经营的现状分析（Analysis of the current situation of diversification） First, the theoretical review of diversification One of the basic criteria to judge whether diversification is reasonable is to see whether it can improve the investment value of enterprises, especially enterprise shareholders. Some theoretical studies show that diversification can improve the value of the enterprise by making full use of the internal advantages and dispersing the business risks. Compared with diversified enterprises and single enterprises, equivalent to the original by a single operation of the business activities of enterprises combination within an enterprise, in the enterprise management personnel, with the decision between different business direction in resource allocation plan and administrative means, in order to reduce the transaction cost, improve the efficiency of resource allocation. Chandler (1977) [1] believes that because of diversified enterprises to create a coordinated management of diverse sectors of the business opportunities for the management, so the operation will be more efficient than a single business enterprise, profit also more lucrative. Another advantage of internalization through diversification is the establishment of the internal capital market. Myers (1977) [2] and Myers and Majluf (1984) [3] has pointed out that when external potential investors with the companys information asymmetry is strong, the enterprise may not be in accordance with the reasonable cost for raising enough money and had to give up some positive NPV investment projects. The establishment of the internal capital market can solve this problem to a certain extent through the internal fund management. Stulz [4] (1990) pointed out that due to the diversified business enterprise to create a large internal capital market, it will effectively solve the problems of the enterprise investment, the diversification of business than a single enterprise can use more positive NPV investment oppor