东方明珠(集团)有限公司多元化发展与企业价值的关系-企业管理专业论文.docxVIP

有限公司 8 年间多元化发展的动态过程，并研究了多元化战略对企业市 场价值和财务价值的影响。 关键词：多元化，企业价值，财务绩效，托宾 Q  THE RELATIONS BETEEN DIVERSIFICATION AND ENTERPRISE VALUE OF SHANGHAI ORIENTAL PEARL (GROUP), LTD ABSTRACT Diversification, as a typical enterprise business strategy, has been long-concerned by the industrial and the theoretical circles. Whether a company adopts diversification strategy, and to what extent it should take makes a problem. It’s not only with the enterprises own law of development, and also there is a close link with the institutional environment. Development of diversification in China’s enterprises has their characteristics, and can not simply apply foreign conclusion. Currently more research is from the perspective of strategic management theory of diversification; some from the empirical test of diversification, but few are from China’s capital market. So the thesis of relations between diversification and enterprise value was proposed.  The thesis could be divided into six parts. First part is an introduction, the background, approaches of research is introduced. Second part is theories of diversification and enterprise value. Third part is a review of empirical study at home and abroad. Forth part is the research on empirical study of China’s enterprises. Fifth part is a case analysis on Shanghai Oriental Pearl (Group), Ltd. Sixth part is conclusion of all the research, making suggestions to the enterprises of diversification of China. KEY WORDS: diversification, enterprise value, finance performance, Tobin Q  上海交通大学硕士学位论文 东方明珠（集团）有限公司多元化发展与企业价值的关系  上海交通大学 学位论文版权使用授权书 本学位论文作者完全了解学校有关保留、使用学位论文的规定， 目主;学校保留并向国家有关部门或机构送交论文的复印件和电子 版，允许论文被查阅和借阅。本人授权上海交通大学可以将本学位 抡文的全部或部分内容编入有关数据库进行检索，可以采用影印、 纠 I.:IJ 或扫描等复制手段保存和汇编本学位论文。 保密〈在主一年解密后适用本授权书。 本学位论文属于 v 不保密口。 (请在以上方框内打 .J ) 口UH -hυ 月 年 Jm H门i !下上/ 叫山:?级 4  1.引言 1.1 研究背景及意义 多元化是指企业的产品或服务在多个业务领域展开的经营方式。多元化作为企 业的一种典型经营战略，长期以来受到实业界和理论界的广泛关注。多元化对企业 价值的影响是企业多元化理论中最为核心的一个部分，因为它关系到一个基本问题： 企业为什么要进行多元化。多元化与企业价值的关系既是理解多元化的逻辑起点， 也是判断多元化合理与否的根本标准