非相关多元化

主要是非相关多元化投资对创始家族企业的绩效造成了负面的影响。

It is unrelated diversification that causes the negative influence in founding family firms .

股权集中度与公司的总体多元化程度和非相关多元化程度都有负相关关系；

The concentration rate of stock has negative relations with total diversification degree and unrelated diversification degree ;

中国制造业企业非相关多元化经营绩效的实证研究

An Empirical Study on the Performance of Unrelated-Diversification Strategies in Chinese Manufacturing Companies

企业非相关多元化风险的识别

Risk Identification of Irrelevant Diversification for Enterprise

在核心竞争力的基础上，多元化分为相关多元化和非相关多元化。

Diversification is divided into relevant pluralism and non-relevant pluralism on the basis of key competitiveness .

结论如下：1、非相关多元化经营会降低企业绩效，带来多元化折价。

Concluded as follows : 1 , non-related diversification will reduce business performance and bring diversification discount .

多元化经营分为相关多元化经营和非相关多元化经营。

The diversification strategy can be divided into two catalogues , say , relevant and non-relevant diversification .

非相关多元化选择的目标产业一般都是高增长、高风险的一些行业。

When unrelated diversification , the target industries are always to be high tempo , high risk ones .

相关多元化企业的业绩好于非相关多元化企业的业绩。

4 , the performances of related diversification firms are better than the performances of non-related diversification firms .

因此，相比相关多元化，许多企业更倾向于进行非相关多元化。这一差异在我国的经济和市场现实中表现得尤为突出。

Therefore , most of the companies prefer non-related diversification than related diversification , which is quite more universal in China .

在对相关案例进行研究的基础上，分析了企业开展非相关多元化经营将可能面对的各种风险因素及其子因素，并阐述了这些风险因素的作用机理；

Secondly we research lots of related cases , conclude the factors and sub-factors and expatiate the mechanism of those risk factors .

本文认为将相关多元化投资和非相关多元化投资笼统地归于多元化投资进行研究无法充分了解企业的多元化投资行为。

This paper believes that if related diversification and unrelated diversification are not studied separately , firms ' diversification behavior cannot be fully understood .

相关的理论和实证研究表明，对于企业来说，开展非相关多元化的风险和一旦取得成功后的收益通常高于相关多元化。

Relevant theoretical and empirical studies have shown that , the risks and benefits of non-related diversification are both higher than those of related diversification .

在相关多元化和非相关多元化模式下，企业通过品牌延伸推出新产品会形成不同的相关利益者组合。

For a brand extension enterprise , it will come forth different group of correlative profit operator with the mode of correlative multi-business and irrelated multi-business .

第三，企业资本结构对多元化的效应因负债来源不同而有所差异，从总体上看，相比银行借款，商业信用对企业多元化（包括总体多元化、相关多元化和非相关多元化）的正向影响更强。

In general , compared to bank loans , commercial credit has stronger positive effect on corporate diversification ( including the overall diversification , related diversification and unrelated diversification ) .

本文以中国制造业上市公司为研究样本，从“融资约束”的视角研究了非相关多元化经营对企业投资决策的影响。

Based on a sample of listed manufacturing companies in China , this paper studies the effects of non-relative diversified operation on investment decisions from the perspective of financing constraint .

根据企业经营的各产品或产业之间是否存在相关关系，可将多元化经营分为相关多元化经营和非相关多元化经营。

On the basis of whether there exists correlativity between the products and business scopes , diversified strategy can be divide into two kinds : related diversification and non-related diversification .

在目前中国的经济环境下，与传统理论不符的是，饭店绩效与非相关多元化程度存在着正相关关系，和相关多元化程度不存在显著的相关关系；

Contrary with traditional theories , hotel performance is positively correlated with the degree of non-related diversification while uncorrelated with the degree of related diversification under China 's current economic conditions .

相关多元化与非相关多元化在降低这两种风险的作用不同，在降低产业组合风险方面非相关多元化优于相关多元化，但是非相关多元化与相关多元化相比直接提高了多元化的操作风险。

A special attention is paid to how corporation select from related diversification and unrelated diversification . We distinguish the two kinds of risks , industry - combined risk and operating risk .

目前国内大型国有企业集团的发展战略多数是以主业为主，走相关多元化或者非相关多元化路线。

At present , large state-owned enterprise groups , the majority of the development strategy is based on the main lines of business-oriented and take the related diversification or unrelated diversification route .

再其次，根据资源过剩理论，文章指出了铁路进行非相关多元化的理论基础，研究了铁路非相关多元化的进入途径，分析了铁路非相关多元化经营面临的主要风险，并给出了风险控制措施。

On the other hand , according to resource surplus theory , the author further discusses about theory basis , approaches and the main risks of railway irrelevant diversification management and finally gives some control measures .

企业选择成长战略，依据核心能力由硬核心能力向软核心能力的转变，可以依次选择专业化成长相关多元化成长非相关多元化成长路线。

Enterprises choose strategy of growth , according to the transition from hard core capability to soft core capability , and may choose specialization growth - related diversity growth - non - related diversity growth in proper order .

本文综合运用产业组织学、战略管理学、信息经济学、市场营销学、模糊数学等相关学科知识，对企业非相关多元化经营的风险进行了分析和评估。

This thesis is aimed to analyze and evaluate the potential risk of the unrelated diversification by synthesizing relative knowledge , such as Industrial Organization , Corporation Strategy , Information Economics , Marketing Management , Fuzzy Theory , etc.

但是，对中国企业多元化经营的经验性分析表明，中国许多企业在较早阶段就开始从事较长跨度的非相关多元化经营，并以极快的速度成长为完全多元化经营的企业集团。

But many experienced analyses about the diversification of Chinese enterprises indicated that many of them began to engage in long-span unrelated diversification in early period and developed into completely diversified enterprise groups at a very fast speed .

根据产品集中度的高低，将企业投资模式分为四种类型：单一产品型投资模式、主导产品型投资模式、相关多元化投资模式和非相关多元化投资模式。

According to this perspective , corporate investment modes can be sorted into 4 types as the following : investment mode single product , dominant product investment mode , relative diversification investment mode , and irrelative diversification investment mode .

从目前国际竞争和我国企业现有的资源条件、管理能力来看，不宜追求高度非相关多元化经营，以培育核心竞争力为基础的适度多元化是当前我国绝大多数企业的正确选择。

Based on the international competition , the resources and managerial capabilities of Chinese enterprises , it is the right choice for most of our enterprises to choose moderate diversification associating with their core competence , but not unrelated diversification .

经多年的发展，许多非相关的多元化业务的屡屡受挫，以及金矿业务的资源枯竭，金创集团的经营性现金流下降，资金开始紧张，负债水平快速上升，企业发展陷入困境。

After years of development , the diversification of many non-related business often frustrated , as well as the depletion of gold resources , the record group operating cash flow decline in funding nervous start , a rapid increase in debt levels , enterprise development in a difficult position .

在非创始家族企业中，无论是相关多元化还是非相关多元化，都对企业绩效产生了显著的负面影响。

Third , in non-founding family firms , related diversification and unrelated diversification both bring significantly negative influence on firm performance .