企业多元化的动机、时机和产业选择——西方理论和中国企业认识的异同研究

A Study on the Comparison between the Cognitions of Western Theories and Chinese Enterprises on Motivations, Timing and Industrial Choice of Enterprises's Diversification

本文选择了1981￣2000年间140篇西方一流学术期刊上有关企业多元化的论文、114位MBA学员的有关企业多元化经营的开放式问卷,以及当今中国30位著名CEO有关企业多元化经营的公开言论为研究样本。首先,分别对3个样本的文本资料进行定性的开放式编码和定性的因子分析,试图开发适用于中国情景的多元化动机、时机和产业选择的初步量表。其次,运用相似分析,比较西方理论界和中国企业界对多元化动机、时机和产业选择认识的异同。第一,虽然两者都比较着重从资源和资产组合角度来考虑企业多元化动机,但是西方理论界更强调资源、交易费用和代理因素,中国企业界更强调资产组合、政府政策和制度因素。第二,西方理论界比较强调当企业面临威胁时进行多元化,而中国企业界比较强调当企业有实力时进行多元化。第三,西方理论界非常强调所选产业的关联性,而中国企业界比较平衡地考虑关联性和吸引力。

Western journals, 114 answers to the questionnaires to MBA students on enterprises' diversified operation, and the relative disclosed speeches by 30 famous Chinese CEOs. First, we used both the qualitative open coding and the qualitative factor analysis to deal respectively with the data of the three kinds of samples, so as to attempt to develop the plot scales of motivations, timing and industrial choice of the diversification suited to circumstances in China. Then, we employed correspondence analysis to explore the similarities and the differences between the cognition of Western theories and that of Chinese enterprises on motivations, timing and industrial choice of enterprises' diversification. We have come to the conclusion that, although both cognitions put stress on resources and asset portfolio theory to consider the motivation of enterprises' diversification, the Western theory puts more emphases on resources, transaction costs and agency while the Chinese enterprises highlight asset portfolio, government policies and institutional factors; that the Western theoretic circle focus more on carrying out diversification only when enterprises are threatened, while the Chinese enterprises more underline diversifying when have enough strength; and that the Western theoretic circle more accentuate the interrelationship between the original business or industry and the intended ones while the Chinese enterprises seek the relative balance between this interrelationship and the attractiveness of the intended businesses or industries.