企业多元化战略与财务决策的关系：一个多视角的分析框架

The Relationship between the Diversification Strategies of Firms and Financial Decisions:a Conceptual Model from a Variety of Theoretical Lens

本文试图从理论上系统分析在不同的多元化战略下(相关多元化和无关多元化)应采取何种财务决策。在结合不同理论视角的同时,分析企业不同的参与者类群(债权人,股东,高层管理者、部门管理者)的心理和行为决策。财务决策采用常用的分类:投资(长期和短期)、融资(权益融资和债务融资)和股利分配(高股利和低股利)。理论分析认为,相关多元化的公司倾向于进行长期投资,使用股权融资和低现金股利政策;无关多元化的公司倾向于进行短期投资,使用债权融资及高现金股利政策。

In this paper, we try to give a conceptual model about the effects of different diversification strategies on financial decisions. From a variety of theoretical perspectives, we construe distinctive psychological and behavioral decisions of participant groups （i.e., creditors, shareholders, top managers, divisional managers） in corporations. Financial decisions are divided into three types which include investment （long-term and short-term）; financing （equity and debt） and dividend allocation （high and low）. We conclude that the related diversified firms prefer long-term investment, equity financing and low cash dividends policies, while unrelated diversified firms prefer short-term investment, debt financing and high cash dividends policies.