不确定环境下多元化战略对企业绩效的影响—以韩国企业集团为例

The effectiveness of diversification strategy on the corporate profitability under turbulent business environment——Cases of South Korean conglomerates

多元化战略是企业扩展业务、增强企业竞争力的关键战略之一。然而,在不同的宏观环境下,关于多元化战略与企业绩效之间关系的实证研究往往得到不一致的结果。与以往的研究不同,本文采用固定的研究对象,但在截然不同的经营环境中,观察其多元化战略与企业绩效之间的关系。通过利用韩国30家大型企业集团1997年亚洲金融危机前后14年(1990～1996,1999～2005)的财务数据,以企业经营管理因素为自变量,企业绩效为因变量,衡量不同多元化程度的企业绩效差异。结果表明:(1)金融危机促进了企业对内部管理因素的重视,并使企业改变对于危机管理的态度;(2)危机之后,企业的经营因素与经营成果之间的正相关关系更加显著;(3)低多元化企业较高多元化企业表现出更好的经营绩效。

Diversification is a key strategy for the conglomerates.Due to different macroeconomic environments,the empirical studies on the relationship between diversification level and performance of corporates always arrive to controversial conclusions.As distinct from previous research,the fixed research objects are taken however under the different business environments.The financial data of 30 largest south Korean conglomerates during the 14 years（1990~1996,1999~2005） are used and internal management factors are taken as independent variables and business performances are employed as dependent variables to compare high and low diversified firms＇ performances before and after the Asian Financial Crisis.To conclude,this the findings and implications for Chinese firms are as follows： Firstly,the financial crisis encourages firms to lay stress on internal management factors,and firms adjust their risk management strategy.Secondly,after the crisis,the positive correlation between firms＇ internal management factors and business performances becames highly significant.Thirdly,low-diversified firms achieve higher business performances than high-diversified firms do.