企业多元化战略的选择分析

Choice Analysis of Corporate Diversification Strategy

本文主要通过交易费用理论和委托──代理理论分析企业多元化战略的选择；试图解释：（１）不同多元化战略的经济利益和管理成本有何差异？（２）为什么企业会选择特定的初始战略？（３）是什么因素决定企业改变原来的战略？本文的目的是为企业在选择多元化战略时提供一个经济利益──管理成本的分析框架。

Using the agency theory and transaction cost theory, this paper analyzes the choice of corporate diversification strategies in order to explain: (1) What are the differences in economic benefits and bureaucrat costs of different diversfication strategies? (2)Why does a business choose a certain original strategy? (3)What determines the change of a business's strategy? This paper aims to provide a benefit-cost framework of strategic choices in busines.