企业多元经营的效益分析

Analysis On Diversification of Enterprises

多元经营对企业效益的影响取决于一系列动因的综合作用 :有效利用富余资源和产业结构调整将有助效益的提升 ;管理者自身效用最大化及企业经营成本提高则对效益产生损害 ;而企业内部资本市场的建立、交叉补贴和经营风险的分散对效益的影响又是两方面的。上述因素对企业效益的综合影响结果将随环境改变而动态变化。对上市公司的实证研究表明 ,在当前经济环境下 ,多元经营对企业效益的影响是负面的 ,注重于主营业务将是我国企业今后努力的方向。

Using the redundant resources and chainging the production collection can raise an profit. If managers' goal is maxmizing their own utility and the enterprise's operation cost is raising, the performance of an enterprise will be damaged. However, the inner capital market, the subsidizing across different subsidiary and the dispersing of running risk have both positive and negative results on an enterprise's performance. In general, the integrating result for above all is changing under the dynamic conditions. Having an empirical study about the PLCs in China, We know that diversification has negative result on enterprise's performance these days and focus on main business should be a strategy of Chinese PLCs in the future.