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Decision of corporate diversification strategy : Industry Perspective

Author: DengZhiWang
Tutor: YuYiHong
School: Fudan University
Course: Industrial Economics
Keywords: Corporate diversification decisions Industry Life Cycle Industrial Properties Property Portfolio Corporate Strategy
CLC: F272
Type: PhD thesis
Year: 2004
Downloads: 1976
Quote: 15
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This article attempts to explain that the company diversified fields of a contradiction: the real world companies bored, fought on the road towards diversification of the company diversified and theorists behavior gusto. In between these two extremes, we hope to set up a bridge, so that we understand the reality of the company to diversify decisions are based on what considerations. We found that although the company diversified research voluminous, vast clouds, but it can really help us understand how the company is making to diversify studies are rare. Most previous studies have focused on the analysis of the company and the company diversified motive performance testing and other aspects of diversity, we in this paper attempts to answer the following questions: 1. Come from a single company to consider, why is often developed to a certain stage began implementing diversification, rather than in the early stages of the beginning of the creation? 2, from the industrial point of view, a particular diversification of the company within the industry there is no timing behavior consistency, or that occur in a particular time period? If there (we are on the home appliance industry, the study confirms this), what does this show? 3, diverse selection of objects from the company point of view, whether it has some similarities, especially common on industrial property ? also is diversified industrial point exists or not? If present, the industry has pointed to what attributes? our company's new target is assumed, industry life cycle theory, the industry chain to enter the order, based on the framework of the general pattern of development of the company. On top of this, we have established a formal mathematical model, solving the necessary conditions for diversification of the company and the company diversified optimal level. We also pay special attention to the company's related diversification and unrelated diversification when choosing between the decision-making process, proposed diversification of the company faced two risks: industrial portfolio risk and operational risk. Related diversification and unrelated diversification in reducing the risk of these two different roles in reducing portfolio risk industries unrelated diversification than related diversification, but unrelated diversification and related diversification compared to directly improve the diversification operational risk. We also have our theories and models are empirically tested. Empirical test is carried out in two ways, one is from the cross-section, which is different from the life cycle in companies within the industry to adopt a different lt; WP = 8 gt; mergers way to illustrate the company diversified its behavior often in which the industrial environment are closely linked. On the other hand from the time series analysis of the home appliance industry, large enterprises diversification of development. In this process, we find the following: (a) select a wide range of timing concentration, concentrated in the period from 1996 to 1999; (2) diverse paths are similar, basically gone from a closely related to the general diversification unrelated diversification related diversification and then the road; (3) multi-faceted approach similar to that in the relevant industry generally taken into internal mode of development, when entering the non-related industries tend to adopt merger or strategic alliance ; (4) unrelated diversification selected target industries are generally \Contact model, we conducted an analysis of these phenomena. If in the above section, we are onlooker to analyze the company diversified decision-making process, then we have the final chapter of this paper has proposed a normative proposition: relatively high success rate of the company diversified mode should be how kind. We built the company's diversified industry selection lever principle, so as to diversify the company provides a basis for selected industries.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making
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