区域多元化还是产品多元化：制度环境约束下优势企业的战略选择

将区域制度环境、企业特定优势、企业多元化战略选择置于一个统一的分析框架下，将区域制度环境分为两种极端的类型：正式制度约束主导环境与非正式制度主导环境，分析企业所在区域的制度环境对其多元化战略选择的影响。研究表明：区域制度环境通过对区域高级生产要素、区域内企业竞争优势的来源产生作用，进而决定企业实施多元化战略的基础与约束，最终对企业多元化战略选择产生影响。正式制度约束主导环境区域的优势企业，在利用区位优势与形成本身特定优势的基础上，成为业务领域的“专家”，倾向于选择区域多元化战略；而非正式制度主导环境区域的优势企业，通过构建各种当地关系网络成“本地通”来形成优势，更倾向于选择产品多元化战略。

Geographic or product diversification: effect of institutional environment on advanced enterprise strategic option

In this paper, the regional institutional environment, enterprise specific advantages and enterprise strategic option of diversification are integrated in one analytical framework and divide typical regional institutional environment into two： one dominated by formal institution and the other by informal institution; Both show direct impact on the choice of enterprise diversity strategies. Through the advanced factors of production and the competi- tive advantage source of regional enterprises, the regional institutional environment determines the basis and con- straints of the diversity strategy implementation. Because of the location advantages and their own specific advanta- ges, the advantageous enterprises which are the environment dominated by formal institution will be ＇expert＇ in their own business field. These kinds of enterprise tend to select geographic diversification strategy. In contrast, due to the advantage of constructing various local relationship networks, advantageous enterprises which are the environ- ment dominated by informal institution tend to select product diversification strategy.