多元化战略与集团企业内部资本市场配置效率关系研究

多元化战略是集团企业资源配置的一种方式,但多元化相关性强弱对集团企业内部资本市场配置效率利或弊的影响并没有颇具说服力的结论。引入信息租金因素,分析分部之间多元化相关程度与总部风险态度对内部资本市场配置效率的影响,研究发现:(1)多元化相关程度的增加有利于总部收益的增加,不过适当非相关多元化有其存在的合理性;(2)总部为风险中性时,总部收益最大。

Diversification strategy and resource allocation efficiency of internal capital market in group enterprises

Though diversification strategy is believed to be a way of resource allocation in group enterprises,there is not yet a convincing conclusion as to the effect of diversification relevance on allocation efficiency of internal capital market(ICM).By introducing information rent,this paper analyzes the effect of diversification relevance between segments and risk appetite on ICM.The results are:(1) the increases in diversification relevance contributed to the increases of headquarters earnings.Yet,moderate non-relative diversification had its existing rationality;(2) enterprise group headquarters would obtain maximum rewards when headquarters were risk-neutral.