| 多元化与企业价值的关系研究 |
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| 引用本文： | 阴慧芳,程航.多元化与企业价值的关系研究[J].运城学院学报,2011(6):61-64. |
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| 作者姓名： | 阴慧芳 程航 |
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| 作者单位： | 运城学院经济管理系,山西运城,044000 |
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| 基金项目： | 山西省高校重点学科建设专项资金项目(20101041) |
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| 摘 要： | 多元化是实现企业增长的重要手段。企业增长率会影响企业的资本回报率和风险,而资本回报率和风险的变化不可避免地会影响企业价值。首先,在多元化扩张过程中,在较低的增长率情况下,企业增长率与资本回报率是正相关关系;当增长率达到一定数值后,两者变为负相关关系。其次,在多元化扩张初始阶段,企业的增长率上升,企业的价值也上升;当企业增长率达到某一点之后,企业的价值将开始下降。最后,得出多元化与企业价值的关系是倒U形关系,即随着企业多元化水平的提高,企业价值也随之提高;但到达某一点之后,多元化的快速扩张会降低企业价值。
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| 关 键 词： | 多元化 企业价值 企业增长 |
Study on the Relationship between Diversification and Corporate Value |
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| YIN Hui-fang,CHENG Hang.Study on the Relationship between Diversification and Corporate Value[J].JOURNAL OF YUNCHENG UNIVERSITY,2011(6):61-64. |
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| Authors: | YIN Hui-fang CHENG Hang |
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| Institution: | YIN Hui-fang,CHENG Hang(Department of Economy and Management,Yuncheng University,Yuncheng 044000,China) |
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| Abstract: | Diversification is an important means of corporate growth.The rate of corporate growth will affect the rate of return on capital and risk,which will inevitably affect corporate value.Firstly,in the case of a lower growth rate,the corporate growth rate and the capital return rate is a positive correlation in the process of diversification and expansion;the correlation becomes negative between the two when the growth rate reaches a certain value.Secondly,In the beginning stages of diversification and expansio... |
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| Keywords: | diversification corporate value corporate growth |
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