The wealth effect of corporate diversification is a big puzzle.
多元化是企业财富效应中最令人迷惑的现象之一。
The surplus corporate resources are very common in enterprises, however, not any of them can be used for corporate diversification expansion.
企业资源剩余在企业中是普遍存在的，但并不是所有的剩余资源都可以用于企业的多元化扩张。
The researches on the relationship between the corporate diversification and the competence of the firm have the important theoretic significance and practical worth.
企业多元化与企业能力之间关系的研究具有重要的理论意义和实践价值。
The paper concludes that diversification discount or premium depends on corporate characteristics and diversification is neutral.
本文认为多元化本身是中性的，多元化折价或多元化溢价的产生取决于公司特性。
The rationale of the diversification lies in the restructuring of the controlling structure through introducing strategic investors, lowering the cost of agents and improving corporate management.
多样化的基本原理是在于引入战略机构投资者，降低机构成本，改善公司管理这样的管理层结构的重组。
Diversification is one of most important strategic decisions for corporate. However, the causes and effects of diversification still puzzle researchers.
多元化是公司的重要战略决策之一，然而，多元化的影响与原因依然是令人困惑的问题。
Industrial and geographic diversification has a different impact on corporate value, i. e. , the former exerts negative impact on corporate while the latter improves such value.
行业多元化和地理多元化对公司价值具有不同的影响，即行业多元化对公司价值有负向影响，地理多元化则有利于公司价值的增加。
Researchers abroad and home have done a great deal of research on the corporate performance of diversification. There are many different opinions.
国内外学者对多元化经营企业的绩效进行了大量的实证研究，观点不一，肯否皆有。
As a strategy for corporate extension, diversification has been paid great attention both by researchers and entrepreneurs and has aroused heated controversy.
作为扩张战略的一种，企业的多元化行为一直备受国内外理论界、企业界的关注，也是人们争论的热点。
Diversification is an important approach for most corporate to develop and extend. But there is always a lack of an appropriate technique for strategic option.
多元化是多数企业成长扩张的重要途径，但是多元化企业一直缺少恰当的战略选择技术。
This paper found only in the situation that diversification type matches the corporate resources characteristic the efficiency of the resource can be increased.
本文发现企业资源只有在被适合其特质的多元化战略类型使用时，才能充分发挥其作用，多元化战略才能提高资源的使用效率。
Based on the Chinese listed companies in Shenzhen and Shanghai market, this paper researches the relationship between diversification and corporate performance.
本文基于中国深沪两市的上市企业，对于中国上市企业的多元化战略和绩效间相关关系进行了实证研究。
We concludes that the corporate, whose CEO and more internal board (compared to external board) have financial background, prefers higher level of diversification and diversifies through acquisition.
理论分析认为当CEO和较多内部董事(与外部董事相比)拥有财务职能背景时，企业多元化水平更高，更倾向于采用并购的方式。
We concludes that the corporate, whose CEO and more internal board (compared to external board) have financial background, prefers higher level of diversification and diversifies through acquisition.
理论分析认为当CEO和较多内部董事(与外部董事相比)拥有财务职能背景时，企业多元化水平更高，更倾向于采用并购的方式。
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