多元化公司内部和行业间资源配置的新古典模型  

Neoclassical Model of Resource Allocation within Conglomerates and Cross-industries

作　　者：周群华[1] 陈金龙[1] 

机构地区：[1]华侨大学工商管理学院,福建泉州362021

出　　处：《兰州商学院学报》2010年第5期87-90,107,共5页Journal of Lanzhou Commercial College

摘　　要：多元化公司内部以及行业间可能存在的投资差异是内部资本市场研究文献关注的焦点之一。新古典模型预测,公司在面临行业需求冲击时,应当扩张那些生产率特别高并且受到正向需求冲击的部门规模,缩减那些效率低下并且受到反向需求冲击的部门规模。行业里有着高生产率的部门在受到正向需求冲击时,它的成长要比冲击发生在公司的其他部门慢,而处于剥离或缓慢成长状态的多元化公司的生产率相对较低的部门,在受到行业内正向需求冲击时将比冲击发生在其他部门发展的更快。The conglomerates and the cross - industries investment differences may one of the focus in in- ternal capital market research literatures. Neoclassical Model models predict that, firms should grow the segments in which they are particularly productive and that have received a positive demand shock. They should reduce the growth of segments in which they are not efficient and which have received a negative demand shock. A conglomerate which has a productive segment in an industry that has received a positive demand shock will grow more slowly than it otherwise would have in its other segments. A conglomerate which is a relatively unproductive producer and therefore divests or grows more slowly in an industry that has received a positive demand shock will grow faster than it otherwise would have in its other segments.

关 键 词：投资差异 资源配置 需求冲击 部门成长 

分 类 号：F276.6[经济管理—企业管理]