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。%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 expansion, the corporate value will increase when the corporate growth rate roses; corporate value will start to decline when corporate growth rate reaches a certain point. Finally, we get the conclusion that the relationship between diversification and corporate value is reverse U - shaped relationship. That is to say, along with the rise of the level of corporate diversification, corporate value will increase ; but to a certain ooint, the raoid expansion of diversifieation will reduce corporate value.
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