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利用我国20家煤炭上市企业2007—2015年年报数据,探究煤炭企业实施多元化战略所产生的经济效应,并提出影响经济效应的内在因素。研究发现多数煤炭企业多元化模式存在折价效应,这主要与企业经营管理水平、企业规模、多元化模式相关。最后建议煤炭企业应当优化企业经营管理水平,规模较小的企业不妨集中力量选择从事专业化生产经营。此外,煤炭企业多元化应当优先发展纵向一体化业务,从而达到业务协同,实现范围经济,提升企业绩效。
Using the data of 20 listed companies in China for 2007-2015, this paper explores the economic effects of the diversification strategy implemented by coal enterprises and puts forward the inherent factors that affect the economic effect. The study found that the majority of coal diversification model exists discount effect, which is mainly related to the level of business management, enterprise size, diversification model. Finally, it is suggested that coal enterprises should optimize the management level of their enterprises, and smaller ones may wish to focus their efforts on selecting specialized production and operation. In addition, the diversification of coal enterprises should give priority to the development of vertically integrated businesses so as to achieve business synergies, achieve economies of scope and enhance corporate performance.