文献出处：Gronum S. The research of small and medium-sized enterprise diversification [J]. Journal of Small Business Management, 2015, 10(2): 257-266. 原文原文
The research of small and medium-sized enterprise diversification
Gronum S
Abstract
resources翻译Corporate diversification business success is based on the correct business strategy combination, specific diversification strategies related to the enterprise group management. Diversification strategy is a must be considered in the process of enterprise development, enterprise management direction and management structure determines the enterprise can fully use limited management resources and ability, to establish their own business advantages. Diversification is a kind of important enterprise growth and natural selection, small and medium enterprises to implement diversification, improve the understanding of diversity is the key, to create the conditions of diversified enterprise operation mechanism, relevant policies and regulations, such as diversification strategy will directly affect the effect of the small and medium-sized enterprises to implement diversification.
Keywords: SME; Diversification; Core competence
1 Introduction
Diversity as a kind of management strategy is widely adopted by modern enterprises. The famous American economist, money, thinks: generally speaking, whether the diversification, is one of the main difference between modern enterprises and traditional enterprises. Larger enterprises want to gain more market, establish the competitive advantage, the enterprise bigger and stronger, diversified management strategy has become an inevitable choice, which has become the consensus of economists and researchers. But as a large number of small and medium enterprises, how to choose appropriate diversification strategy and how to effectively implement the strategy of diversification, still under discussion, most researchers are also worth studying. So how to choose and large enterprise diversification strategy to make yourself strong rapidly, choose diversification strategy for small and medium
enterprises suitable or not and how to effectively implement the strategy of diversification, the problem is particularly important. Increasingly is the attention of
economists and managers.
2 Theoretical background
Reduce the management risk rapid growth is small and medium-sized companies
and enterprises to adopt diversification strategy are an important reason. The
economies of scale theory and portfolio theory are the basis of diversified choices. Small and medium-sized enterprise relative to the big enterprise itself has some disadvantages: small size, less assets, liabilities ability is limited, lack of good credit, credit line co., LTD., are susceptible to the influence of operating environment, variables, such as risk, caused the enterprise anti-risk ability is weak, the development of easy to hit, it is difficult to based on the original main business has a better development. So for small and medium enterprises, the diversification is important, but also wants to see your choice of business activities can bring benefit for you. Choose diversification strategy, small and medium-sized enterprises want to succeed must first eyes inward, to oneself have a clear understanding, to know what they lack. Such as the project itself does not have development potential, serious deficiency in the operation and management, capital waste, poor sales channels, etc., if the enterprise did not recognize these problems, even if he also is very difficult to solve the problem of development through diversification. At the same time, also want to see the core competitiveness of the enterprise itself or advantage, and the correlation of choice diversification, these are the key to choose or not.
3 Summary of diversification
3.1 Diversification
Diversification, also known as diversification or diversification management,
refers to the enterprises in a number of related or unrelated industries at the same time, a number of different business strategies. Diversification as the securities portfolio theory, the theoretical basis of the portfolio can consist of a variety of securities, from the investor's point of view, the most important is not the returns and risk of individual securities, but the returns and risk of investment portfolio. Investors through different
securities holdings scatter risk implicit in the individual securities, the risk is called diversifiable risk, and it is the risk of special events caused by the company, but also
has risk. It is by the war, such as inflation and recession of comprehensive factors,
which affect the company.
Securities portfolio theory has proved that composed of several kinds of stock
portfolio, its revenue is the weighted average of the stock, but the risk is lower than
the weighted average, and the portfolio will reduce the investment risk. Portfolio's ultimate goal is to improve the yield, scattered or weaken the investment risk, to really improve the level of portfolio returns. Securities portfolio theory application in the enterprise production and business operation activities is called diversification, according to the securities group theory; the enterprise will be in the same period to market extension of different industries, different products, hope to do long attack, a comprehensive victory. But here to make it clear that the business risk is the management risk and financial risk, rather than the securities portfolio of the system and non-system risk. Management risk refers to the enterprise profit changes caused by the reasons for the risks, the influencing factors of every enterprise management risk is not exactly the same; generally have a product price, product demand, product cost, fixed cost and price adjustment ability, etc. Financial risk refers to the change of debt ratio of total capital risk, namely refers to debt financing to investors on the risks of income level, factors affecting the profits and liabilities of the cost of capital and equity ratio, etc.
3.2 Enterprise diversification and core competitiveness
The motivation of enterprise diversification is a risk dispersedly, enter the new
industry is faced with new risks, however, sometimes due to not adapt to the new
requirements at a competitive disadvantage. Into industry with relatively high capital
requirements than into a bigger risk of low capital requirements of industry; Into the problem of high rate of product updates is lower than from entering the product update rate of industry risk. So for effective industry analysis and industry choice also is helpful for enterprises to evade the risk of diversification.
Diversity means that companies will move into new areas, because of the new
information in the field of master, incomplete and lack of corresponding expertise to bear than in their own familiar with the main business areas of higher risk, combined
with the enterprise can't be in the new field rapidly to reap rewards to balance the high
risk, so if you want to succeed in new business areas and based, must have a main
business provide stable funding and accumulated in main business on the basis of the
full development of diversification of necessary industry which the enterprise
exclusive management and general management skills. Enterprises should first focus on the enterprise to develop into industry with high visibility, with the core of the respect such as technology and marketing advantages, in the "market leader" status, fully enjoy the economic interests of the main business scale of enterprises, for the enterprise to the development of other industry gathered enough strength. If the main business, companies are not only the lack of adequate resources to build the advantage in the field of new, even can make original business areas are involved and direct threat to the enterprise survival.
Enterprise core competitive ability is the enterprise formed for a long period of
time, contain in the essence of enterprise, enterprises unique, support the enterprise
competitive advantage, and make the enterprise internal competitive environment for
a long time can make active core competencies. It transcends the specific products and business units, to the enterprise competition gives a new meaning, that is not a simple enterprise resources and the strength of competition, but how to scheduling, allocating resources, greater competition to be effective. Focus on core competitiveness than confined to specific products and business unit strategy, which can more accurately reflect the enterprise long-term development objective need.
Diversification will greatly influence the enterprise's core competitiveness, if the
diversification strategy is successful, will greatly improve enterprise's core
competitive ability, help enterprise to maintain its competitive advantage: if diversification strategy fails, not only conducive to promotion enterprise's core competitiveness, may make the original core competitiveness drops instead, or even lose their competitive advantage. Diversified management can continue to find and improve the enterprise's core competition force and core competitive power should be
understood as a dynamic concept. Such as scientific and technological progress, industrial structure upgrading, product life cycle and the consumption habits can lead
to companies such as the change of the original core technology and core products
ability of recession. So enterprises also need to continuous innovation, diversified
road, constantly find and improve the core competitiveness of the enterprise. The core
competitiveness of ductile characteristics demand diversification to support, only
prominent main business, strengthen the core business, formed its own unique advantages, in establishing the core competence on the basis of surrounding its implement diversification, to more efficient use of existing advantages, and ultimately achieve the success of diversification.
4 Related diversification and unrelated diversification
Correlation diversity refers to the enterprise to expand business activities to the original product, the market had a higher correlation industry, through combination between internal business units and sharing common resources, for the transplantation of core competence, thus reducing the production cost of enterprises, or enterprise related business department have relative to the competition of differentiation advantage. High correlation can make the enterprise in the field of a business to accumulate the expansion of the core competence or competitive advantage is more easily to the related business areas, so as to expand the scope of the enterprise the competitive advantage and strength, to improve the competitive advantage of enterprises on the whole. The correlation diversification is to point to in the process of implementing diversification, from industry; now entering has nothing to do with the products and markets now products and markets. It mainly has two forms: financial type, this kind of business to its various subsidiaries engaged in production and business operation activities of has nothing to do with each other to provide funds, perform strategic planning fu
nctions, but does not participate in strategic management decisions, and ultimately financial risk; Managed, such companies are not only undertake the financial and control function, but also to all economic entities responsible for the management decision-making and provide management consulting, staff training and other services. Either type, they have a common feature and