外文文献翻译原文+译文文献出处:Freiberg Barbora・ The research of company diversification [J]. Applied Mechanics & Materials, 2017, 9(1):16-26.原文The research of company diversificationFreiberg BarboraAbstractCorporate diversification refers to the enterprise the management project is not only a product or an industry, but a cross product, cross-industry business・ Related problem is that in recent years, the company in the field of strategic management, industrial economics and corporate finance, a research hot spot, is also a controversial topic in the theoretical circle. All the scholars have conducted a lot of theoretical and empirical research, but have not yet consistent conclusions・ In this paper, the theory of diversification and corporate performance and the empirical research conducted a review・ I hope this research can provide some useful reference for the further research in the field of value・Keywords: Diversification; Enterprise performance; Literature review1 IntroductionFor diversified research originating in the west, an American scholar, h. i. Ansoff in the 1950 s for the first time put forward the concept of "diversification", then research scholars began to widespread attention from all over the world・ In the 60 s, diversified business began to peak, western countries have mixed M&A wave driving the rapid development of diversification, but this did not last too long, as many of the implementation of diversified enterprise appear unreasonable resource allocation problems, the enterprise the management condition worsening, enterprises begin to consider whether should continue to choose the strategy. Since then, the enterprise gradually turned to "refocusing management'1. The continuous improvement of the market economy further push to gradually make the enterprises interested in diversification. Enterprises begin to pay close attention to diversified real problem is that in the early 1990 s, now diversified business has an important role in the enterprise^ strategic choice for more and more, of course, the enterprise in the process of implementing diversification also emerged a large number of business failures. But most companies continue to adhere to the development of diversified management as the main strategy. Academia for diversification empirical study time is not long, and in most of the existing related literature focused on the diversification and enterprise performance relationship of empirical test, and the results are not consistent. The scholars study of diversified methods still have insufficient, more the lack of a deeper research.2 diversified researchAcademic research on diversification and corporate performance mainly includes the diversification and performance, the types of diversification and performance, agency costs and corporate performance from three aspects・2.1 Degree of diversification and performance degree of diversification and performanceThe researchers use different measure of degree of diversification and performance indicators, inconsistent research conclusions is drawn. Gort (1962), while the profitability of the first study, the diversified enterprise ・ His business unit quantity, through the enterprise specialization ratio as well as the number of business units and professional product of the three kinds of measuring indexes to measure the degree of diversification, analyzed the 1947 〜111 big companies in the United States in 1957.The results show that the enterprise basic there is no correlation between diversification and investment return rate. Raverscraft (1983) to 258 companies in 1975 as samples, USES Herfindahl index measuring diversification, the results show that corporate diversification and there is no significant correlation between marginal profit margins.Most empirical research has shown that increased the degree of diversification will reduce the enterprise performance・ Ofek (1994) using the database data provided by the analysis of the effects of diversity on Tobin Q value, the results showed that the Q value and a negative correlation relationship between corporate diversification. Berger (1995) for more than 3600 enterprises in 1986 〜1991 financial data are analyzed, the study found that diversification can reduce 13% 〜15% of the value of the company. But there are also related studies have shown that diversity would not necessarily reduce the enterprise performance・ Grant (1988) using the return on assets (ROA) is a measure of performance and USES Herfindahl index to measure the diversification was studied in 1972 〜 1984 and 304 the British company's diversification and business performanee, the relationship between the research results show that the degree of diversification and the inverted u-shaped relationship between enterprise performance, namely inside certain limits, the company's performance and positively related to the number of business, more than the limit, as more and more business, the company's performance。