本文旨在探讨企业多元化的成败机理。首先,分析了技术能力和管理能力的适配演化过程,构建了基于技术能力与管理能力适配演化的多元化路径框架。其次,通过分析宝钢技术多元化的多个案例,对基于技术能力与管理能力适配演化的多元化路径框架进行了验证。最后,得出主要结论:多元化是技术和管理能力适配演化作用的结果,企业在考虑技术积累、成本和可实现性的基础上,可以选择外生性、强制型内生性和发展型内生性多元化,在不同的多元化类型中,技术能力和管理能力的适配演化在各个阶段发挥了不同的关键作用。
Aiming at investigating the successful or failure mechanism of enterprise diversification, the fit evolution process between technical capacity and management capacity is analyzed, and the diversification path framework based on the fit evolution process between technical capaci- ty and management capacity is constructed. The framework is testified by using multiple cases of the technology diversification of Bao Steel. There are mainly two conclusions: firstly,diversification results from the fit evolution process between technical capacity and management capacity~secondly, enterprises may choose external diversification, mandatory internal diversification or development internal diversification based on the systematical consider of the accumulation of related technology, cost and achievability,in which the fit evolution process between technical capacity and management capacity plays different roles in different stages.