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T., amp。感謝來(lái)自 Krannert Graduate School of Management, Purdue University 和 the Weatherhead School of Management, Case Western Reserve University 的財(cái)務(wù)支持。 任何 公司 的潛在獲利能力依賴于它能控制的資源，同時(shí)將多元化視作平衡這些資源的一種方法，我們指出了多元化類型如何能引起價(jià)值創(chuàng)造。未來(lái)的研究應(yīng)該直接 評(píng)估其他解釋的相關(guān)價(jià)值。毫無(wú)疑問(wèn)的是多元化類型受到模型以外因素的影響。在籌集權(quán)益資本的能力和進(jìn)入市場(chǎng)的類型間沒(méi)有聯(lián)系。結(jié)果很好地支持了理論。 未來(lái)的研究也可以探索是否相關(guān)多元化在某些情況下更難履行。不管 或 多或少程度的多元化會(huì)導(dǎo)致價(jià)值創(chuàng)造，與多元化 公司 的資源框架是 可能 相關(guān)的。這些結(jié)果和樣本可以從作者處得到。如果本文的發(fā)現(xiàn)可以被證實(shí)，不一致 15 通過(guò)使用一個(gè)基于 Rumelt 的分類方法的升級(jí)樣本，我們已經(jīng)復(fù)制了 Bettis(1981)和 Barton(1988)的結(jié)果。未來(lái)的研究采用類似的 跨學(xué)科的方法論可能會(huì)進(jìn)一步地了解個(gè)人對(duì) 公司 的期望和競(jìng)爭(zhēng)優(yōu)勢(shì)間的可能聯(lián)系（ Porter, 1985, 1987）。流動(dòng)性和非相關(guān)多元化的聯(lián)系表明在資本市場(chǎng)和有戰(zhàn)略意圖的 公司 間存在期望的差異。 本文也為未來(lái)的研究提供了一些啟示。非相關(guān)的進(jìn)入者大有可能是有充裕現(xiàn)金流的 公司 。更甚者，這些發(fā)現(xiàn)暗示了非相關(guān)多元化 也可以導(dǎo)致高績(jī)效，管 理者不應(yīng)該因?yàn)橐粋€(gè)項(xiàng)目屬于非相關(guān)市場(chǎng)而不通過(guò)它。 這些發(fā)現(xiàn)使得我們 得到 一些管理和研究上的啟示。這些因素是系統(tǒng)性的還是隨機(jī)的有待以后的研究。我們沒(méi)有試著控制進(jìn)入市場(chǎng)的增長(zhǎng)性，組織結(jié)構(gòu)，文化，股票所有權(quán)的程度，補(bǔ)償計(jì)劃，或者管理專業(yè)性本身。這個(gè)啟示被Bettis(1981), Carleton, Harris, and Stewart(1984), Lecraw(1984)和其他人的跨期研究所支持。 Hoskisson and Hitt, 1988）。一個(gè)已經(jīng)達(dá)到非相關(guān)多元 化的 公司 的資源框架將會(huì)顯現(xiàn)出高杠桿（低借債能力），相對(duì)于一個(gè)相關(guān)多元化狀態(tài)的 公司 而言。 14 當(dāng)模型以系統(tǒng)性風(fēng)險(xiǎn) 代替 全部風(fēng)險(xiǎn)進(jìn)行重新估計(jì)后，資本費(fèi)用的系數(shù)在高績(jī)效公司中變的顯著（見腳注13）。然而，當(dāng)使用了系統(tǒng)性風(fēng)險(xiǎn)，資金密集度變的顯著。 而且在這篇文章中，系統(tǒng)性風(fēng)險(xiǎn)的模型一般意義上更好地支持了理論，較之于全部風(fēng)險(xiǎn)的模型。系統(tǒng)性風(fēng)險(xiǎn)在低績(jī)效模型中不是一個(gè)顯著的解釋變量。 Montgomery and Singh, 1984）。我們發(fā)現(xiàn)初