Value, Survival, and the Evolution of Firm Organizational Structure
研究企业产品多元化作为动态过程，发现多元化折价部分源于成熟企业与年轻企业的价值倍数比较，控制企业年龄后折价幅度下降15%至30%，且多元化降低了企业死亡率。
We examine corporate product diversification as a dynamic process. Consistent with prior research, we find that the average diversification discount is about 8% when using the standard value‐multiple approach. However, we find that a significant portion of the diversification discount arises from benchmark comparisons of value ratios of mature firms with those of very young firms that are more likely to have high value multiples. The magnitude of the diversification discount falls by 15% to 30% when we control for firm age. We also show that diversification reduces the mortality rate of firms, and we provide evidence that mature firms pursue diversification strategies partly as a means to exit stagnant business segments for industries that are more highly valued.