Scope, Scale, and Concentration: The 21st‐Century Firm
利用美国企业10-K报告数据，发现过去30年企业运营范围扩大，主要通过收购和研发实现，提升了市场估值，而传统集中度指标未能反映这一变化。
ABSTRACT We provide evidence using firm 10‐Ks that over the past 30 years, U.S. firms have expanded their scope of operations. Increases in scope were achieved largely without increasing traditional operating segments. Scope expansion significantly increases valuation and is realized primarily through acquisitions and investment in R&D, but not through capital expenditures. Traditional concentration ratios do not capture this expansion of scope. Our findings point to a new type of firm that increases scope through related expansion, which is highly valued by the market.