CAJ | 학술논문

中央企业重组是实现国有经济布局和结构调整、提高我国综合国力的重要内容,也是提高央企核心竞争能力、实现可持续发展的要求。中央企业重组带动了多元化战略的实施。文章对2007-2009年央企控股上市公司多元化类型与EVA关系进行了研究,并分析了多元化构成要素的专业化率和关联率对EVA的影响。研究表明：相关多元化央企EVA最高,单一型央企EVA最低;关联率与EVA正相关,专业率与EVA呈U型相关。在此基础上提出了政策建议,本文的研究成果对推进央企重组具有参考价值。
중앙기업중조시실현국유경제포국화결구조정、제고아국종합국력적중요내용,야시제고앙기핵심경쟁능력、실현가지속발전적요구。중앙기업중조대동료다원화전략적실시。문장대2007-2009년앙기공고상시공사다원화류형여EVA관계진행료연구,병분석료다원화구성요소적전업화솔화관련솔대EVA적영향。연구표명：상관다원화앙기EVA최고,단일형앙기EVA최저;관련솔여EVA정상관,전업솔여EVA정U형상관。재차기출상제출료정책건의,본문적연구성과대추진앙기중조구유삼고개치。
The restructuring of state-owned key enterprises is the major theme to realize the state sector＇ s distribution and structure adjustment, and to enhance eomprehensive national power. It is required for raising the core competitiveness of cen- tral enterprises and sustainable development. The restructuring of state-owned key enterprises drives the diversification. In this paper, an empirical analysis is given on relation between diversification and EVA in the state-owned key enterprises listed companies researching the effect of specialization ratio （SR）, related ratio （RR） and EVA in 2007-2009. The empirical results show that the EVA of related-diversification companies is the best, the ones of unifcation is the lowest, and RR is positively associated with EVA ,while SR have an U relationship with EVA. In addition, the paper gives advices on restructuring state-owned key enterprises. The conclusions of this paper have great implications on improving state-owned key enterprises restructuring.