本文在借鉴国内外研究成果的基础上,以被忽略的需求侧协同效应为视角,分析了多元化战略对企业价值的影响。本文分析了需求侧协同效应的来源,即通过何种方式、渠道和机制来增进消费者的效应,进而增加企业价值。并以制造业服务化为例,实证分析了多元化战略对企业价值的影响。理论和实证分析均显示多元化经营在一定范围内有助于提升企业的绩效,但二者之间存在“倒U”型关系。 Based on the research achievements at home and abroad, this dissertation analyzes the impact of diversification strategy on the enterprise value from the perspective of neglected synergies on the demand side. This paper analyzes the sources of synergies on the demand side, that is, ways, channels and mechanisms to enhance the consumer’s effect and then increase the corporate value. Taking manufacturing service as an example, this paper empirically analyzes the impact of diversification strategy on enterprise value. Both theoretical and empirical analysis show that diversification helps to improve the performance of enterprises in a certain range, but there is a “reverse U” relationship between the two.