英文文献：Investment In Publicly Traded Firms As A Vertical Integration And A Risk Diversification Strategy-投资上市公司是一种纵向整合和风险分散的策略
英文文献作者：Detre, Joshua D.,Gray, Allan W.,Wilson, Christine A.
英文文献摘要：
This research investigates the potential of investments in publicly traded value adding firms in the meat industry as a strategy for livestock producers to diversify risk and capture value-added profits, while allowing the producer to maintain management authority and minimize costs. The research determines the optimal portfolio of investments in up to 66 publicly traded value-added companies. The results indicate tat a portfolio consisting of livestock production and publicly traded value-added companies provides better returns at a lower risk than either a 100 percent investment in livestock production or a combination of livestock production and the S&P 500.

本研究调查了投资于肉类行业的上市增值公司的潜力，作为牲畜生产者分散风险和获取增值利润的策略，同时允许生产者保持管理权力和最小化成本。研究确定了66家上市增值公司的最优投资组合。结果表明，与100%投资于畜牧业生产或将畜牧业生产与标准普尔500指数结合起来相比，由畜牧业生产和公开交易的增值公司组成的投资组合能以更低的风险提供更好的回报。