摘要：整合了现有的外部环境和组织内部两种研究视角，构建了环境不确定性和组织能力基础的内外部综合分析框架，探讨企业业务调整的选择机理。通过对宝钢、首钢和太钢垂直多元化业务调整的多案例研究，辅以质性数据分析软件ATLAS/ti 50，得出：企业业务调整是在外部环境不确定性和组织能力基础的共同作用下进行的，下游产业的技术创新、社会经济环境、政策、资源约束和市场竞争迫使企业进行业务调整，企业的资金及技术和管理能力是企业业务调整的支撑条件，同时也约束了业务调整的深度和广度。

Abstract: Both research perspectives of external environment and internal organization were integrated, an internal and external combined analytical framework of impact of environmental uncertainty and organizational capacity bases is constructed, and choice mechanism for business adjustment is explored. Based on the multiple-case study of vertical diversity business adjustments of Bao Steel, Capital Steel, and Tisco, supplemented with ATLAS/ti 5.0, the software for qualitative data analysis, the conclusions are drawn. Results showed that business adjustment was determined by the co-effect of environmental uncertainty and organizational capacitybases; enterprise business adjustment was compelled by technological innovation of downstream industries, socio-economic environment, policies, resource constraint, and competition; capital capacity, technological capacity and managerial capabilities were support conditions for the enterprise business adjustment, which also bound the depth and width of business adjustment.