摘 要
随着市场竞争日益激烈，企业为寻求持续发展和竞争优势，多元化经营战略成为重要选择。本研究旨在探讨多元化经营战略对企业绩效的影响，基于资源基础理论与组织学习理论，构建了包含财务绩效、市场绩效和发展潜力三个维度的企业绩效评价体系，并将多元化分为相关多元化和非相关多元化两种类型进行分析。采用2010 - 2020年中国A股上市公司面板数据，运用固定效应模型进行实证检验。结果表明，相关多元化经营有助于提升企业绩效，其对财务绩效的积极影响最为显著，在市场绩效和发展潜力方面也有一定促进作用；而非相关多元化对企业绩效存在负面影响，主要体现在降低财务绩效上。创新点在于区分不同类型的多元化并从多维度衡量企业绩效，同时考虑行业差异因素，发现制造业企业在实施相关多元化时绩效提升效果更明显。这为企业制定合理的多元化战略提供了理论依据，也为投资者评估企业价值提供参考。
关键词：多元化经营战略 企业绩效 相关多元化
Abstract
As market competition intensifies, firms are increasingly adopting diversification strategies to pursue sustainable development and competitive advantage. This study investigates the impact of diversification strategies on corporate performance, integrating insights from resource-based theory and organizational learning theory. A comprehensive corporate performance evaluation system is constructed, encompassing three dimensions: financial performance, market performance, and growth potential. Diversification is categorized into related and unrelated diversification for analysis. Utilizing panel data from Chinese A-share listed companies between 2010 and 2020, a fixed-effects model is employed for empirical testing. The results indicate that related diversification positively influences corporate performance, with the most significant effect observed on financial performance, while also contributing to market performance and growth potential. In contrast, unrelated diversification has a negative impact on corporate performance, primarily by reducing financial performance. The novelty of this research lies in distinguishing between different types of diversification and evaluating corporate performance from multiple dimensions, while also considering industry-specific factors. It is found that manufacturing firms exhibit more pronounced performance improvements when implementing related diversification. These findings provide theoretical support for firms in formulating rational diversification strategies and offer valuable references for investors assessing corporate value.
Keyword:Diversification Strategy Firm Performance Related Diversification
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2多元化经营战略的理论基础 2
2.1多元化经营的定义与分类 2
2.2相关理论综述 3
2.3多元化经营的动因分析 3
3多元化经营对企业绩效的影响机制 4
3.1资源配置与企业绩效 4
3.2风险分散与企业绩效 4
3.3协同效应与企业绩效 5
4多元化经营战略实施效果的实证分析 6
4.1样本选择与数据来源 6
4.2实证模型构建 6
4.3实证结果与讨论 7
结论 7
参考文献 9
致谢 10
随着市场竞争日益激烈，企业为寻求持续发展和竞争优势，多元化经营战略成为重要选择。本研究旨在探讨多元化经营战略对企业绩效的影响，基于资源基础理论与组织学习理论，构建了包含财务绩效、市场绩效和发展潜力三个维度的企业绩效评价体系，并将多元化分为相关多元化和非相关多元化两种类型进行分析。采用2010 - 2020年中国A股上市公司面板数据，运用固定效应模型进行实证检验。结果表明，相关多元化经营有助于提升企业绩效，其对财务绩效的积极影响最为显著，在市场绩效和发展潜力方面也有一定促进作用；而非相关多元化对企业绩效存在负面影响，主要体现在降低财务绩效上。创新点在于区分不同类型的多元化并从多维度衡量企业绩效，同时考虑行业差异因素，发现制造业企业在实施相关多元化时绩效提升效果更明显。这为企业制定合理的多元化战略提供了理论依据，也为投资者评估企业价值提供参考。
关键词：多元化经营战略 企业绩效 相关多元化
Abstract
As market competition intensifies, firms are increasingly adopting diversification strategies to pursue sustainable development and competitive advantage. This study investigates the impact of diversification strategies on corporate performance, integrating insights from resource-based theory and organizational learning theory. A comprehensive corporate performance evaluation system is constructed, encompassing three dimensions: financial performance, market performance, and growth potential. Diversification is categorized into related and unrelated diversification for analysis. Utilizing panel data from Chinese A-share listed companies between 2010 and 2020, a fixed-effects model is employed for empirical testing. The results indicate that related diversification positively influences corporate performance, with the most significant effect observed on financial performance, while also contributing to market performance and growth potential. In contrast, unrelated diversification has a negative impact on corporate performance, primarily by reducing financial performance. The novelty of this research lies in distinguishing between different types of diversification and evaluating corporate performance from multiple dimensions, while also considering industry-specific factors. It is found that manufacturing firms exhibit more pronounced performance improvements when implementing related diversification. These findings provide theoretical support for firms in formulating rational diversification strategies and offer valuable references for investors assessing corporate value.
Keyword:Diversification Strategy Firm Performance Related Diversification
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2多元化经营战略的理论基础 2
2.1多元化经营的定义与分类 2
2.2相关理论综述 3
2.3多元化经营的动因分析 3
3多元化经营对企业绩效的影响机制 4
3.1资源配置与企业绩效 4
3.2风险分散与企业绩效 4
3.3协同效应与企业绩效 5
4多元化经营战略实施效果的实证分析 6
4.1样本选择与数据来源 6
4.2实证模型构建 6
4.3实证结果与讨论 7
结论 7
参考文献 9
致谢 10
