摘 要
随着市场竞争加剧和全球化进程加快，企业纷纷采用多元化战略以寻求新的增长点。本研究旨在探讨多元化战略对企业绩效的长期影响，基于2005 - 2020年沪深两市A股上市公司的面板数据，运用固定效应模型进行实证分析。研究发现，多元化战略短期内对企业绩效存在负面影响，主要源于资源分散与管理成本增加；但长期来看，适度多元化有助于提升企业抗风险能力和市场竞争力，对财务绩效产生正向促进作用。特别地，相关多元化比非相关多元化更能显著改善企业绩效，这表明产业关联度是影响多元化效果的关键因素。本研究创新性地引入了动态视角考察多元化战略的时间滞后效应，并区分不同类型多元化的影响差异，为理解企业成长路径提供了新视角，为企业制定科学合理的多元化战略提供理论依据。
关键词：多元化战略 企业绩效 固定效应模型
Abstract
As market competition intensifies and globalization accelerates, firms have increasingly adopted diversification strategies to seek new growth opportunities. This study investigates the long-term impact of diversification strategies on corporate performance using panel data from A-share listed companies in the Shanghai and Shenzhen stock markets from 2005 to 2020, employing a fixed-effects model for empirical analysis. The findings reveal that diversification strategies exert negative effects on corporate performance in the short term, primarily due to resource dispersion and increased management costs; however, in the long term, moderate diversification enhances firms' risk-resistance capabilities and market competitiveness, thereby positively influencing financial performance. Notably, related diversification significantly outperforms unrelated diversification in improving corporate performance, indicating that industry relevance is a critical factor affecting the outcomes of diversification. Innovatively, this study introduces a dynamic perspective to examine the time-lagged effects of diversification strategies and distinguishes the differential impacts of various types of diversification, providing new insights into corporate growth trajectories and offering theoretical support for formulating scientifically sound diversification strategies.
Keywords: Diversification Strategy Firm Performance Fixed Effects Model
目 录
一、引言 1
二、多元化战略的理论基础 1
（一）多元化战略的概念界定 1
（二）多元化战略的类型分析 2
（三）多元化战略的动因探讨 3
三、多元化战略对企业绩效的影响机制 3
（一）资源配置与企业绩效 3
（二）风险分散与企业绩效 4
（三）管理效率与企业绩效 4
四、多元化战略长期影响的实证研究 5
（一）样本选择与数据来源 5
（二）模型构建与变量设定 6
（三）实证结果与分析讨论 6
五、结论 7
致 谢 8
随着市场竞争加剧和全球化进程加快，企业纷纷采用多元化战略以寻求新的增长点。本研究旨在探讨多元化战略对企业绩效的长期影响，基于2005 - 2020年沪深两市A股上市公司的面板数据，运用固定效应模型进行实证分析。研究发现，多元化战略短期内对企业绩效存在负面影响，主要源于资源分散与管理成本增加；但长期来看，适度多元化有助于提升企业抗风险能力和市场竞争力，对财务绩效产生正向促进作用。特别地，相关多元化比非相关多元化更能显著改善企业绩效，这表明产业关联度是影响多元化效果的关键因素。本研究创新性地引入了动态视角考察多元化战略的时间滞后效应，并区分不同类型多元化的影响差异，为理解企业成长路径提供了新视角，为企业制定科学合理的多元化战略提供理论依据。
关键词：多元化战略 企业绩效 固定效应模型
Abstract
As market competition intensifies and globalization accelerates, firms have increasingly adopted diversification strategies to seek new growth opportunities. This study investigates the long-term impact of diversification strategies on corporate performance using panel data from A-share listed companies in the Shanghai and Shenzhen stock markets from 2005 to 2020, employing a fixed-effects model for empirical analysis. The findings reveal that diversification strategies exert negative effects on corporate performance in the short term, primarily due to resource dispersion and increased management costs; however, in the long term, moderate diversification enhances firms' risk-resistance capabilities and market competitiveness, thereby positively influencing financial performance. Notably, related diversification significantly outperforms unrelated diversification in improving corporate performance, indicating that industry relevance is a critical factor affecting the outcomes of diversification. Innovatively, this study introduces a dynamic perspective to examine the time-lagged effects of diversification strategies and distinguishes the differential impacts of various types of diversification, providing new insights into corporate growth trajectories and offering theoretical support for formulating scientifically sound diversification strategies.
Keywords: Diversification Strategy Firm Performance Fixed Effects Model
目 录
一、引言 1
二、多元化战略的理论基础 1
（一）多元化战略的概念界定 1
（二）多元化战略的类型分析 2
（三）多元化战略的动因探讨 3
三、多元化战略对企业绩效的影响机制 3
（一）资源配置与企业绩效 3
（二）风险分散与企业绩效 4
（三）管理效率与企业绩效 4
四、多元化战略长期影响的实证研究 5
（一）样本选择与数据来源 5
（二）模型构建与变量设定 6
（三）实证结果与分析讨论 6
五、结论 7
致 谢 8
参考文献 9
