中国制造业企业非相关多元化经营绩效的实证研究

An Empirical Study on the Performance of Unrelated-Diversification Strategies in Chinese Manufacturing Companies

企业在发展过程中必然面临多元化的诱惑与选择,这种选择的回报和风险都是巨大的。应用多元化战略理论,通过对我国421个上市公司2001年相关数据的系统分析,检验了多元化战略与其绩效关系的理论假设,发现中国制造业企业非相关多元化程度与其绩效存在显著的负相关关系,并对此进行了理论和经验解释。

Companies must face the lure and choices of diversification strategies in their developing process. This choice implies huge rewards and risks. By applying the diversification strategy theory, this paper systemically analyzes the data of 421 stock companies in 2001, verifies the propositions about the relationship between diversification strategy and its performance, finds out that there exists a negative relationship between unrelated-diversification degree and its performance in Chinese manufacturing companies, and reasonably explains the results from theoretical and empirical dimension.