民营企业多元化战略与绩效关系实证分析

An Empirical Study on the Relationship between Diversification Strategy and Performance of Private Firms in China

多元化战略是企业利用外部环境机会的过程。行业多元化、地域多元化对企业绩效存在影响。在实证研究中,利用2008—2013年中国民营上市公司的动态面板数据对理论假设进行检验,实证结果表明:行业多元化、地域多元化对企业绩效的影响均显著为正;制度环境对行业多元化与企业绩效的正向关系不具有调节作用;制度环境对地域多元化与企业绩效的正向关系具有增强调节作用。

Based on the perspective of resource-based view, this study analyzes the impact of diversification strategy on firm performance, and the moderation role of the institutional environment. In the empirical study, the dynamic panel data of the private listing corporations in 2008- 2013 are used to test the theoretical hypothesis. The results show that the influence of industry diversification and regional diversification on firm performance is significantly positive. And the institutional environment has no moderating effect on the relationship between industry diversification and firm performance. The institutional environment has a positive moderating effect on the relationship between regional diversification and firm performance.