本研究基于2017~2021年间1969家沪深证券交易所上市制造业公司(A股)的面板数据,探讨了多元化战略对企业绩效的影响,并引入资本结构作为中介变量。通过实证分析发现,多元化经营的度量指标(HHI)与企业绩效指标(ROA)呈显著负相关;同时,资...本研究基于2017~2021年间1969家沪深证券交易所上市制造业公司(A股)的面板数据,探讨了多元化战略对企业绩效的影响,并引入资本结构作为中介变量。通过实证分析发现,多元化经营的度量指标(HHI)与企业绩效指标(ROA)呈显著负相关;同时,资本结构(总债务杠杆和长期债务杠杆)在多元化战略影响企业绩效的过程中发挥了中介作用。研究结果表明,企业在实施多元化经营时,通过优化资本结构,能够有效提升经营绩效,进而推动企业发展和成长。这一发现为制造业企业多元化战略的实施提供了实证支持和理论依据。Based on panel data from 1969 manufacturing companies (A-shares) listed on the Shanghai and Shenzhen Stock Exchanges between 2017 and 2021, this study explored the impact of diversification strategy on corporate performance, introducing capital structure as a mediating variable. Through empirical analysis, it was found that the diversification measure (HHI) was significantly negatively correlated with the corporate performance indicator (ROA);meanwhile, capital structure (total debt leverage and long-term debt leverage) played a mediating role in the process of diversification strategy affecting corporate performance. The research results indicate that by optimizing their capital structure, enterprises can effectively enhance operational performance when implementing diversification strategies, thereby promoting their development and growth. This finding provides empirical support and theoretical basis for the implementation of diversification strategies by manufacturing enterprises.展开更多
文摘本研究基于2017~2021年间1969家沪深证券交易所上市制造业公司(A股)的面板数据,探讨了多元化战略对企业绩效的影响,并引入资本结构作为中介变量。通过实证分析发现,多元化经营的度量指标(HHI)与企业绩效指标(ROA)呈显著负相关;同时,资本结构(总债务杠杆和长期债务杠杆)在多元化战略影响企业绩效的过程中发挥了中介作用。研究结果表明,企业在实施多元化经营时,通过优化资本结构,能够有效提升经营绩效,进而推动企业发展和成长。这一发现为制造业企业多元化战略的实施提供了实证支持和理论依据。Based on panel data from 1969 manufacturing companies (A-shares) listed on the Shanghai and Shenzhen Stock Exchanges between 2017 and 2021, this study explored the impact of diversification strategy on corporate performance, introducing capital structure as a mediating variable. Through empirical analysis, it was found that the diversification measure (HHI) was significantly negatively correlated with the corporate performance indicator (ROA);meanwhile, capital structure (total debt leverage and long-term debt leverage) played a mediating role in the process of diversification strategy affecting corporate performance. The research results indicate that by optimizing their capital structure, enterprises can effectively enhance operational performance when implementing diversification strategies, thereby promoting their development and growth. This finding provides empirical support and theoretical basis for the implementation of diversification strategies by manufacturing enterprises.
