摘 要
随着全球化进程加速和市场竞争日益激烈，企业面临更多不确定性因素，多元化战略成为众多企业寻求发展的关键路径。本研究旨在探讨多元化战略对企业绩效的长期影响，基于资源基础观与组织学习理论，选取2005 - 2020年间沪深两市A股制造业上市公司为样本，运用面板数据模型进行实证分析。研究发现，多元化程度与企业绩效之间存在显著的非线性关系，适度多元化有助于提升企业绩效，但过度多元化则会带来负面效应；不同类型的多元化战略对绩效的影响存在差异，相关多元化比非相关多元化更有利于企业绩效的提高；在动态竞争环境下，企业的创新能力、管理水平等内部因素在多元化战略与绩效关系中起到调节作用。本研究创新性地将时间维度纳入考量范围，深入剖析了多元化战略对企业绩效影响的动态演变过程，丰富了现有理论成果，为企业制定科学合理的多元化战略提供了有益参考。
关键词：多元化战略 企业绩效 非线性关系
Abstract
As the process of globalization accelerates and market competition intensifies, enterprises are confronted with increasing uncertainties, making diversification strategy a critical pathway for many firms seeking development. This study aims to investigate the long-term impact of diversification strategies on corporate performance. Based on the resource-based view and organizational learning theory, this research selects manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2005 to 2020 as samples and employs panel data models for empirical analysis. The findings reveal a significant nonlinear relationship between the degree of diversification and corporate performance, indicating that moderate diversification can enhance corporate performance while excessive diversification exerts negative effects. Moreover, different types of diversification strategies have varying impacts on performance, with related diversification being more beneficial for improving corporate performance compared to unrelated diversification. In a dynamic competitive environment, internal factors such as innovation capability and management quality play a moderating role in the relationship between diversification strategy and performance. Innovatively incorporating the time dimension into consideration, this study provides an in-depth analysis of the dynamic evolution process of how diversification strategies influence corporate performance, thereby enriching existing theoretical achievements and offering valuable references for enterprises to formulate scientifically sound and reasonable diversification strategies.
Keyword:Diversification Strategy Firm Performance Nonlinear Relationship
目 录
1绪论 1
1.1多元化战略研究的背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 2
2多元化战略的理论基础 2
2.1多元化战略的概念界定 2
2.2多元化战略的类型分析 3
2.3多元化战略的动因探讨 3
3多元化战略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风险分散与企业稳定性 4
3.3创新能力与长期发展 5
4多元化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实证模型构建与检验 6
4.3实证结果分析与讨论 7
结论 7
参考文献 9
致谢 10
