摘要
在全球经济一体化和市场竞争日益激烈的背景下，企业纷纷通过实施多元化战略以寻求新的增长点和竞争优势。然而，关于多元化战略对企业绩效的影响仍存在争议，其作用机制尚未得到充分揭示。本研究旨在探讨多元化战略与企业绩效之间的关系，并分析影响这一关系的关键因素。基于2010年至2022年间中国A股上市公司的面板数据，采用固定效应模型进行实证分析，同时引入行业竞争程度和企业资源禀赋作为调节变量。研究结果表明，适度的多元化战略能够显著提升企业绩效，但过度多元化则可能因管理复杂性和资源分散而产生负面影响。此外，行业竞争程度和企业资源禀赋在多元化战略与企业绩效的关系中起到重要调节作用，高竞争行业和资源丰富的企业更能从多元化中获益。本研究的创新点在于结合动态视角和情境因素，深入剖析了多元化战略的作用边界，为相关理论提供了经验证据。同时，研究为企业制定多元化战略提供了实践指导，强调应根据自身资源能力和外部环境特征合理选择多元化程度，从而实现绩效优化的目标。
关键词：多元化战略；企业绩效；行业竞争程度；资源禀赋；固定效应模型
Abstract
In the context of global economic integration and increasingly fierce market competition, firms are actively pursuing diversification strategies to explore new growth opportunities and competitive advantages. However, the impact of diversification strategies on firm performance remains controversial, with its underlying mechanisms yet to be fully elucidated. This study investigates the relationship between diversification strategies and firm performance, analyzing the critical factors that influence this relationship. Using panel data from Chinese A-share listed companies between 2010 and 2022, a fixed-effects model is employed for empirical analysis, with industry competition intensity and firm resource endowment introduced as moderating variables. The findings indicate that moderate diversification can significantly enhance firm performance, whereas over-diversification may lead to negative consequences due to increased managerial complexity and resource dispersion. Furthermore, industry competition intensity and firm resource endowment play important moderating roles in the relationship between diversification strategies and firm performance, suggesting that firms in highly competitive industries or with abundant resources benefit more from diversification. The novelty of this study lies in its integration of a dynamic perspective and contextual factors, providing an in-depth examination of the boundary conditions under which diversification strategies operate effectively, thereby offering empirical support for relevant theories. Additionally, this research provides practical guidance for firms in formulating diversification strategies, emphasizing the importance of aligning diversification levels with their own resource capabilities and external environmental characteristics to achieve optimal performance.
Keywords：Diversification Strategy; Firm Performance; Industry Competition Intensity; Resource Endowment; Fixed Effects Model
目 录
摘要 I
Abstract II
一、绪论 1
(一) 多元化战略与企业绩效的研究背景 1
(二) 研究多元化战略与企业绩效的意义 1
(三) 国内外研究现状分析 1
(四) 本文研究方法与技术路线 2
二、多元化战略的理论基础与框架构建 2
(一) 多元化战略的核心概念界定 2
(二) 多元化战略的分类与特征分析 3
(三) 企业绩效的衡量指标体系 3
(四) 多元化战略与企业绩效的理论关联 4
三、多元化战略对企业绩效的影响机制分析 4
(一) 资源配置视角下的影响机制 4
(二) 风险分散视角下的作用路径 5
(三) 管理效率视角下的效应分析 5
(四) 战略协同视角下的绩效提升 6
四、实证研究：多元化战略与企业绩效的关系检验 6
(一) 研究设计与数据来源 6
(二) 变量选择与模型构建 7
(三) 实证结果分析与讨论 8
(四) 研究发现与局限性分析 8
结 论 10
参考文献 11
