商业经济与管理

文章将新兴产业发展为中国企业集团带来的"多元化刺激"与多元化程度和绩效联系起来进行讨论,利用706家上市公司合并报表数据,对三者的关系进行实证检验。多元回归分析结果表明:企业集团不相关多元化程度与新兴产业敏感性呈正相关,非国有企业集团对新兴产业的敏感性远远大于国有企业集团,新兴产业敏感性与财务绩效呈现显著的负相关关系,而且企业集团对新兴产业机会的敏感性,对其多元化程度和绩效的关系具有微弱的负向调节作用。

This paper probes into the relationship among"diversification incentives"coming from the development of emerging industries,diversification and performance of Chinese business groups by taking advantage of 706 listed companies.Multiple regression analysis results suggest that,the degree of Chinese business groups' unrelated diversification shows a positive coorelation with their sensitivity to emerging industries.Besides,the sensitivity to emerging industries of non-state-owned business groups is much stronger than state-owned business groups.The relationship between sensitivity to emerging industries and financial performance presents a negative coorelation remarkably,and business groups' sensitivity to emerging industries has a little negative role to adjust the relationship between diversification and performance.