本文在整合包含组合投资理论、企业成长理论、市场力量理论等多元化理论
主要观点以及包含资产规模边界理论、效用理论等资产规模理论主要观点的基础
上，提出了基于企业资产规模的多元化经营与企业绩效关系研究，并综合运用探
索性研究、文献和理论分析、统计分析法、回归分析法、比较研究法、门槛回归
法等定性与定量的方法。分析并解答了两个研究问题：（1）多元化经营与企业
绩效二者之间是否存在一定的关系，具体的关系是怎样的？（2）多元化经营是
否可以通过资产规模对企业绩效产生影响？不同资产规模强度区间，多元化经营
对企业绩效的影响效果有何差异？
以制造业企业为例，选取 2009-2015 年七年间国内沪深股上市的 530 家制造
业企业数据。依据企业主营业务构成比，综合整理得出衡量企业多元化经营程度
的调整的赫芬达尔指数，选定净资产收益率（ROE）衡量企业绩效，总资产对数
衡量资产规模，此外选定息税前利润、现金运营指数、资产负债率，盈利能力、
流动比率、R&D 支出、公司属性一系列财务及非财务指标作为控制变量。经
Excel2007 进步处理汇总得出初始数据。运用 Stata12 进行最小二乘法（OLS）、
固定效应模型和门槛回归。先是对多元化与企业绩效的关系进行研究，再对资产
规模作用影响下多元化经营与企业绩效的关系进行探究。在此基础上，得到以下
结论：新疆大学 2017 届硕士研究生学位论文
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（1）多元化经营对于企业绩效有正向促进作用，系数较小为 1.56，说明企
业的多元化经营虽然有利于企业的发展，但是效果不慎明显。控制变量中企业规
模、现金运营指数、流动比率均于绩效显著负相关，资产规模对企业绩效的抑制
作用最为明显；息税前利润、资产负债率、盈利能力、R&D 支出均于绩效显著
正相关
（2）无论国有企业还是非国有企业，其多元化经营对企业绩效均呈正向促
进作用，但是国有企业的正向促进作用较非国有企业更为明显，这可能是因为我
国民营企业在多元化成长过程中，不仅面临着行业市场准入上的政策歧视，还有
较高的信贷门槛
（3）因在指标衡量初期选取总资产额对数作为衡量资产规模的指标，企业
资产规模的确会在一定程度上影响企业多元化经营与企业绩效的关系，当规模小
于19.613时，相对专业化的经营对企业绩效的提高更为有利；当资产规模介于
19.613至20.298时，多元化经营与企业绩效间呈显著的正相关，这时努力扩大自
身多元化水平利于企业发展；当企业资产超过20.298时，多元化经营虽然有利于
企业绩效的提高，但系数9.904小于第二门槛区间的31.928系数值。若以门槛值为
临界值，将样本按企业资产规模分为高中低划三个不同的区域。显然，在不同区
制下规模对企业绩效的影响程度不同，表现出了明显的门槛特征
（4）当制造业企业资产规模小于 19.613 时，在人力资本，资金、技术等核
心资源不充分的情况下，集中利用现有资源经营企业容易获得较为理想的经营效
果。而当企业成长到 20.298 时，相应的会产生一定的剩余资源，此时企业如采
取多元化经营方式，可有效将部分剩余企业核心资源进行利用和转化，同时多元
化的经营方式也有利于规避外部环境所带来的不确定性。在企业逐渐成长为大型
企业后，资产规模达到 20.298 后，多元化业务的扩大会降低企业资本利用效率，
经营效果好的部门必然会对经营不好的部门进行大量补贴，长此以往会影响企业
整体绩效和长远发展，这时，调整、剥离非核心业务单元，提高专业化程度，发
展相关多元化战略，以使企业的核心资源与经营业务处于适当的匹配状态
关键词：多元化经营；资产规模；门槛回归新疆大学 2017 届硕士研究生学位论文
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Abstract
Diversification is a management method of modern corporation evolution to a
certain level generally adopted by American scholars. Ansoff first proposed the theory
of diversification of enterprise, by academic and business circles gradually recognized
and accepted, and applied in enterprise management. But with the continuous
development of enterprises, because of development, the enterprise mergers and
acquisitions are not familiar with good at business, resulting in enterprises scattered
resources, increase the cost of enterprise operation, increased the difficulty of the
enterprise management problems cases gradually increased. Since the reform and
opening up, China enterprise business philosophy development great changes in
strategic action is also positive to the west, has become the main means of
diversification strategy in the market economy system is still not. To improve the
environment, the evolution of diversification for Chinese enterprises to avoid the
environmental uncertainty brought by the operation risk and maintain the competitive
ability of enterprises to fulfill their own long It is also an important strategic means
for the development of Chinese enterprises in a certain stage, although it is still
controversial, but it still exists in the real society
This paper includes the portfolio theory in integration, enterprise growth theory,
market power theory based diversified asset size and contains the main idea of the
theory of boundary theory and utility theory and other assets on the main idea of the
theory, puts forward to the enterprise asset size and between diversification and firm
performance based on the exploration and the integrated use of literature and theory
analysis, statistical analysis, regression analysis, comparative analysis, qualitative and
quantitative methods of threshold regression method. Analyze and answer two
research questions: (1)whether there is a causal relationship between diversification
and corporate performance two; (2)whether diversification by asset size impact on
firm performance Different asset size strength interval,the diversification&39;s effect on
firm performance effect differences新疆大学 2017 届硕士研究生学位论文
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Taking manufacturing enterprise as an example, select 2009-2015 seven years of
domestic shares listed on the Shanghai and Shenzhen 530 manufacturing enterprises
constitute the basis for the data. Than the main business enterprise, comprehensive
sort out the measure of the degree of diversification of enterprises to adjust the Beh
Finn Dahl index, selected the rate of return on net assets (ROE) to measure the
performance of enterprises, to measure the logarithm of total assets assets in addition,
choose fixed rate of pre tax profits, operating cash index, asset liability ratio,
profitability, liquidity ratio, R&D spending, the company attributes a series of
financial and non financial indicators as control variables. The Excel2007 step
processing to get the initial data. By using Stata12 least squares (OLS), fixed effect
model and threshold regression. Is the study on the relationship between
diversification and corporate performance, and then explores the relationship of assets
under the influence of diversification and corporate performance. Based on this, too
The following conclusions:
(1)Diversification has positive effect on firm performance, coefficient of 1.56,
indicating diversified enterprises although there is conducive to the development of
enterprises, but the effect is obvious. The bigger the variable accidentally, the cash
operation index, liquidity ratio in performance is negatively related, inhibition of asset
size on the performance of enterprises is the most obviously; EBIT, asset liability ratio,
profitability, R&D expenses are significantly positive correlation to performance.
(2)Both state-owned enterprises and non state-owned enterprises, the
diversification of corporate performance have a positive role in promoting, but
state-owned enterprises positively than non state-owned enterprises is more obvious,
this may be because in the process of diversification of priva
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