随着新能源市场的市场化程度的提高，竞争更加激烈，再加上经营环境复杂 多变，形成了由环境变化所带来的背景环境问题和运营环境问题，企业环境问题 的实质，是环境能力问题，此时，新能源企业多元化业务战略选择尤其重要。因 此对新能源上市公司环境能力、多元化经营与企业绩效关系进行研究将具有重要 意义。 本文在国内外对企业环境、企业能力理论及企业多元化经营绩效的研究现状 的基础上，把企业环境、企业能力理论结合起来，从企业环境能力的角度出发， 研究企业多元化经营、环境能力与企业绩效之间的作用机理。论文以太阳能、风 能、核电和生物质能的新能源上市公司为研究对象，基于2015-2018年48家新 能源上市公司数据，通过文本分析的方法，建立企业环境能力的测量指标，采用 描述性分析、相关性分析、多元回归模型等统计分析方法，对研究假设进行实证 分析，最后得出以下结论：第一，我国新能源企业行业多元化经营与企业绩效负 相关。第二，当行业多元化不受控制的时候，我国新能源上市公司产品多元化程 度越高，企业绩效越差,但是其他条件一定的情况下,加上行业多元化这个控制变 量时，产品多元化对企业绩效的不具有显著的负向作用。第三，新能源上市公司 的背景环境能力在产品多元化经营与企业绩效的之间存在正向调节作用。第四， 新能源上市公司的运营环境能力在产品多元化经营与企业绩效的之间存在正向 调节作用。基于以上结论，建议新能源企业要谨慎选择多元化业务战略，聚焦优 势主导产业，注重核心竞争力的培养，把握好背景环境和运营环境的变化，培养 新能源企业积极应对环境变化的能力，提高企业内外部环境的可控制程度，把有 利因素利用到企业自身的生产经营活动当中，从而有助于新能源企业的发展。 关键词：新能源，环境能力，多元化经营，企业绩效 II ResearchontheRelationshipbetweenEnvironmental Capability,DiversifiedOperationandCorporatePerformance ofNewEnergyListedCompanies Abstract Withtheincreasingdegreeofmarketizationofthenewenergymarket, competitionisfiercer,andthecomplexandchangeableoperatingenvironmenthas formedthebackgroundenvironmentalproblemsandoperationalenvironmental problemscausedbyenvironmentalchanges.Theessenceofcorporateenvironmental problemsistheenvironment.Capacityissues,atthistime,newenergycompanies' diversifiedbusinessstrategyselectionisparticularlyimportant.Therefore,itwillbe ofgreatsignificancetostudytherelationshipbetweenenvironmentalcapabilities, diversifiedoperationsandcorporateperformanceofnewenergylistedcompanies. Basedonthedomesticandforeignresearchstatusofcorporateenvironment, corporatecapabilitytheoryandcorporatediversifiedbusinessperformance,this papercombinescorporateenvironmentandcorporatecapabilitytheory,andstudies corporatediversifiedmanagementandenvironmentalcapabilityfromthe perspectiveofcorporateenvironmentalcapability.Themechanismofinteraction withcorporateperformance.Thethesistakessolarenergy,windenergy,nuclear powerandbiomassenergynewenergylistedcompaniesastheresearchobject, basedonthedataof48newenergylistedcompaniesfrom2015to2018,through textanalysis,establishesthemeasurementindicatorsofthecompany's environmentalcapabilities,usingdescriptiveStatisticalanalysismethodssuchas analysis,correlationanalysis,multipleregressionmodel,empiricalanalysisofthe researchhypothesis,andfinallyreachedthefollowingconclusions:First,the diversificationofChina'snewenergyenterpriseindustryisnegativelycorrelatedwith corporateperformance.Second,whentheindustrydiversificationisnotcontrolled, thehigherthedegreeofproductdiversificationofChina'slistednewenergy III companies,theworsetheperformanceofthecompany.Thereisnosignificant negativeeffectontheperformanceofenterprise.Third,thebackground environmentalcapabilitiesofnewenergylistedcompanieshaveapositive adjustmenteffectbetweenproductdiversificationandcorporateperformance. Fourth,theoperatingenvironmentalcapabilitiesoflistednewenergycompanies haveapositiveadjustmentbetweenproductdiversificationandcorporate performance.Basedontheaboveconclusions,itisrecommendedthatnewenergy companiesshouldcarefullychooseadiversifiedbusinessstrategy,focusondominant industries,focusonthecultivationofcorecompetitiveness,graspchangesinthe backgroundenvironmentandoperatingenvironment,andcultivatenewenergy companiestoactivelyrespondtoenvironmentalchangesandimproveThe controllabledegreeoftheinternalandexternalenvironmentoftheenterprisemakes useoffavorablefactorstotheenterprise'sownproductionandoperationactivities, therebycontributingtothedevelopmentofnewenergyenterprises. Keywords:Newenergy,environmentalcapability,diversification,corporate performance 目录 摘要........................................................................................................Ⅰ ABSTRACT...................................................................................................Ⅱ 第一章绪论.............................................................................................1 1.1研究背景、目的和意义......................................................................................1 1.1.1研究背景与研究目的...................................................................................1 1.1.2研究意义.......................................................................................................2 1.2研究内容与研究方法..........................................................................................3 1.2.1研究内容.......................................................................................................3 1.2.2研究方法与技术路线.................................................................................3 1.3创新点..................................................................................................................4 第二章理论基础与文献综述.................................................................6 2.1理论基础..............................................................................................................6 2.1.1企业环境相关理论.......................................................................................6 2.1.2企业能力相关理论.......................................................................................8 2.2文献综述..............................................................................................................9 2.2.1环境能力.......................................................................................................9 2.2.2多元化与企业绩效的关系.........................................................................10 2.2.3企业多元化绩效的分类及经营绩效的测度方法.....................................13 第三章环境能力、多元化经营与企业绩效关系模型构建..............15 3.1变量界定............................................................................................................15 3.2概念模型构建及研究假设的提出....................................................................15 3.2.1研究假设的提出.........................................................................................15 3.2.2概念模型构建.............................................................................................16 第四章环境能力、多元化经营与企业绩效关系实证研究..............18 4.1变量测量............................................................................................................18 4.1.1环境能力.....................................................................................................18 4.1.2多元化经营.................................................................................................20 4.1.3企业绩效.....................................................................................................21 4.1.4控制变量.....................................................................................................21 4.1.5检验模型.....................................................................................................21 4.2数据分析............................................................................................................22 4.2.1数据收集及样本描述.................................................................................22 4.2.2描述性统计与相关性分析.........................................................................23 4.2.3直接作用检验.............................................................................................24 4