多元化、企业规模对上市企业绩效影响研究

Research on the Impact of Diversification and Enterprise Scale on the Performance of Listed Companies

摘要: 对于成长中的企业，多元化是否会带来实际的好处，多元化与企业规模对上市公司有什么样的影响，一直是一个非常值得研究的课题。以2018~2019年深市A股创业板上市的155家制造业上市企业为样本，运用多元回归分析方法对收集的截面数据进行实证分析并检验。研究表明多元化经营程度与上市企业绩效呈倒“U”型关系，企业规模与上市企业绩效呈显著的负相关关系，而多元化与企业规模的交互作用对上市企业绩效没有显著的影响。据此对上市企业提出了多元化与企业规模建设的建议，对企业的健康成长有积极的参考意义。

Abstract: For growing companies, it has been a topic of great interest to study whether diversification brings real benefits and what kind of impact diversification and corporate size have on public companies. Taking the 155 listed manufacturing companies listed on the Shenzhen A-share Growth Enterprise Market from 2018 to 2019 as a sample, the collected cross-sectional data is empirically analyzed and tested using multiple regression analysis methods. Research shows that the degree of diversi-fication has an inverted U-shaped relationship with the performance of listed companies, and the size of the company has a significant negative correlation with the performance of listed companies, while the interaction between diversification and company size has no significant impact on the performance of listed companies. Based on this, suggestions for diversification and enterprise scale construction are put forward for listed companies, which have positive reference significance for the healthy growth of enterprises.