An Empirical Study On The Performance By The Listed Diversified Companies In Shanghai Stock Exchange

The diversification is the questions that the enterprises generally concerned after they have developped into certain stage. Entering 21st century, the nuclear trend that were begun in the 1990s by the western countries, have caused the thinking of diversification strategy of business in our country: Can the diversification bring the performance to enterprise on earth? Is there a necessity implemented in diversification? Numerous theories and results of study of real example have drawn a lot of seemingly contradictory conclusions. The relevant diversification research in Western countries indicate that ,after 1990s the relation between diversification and the performance of enterprise is not prominent. And the research about the pluralism and enterprise's performance of our country has fallen into the deadlocks of two kinds of antithesis views locked in a stalemate. So, the research of the relation has important theory meaning and practice value between enterprise's diversification and enterprise's performance, the enterprises that it can instruct our country to make the transition under the economic condition keep reason in implementation of diversification strategy, carry on the diversification appropriatly effectively.This text uses economical knowledge to analyze the diversification strategy with the visual angle on the interreaction of the diversification and enterprise's performance. Firstly ,it carries on the economical explanations to the reasons of diversification; Secondly , analyzes the positive research of diversification strategy to demestical and international enterprises, and then finds the real positive research method to analyze enterprise's diversification strategy of our country; Moreover , studies the diversification strategy in terms of the financial accounting performances of enterprises; Then , carries on rational appraisal to the validity of diversification strategy; Finally , points out the questions that enterprises must pay attention in order to succeed in the diversification strategy.This text has collected 58 enterprises listed on Shanghai Stock Exchange and amounted to the relevant data of 348 samples within 1999~2004, and uses panel data structure, carries on plural linear relations between the management performance and diversifications of these listed companies .We finally find that , the stockholder's equity and diversification intensity of the enterprises are shouldered relevantly, the relation of the business scale and diversification intensity is positive correlation, but the relation of the intensity and pluralistic intensity in debt of enterprises is not...