Government Intervention In The Empirical Research On The Strategic Impact Of Diversification Of Chinese Listed Companies

The relationship between government intervention and enterprise diversification Strategy is one of the focuses which the academia and business circles both at home and abroad pay close attention to. After the Southeast Asian financial crisis broke out in 1997, many large enterprises, big financial group such as Kia with the implementation of diversification went bankrupt, which made S.Korean government began to pursue the specialized policy. Meanwhile, Chinese government realized the drawback of large enterprise group and the risk of the implementation of diversification strategy, and carried on the drastical reform. Then, how does government intervention influences enterprise diversification strategy?This thesis is on the basis of the previous study on the relationship between government intervention and diversification strategy. The time characteristic, the regional characteristic, the level characteristic of government intervention and Enterprise's characteristic are introduced in the framework of the impact of government intervention on diversification strategy exploringly. In accordance with the analysis logic of" time- space - subject - object ", this thesis has examined the influence of the government policy, market development, ultimate controlling shareholder type, enterprise scale and enterprise growth rate on the relationship between government intervention and diversification strategy by empirical method, and has announced the logic and inherent mechanism that government intervention influences diversification strategy. At the same time, this thesis has summarized the route of government intervention influences diversification strategy, emphasizing the impact of government intervention on diversification entering way, diversification Strategy type, diversification enterprise performance. With the regard of the Chinese enterprise reality, this thesis has expounded the impact of government intervention on diversification motivation, diversification opportunity and diversification level.This thesis utilizes 2002-2007 listed companies of Shenzhen and Shanghai to be samples, and collects relative diversification data, company financial data and corporate governance data.The result shows: (1)For Chinese enterprises in transition perioding time, government intervention has remarkable influence on diversification strategy; (2)Certain periodicity appears in the relationship between government intervention and diversification strategy, the effect of impact on diversification Strategy of government intervention varies with time; (3)The relationship between government Intervention and diversification strategy possess the regional features. The company in the area with higher market-based degree has higher diversification level. The improvement of the market development will weaken the effect of impact on diversification level of government intervention; (4) The level difference exists in relationship between government intervention and diversification strategy. The local state-owned enterprise is partial to implementing diversification than the central state-owned enterprise; (5) Enterprise's characteristic variable makes enterprises have reaction that can be moved to government intervention. The strategic behavior of company with bigger scale is influenced by government intervention the more weakly. Meanwhile, the improvement of enterprise growth rate will suppress the effect of impact on diversification strategy of government intervention too.This thesis has offered theory foreshadowing for investigating diversification motivation with the government intervention visual angle and investigating the relationship between government and enterprise with the strategic visual angle. Meanwhile, this thesis has important realistic value for instructing the practice of government and enterprise.