The Research On The Relationship Among Economic Fluctuations,Diversification Strategy And Port And Shipping Enterprise Growth

Since Ansoff put forward the diversification strategy in1957, its relationship with the enterprise growth and value has become the research focus in the school of industry economics and organization strategy. The Chinese and western scholars have selected enterprises in different economic development stage and industry to make a lot of research, but there is still no unified conclusion. Except simply study the relationship, the scholar has also chosen diversified motivation as research breakthrough point. From the view of resource ability, corporate governance, institutional environment, perspective of political association, establishes the research path of diversified motivation-diversification strategy-enterprise growth. The scholars thought the future research trends should further assume that diversified company in different periods have different characteristics. That is, diversification is considered from the perspective of the economic cycle (Huang Lijiang,2014). Based on the ripple effects theory of industry economics, the induction coefficient of logistics industry on economic development is higher and more than the social average level. The fluctuation of economic development affects the demand of logistics industry. Specific to port shipping companies, because of the dependent on the economy, it is more strongly affected and presents the characteristics of obvious periodicity. The2008economic crisis have a serious impact to the port of shipping enterprise business. Under this background, the companies began to make strategic adjustment and planned diversification strategy to reduce the risks of economic fluctuation and realize the company growth. Existing research shows that in different industry, diversification strategy has different impact on corporate growth (Santalo,2008). So in this industry, what is the effect of diversification strategy? At the same time, considering the environment of economic cycle fluctuation, whether diversification is affected and can bring value to the enterprise have become the problems need to be studied in this paper.This paper first carries on the comb. Analyze the related literature on the definition of related enterprise growth, influence factors and related evaluation index system. Conclude the research of influence factors of diversification strategy implementation as well as the existing views of relationship between diversification strategy and enterprise growth. Summarize the relations among economic fluctuation, diversification strategy and enterprise growth. On this basis, put forward the research path. Then the paper establishes the concept model, define the measurement of related variables and put forward the hypothesis between variables according to the relevant theory. Finally, the paper selects the28companies which listed on the deep Shanghai public transportation sector as research samples. The relevant data is come form the company’s annual report and the Guo Taian database. This paper collects10years relevant panel data from2004to2013and uses spss19.0and statal2.0statistical analysis software to deal with obtained data. Then carry on the empirical test to the relationship among economic fluctuations, diversification strategy and enterprise growth.Based on empirical study, the paper gets the following research conclusions. The first is that economic fluctuation has positive correction with the growth of port and shipping enterprises. Both macro GDP growth and shipping index have positive correlation with the enterprise’s financial performance and growth potential. The second is that diversification strategy has the discount effect. It has negative correction with the financial performance and growth potential. The horizontal diversity and vertical diversity can make the short-term performance different, but the long-term effect is not obvious. The third is the establishment of diverse mediating effect. This article gets discovery through the empirical analysis. When considering the economic recession, ports enterprises tend to implement the diversification strategy and in this time, the discount effect of diversification for the enterprise will reduce. However, under the environment of economic fluctuation, the diversity of horizontal and vertical type do not have significant difference influence on the short term and long term growth. At the same time, this article research also has certain limitation and the insufficiency, future studies are needed to make more supplement and get more perfect results.