| With the technological innovation speeding up, product development complexity and systematically rising, it's becoming more and more difficult for enterprises relying on one single field technology to research innovative products to meet the diverse needs of customers and stand out in the market competition. As a result, enterprises not only focus on a single core technology, but also carry out research and development activities in various technology fields, explore knowledge and avoid the innovation risk. Technological diversification is an effective way for companies to accelerate the integration of knowledge to meet diversification demand of customers, improve corporate performance. Although some scholars have discussed the regulatory mechanisms and mediation mechanisms which may affect the relationship between technology diversification and enterprise performance from multiple perspectives, their focus mostly concentrated on internal factors. For enterprise, external environment is particularly important to the configuration of resources and capabilities, and dynamic environment can bring many possibilities to enterprise operation. Little literature research this problem based on external environmental factors, resulting in insufficient efforts to explain the academic controversy.On the basis of existing research, this article, from the perspective of internal absorptive capacity and external environment, decomposing the external environment into market turbulence and technology turbulence, further explores the mechanism of the technological diversification impacting on firm performance. With 122 listed companies in Chinese five high-tech industries as samples, this paper collects financial data and patent data of these industries and enterprises from 2004 to 2012 to execute empirical research. Five multivariate linear regression models are built to test the research hypotheses. This paper analyzes the impact of technological diversification on firm performance, and deeply discusses the regulatory mechanisms of absorptive capacity and environmental turbulence on the relationship between technological diversification and firm performance.The results show that technological diversification has a positive effect on firm performance, namely, the higher the degree of technological diversification is, the higher the firm performance is. Absorptive capacity and market turbulence play a significantly positive moderating role in the relationship between technological diversification and firm performance. Technological turbulences'moderating effect between technological diversification and performance is not supported completely. According to the empirical results, this paper provides advice for China's high-tech enterprise to develop technology innovation strategy, improve the level of technology innovation. |
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