Research On The Relationship Between Technological Diversification And Corporate Performance In High-tech Enterprises

Technological progress is an important means to promote the development of high-tech enterprises.Due to the advancement of science and technology,enterprises are facing full of uncertainty and risk of the market environment.Therefore,a single technology could have been difficult to support the survival and development of the enterprise.And high-tech enterprise hope to seek breakthrough through the technology diversification by promoting enterprise technology advancement.The existing researches on the relationships between technology diversity and performance are concerned on the whole concept of technology diversification.The conclusions of these researches are not unified.It is only through the division of development patterrn that the technology diversification are divided into two dimensions:correlation and non correlation,which breaks the research perspective of whole concept and try to unify the previous conclusions.Nonetheless,existing researches focus more on core technologies and ignore non-relevant technical areas of the enterprise.Then,a few scholars divided the technological diversification into related and non-related division.It is a new division idea,and also opens a new perspective for the study of the relationship between technology diversification and performance.In addition,we deem that the capabilities of enterprises and different stages of development that have an impact on the choice of diversification mode and its performance.Therefore,we introduce two moderating variables:dynamic capability and enterprise life cycle.Given the facts above,this study takes chinese Shanghai and Shenzhen A shares in 2010-2015 of 124 high-tech enterprise as sample data,according to the technical characteristics of the correlation degree to diversify technology is divided into technology related and unrelated diversification,to explore under the dual technology characteristics of the relationship between diversification and corporate performance.In this study,the dynamic ability is introduced to explore the influence of its diversity on the relationship between diversity and enterprise performance under different technical characteristics.The empirical results show that:(1)the performance of enterprises can be enhanced with the enhancement of the degree of diversification of relevant technologies,but it is inversely changing with non-related technologies.From the perspective of technical knowledge,this study helps enterprises to correctly understand the related effects on enterprise performance with the related technical diversified,and helps revelation managers deal with the relationship between the related technology with the related diversification;(2)dynamic capability has a positive regulating effect on the relationship between technology diversification and enterprise performance.Enterprises should be good at utilizing the improvement of dynamic capability to reduce the negative effect of non-relevant technology diversification on enterprise performance,and play the positive role of technological diversification as much as possible;and(3)the regulating effect of the enterprise lifecycle has been verified into 3 stages.In the growth stage,the relationship between the related diversification and corporate performance is positive,rather than technology related diversification and corporate performance is negatively related.In mature period,the correlation between technological diversification and corporate performance is the inverted U-shaped relationship and nonrelated technology diversification positively affects the performance of enterprises.In decline phase,the relationship has not passed the significant test.