Research On Ownership Structure,Diversification Strategy Type And Firm Performance

At present,the potential link between equity structure,diversification strategy and firm performance has gradually attracted more and more scholars' attention.The characteristics of rapid growth,high risk,high fund-raising and low actual capital utilization rate of listed companies in the GEM manufacturing industry make the diversification strategy become an inevitable choice for many enterprises.However,diversification strategy is not necessarily a panacea for companies to grow and develop.Different types of diversification strategies may ultimately have different impacts on the development of enterprises,and the special shareholding structure of listed companies in GEM manufacturing industry may has impacts on the choice of the type of diversification strategy Therefore,exploring the relationship between ownership structure,diversification strategy type and firm performance has practical guiding significance for helping listed companies in GEM manufacturing industry to understand the causes and effects of diversification strategy,optimize the ownership stru cture,rationally select the type of strategy,and improve corporate performance.This paper constructs a research model of “ownership structure—diversification strategy type—firm performance”,explores the impact of ownership structure and diversification strategy types on firm performance,and discusses the motivations of different diversification strategy types from the perspective of ownership structure.This paper takes the relevant data of 227 GEM manufacturing listed companies from 2015 to 2017 as the research sample,and uses the one-way analysis of variance,multiple linear regression and ternary logistic regression to conduct empirical research,and draws the following conclusions:(1)In terms of the impact of the ownership structure on firm performance,the equity concentration,the proportion of tradable shares,the proportion of legal-person shares and the management shareholding ratio are positively related to firm performance.(2)In terms of the impact of diversification strategy types on firm performance,compared with non-related diversification strategies,companies can achieve higher performance levels under the specialization strategy and related diversification strategies.Under the relevant diversification strategy,the degree of diversification is positively related to firm performance.Under the non-related diversification strategy,the degree of diversification is negatively correlated with firm performance.(3)In terms of the impact of ownership structure on the choice of diversified strategy types,companies with higher equity concentration tend to choose a specialization strategy,and there is no obvious preference for the selection of related and non-related diversification strategies when diversifying.Companies with a large proportion of tradable shares,legal-person shares and a high management shareholding ratio tend to choose a specialization or related diversification strategy,and between the specialization and related diversification strategies,companies with a large proportion of legal-person shares and a high management shareholding ratio are more inclined to choose relevant diversification strategies,but the proportion of tradable shares has no effect on the choice of the two.