| With the continuous improvement of economic globalization and the gradual slowdown of domestic economic development,the market competition of both domestic and foreign is becoming increasingly fierce,and diversification strategy is playing an increasingly important role in the development process of enterprises.Many studies have shown that diversification strategy has a significant impact on the development of enterprises and directly affects the enterprises performance.Based on the background of reality and theory,this paper summarizes several studies on the relationship between diversification strategy and enterprise performance in previous literatures,and finds that there is no systematic and unified conclusion.Therefore,this paper focuses on exploring the influence mechanism of enterprise diversification strategy on enterprise performance,and divides diversification strategy into market diversification and technology diversification according to the limitations of previous analysis.At the same time,this paper introduces complementary assets as a moderating variable,and considers the influence of three specialized complementary assets——manufacturing,market and human resources——on the relationship of the main effect.In the context of national emphasis on high-quality development,based on the manufacturing high-tech industry standards published by the national bureau of statistics,this paper selected the panel data of 131 a-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2017 as samples for empirical analysis.The regression results show that:(1)there is an inverted U-shaped relationship between the degree of market diversification and enterprise performance;(2)the degree of technological diversification is positively correlated with enterprise performance;(3)manufacturing specialized complementary assets,market specialized complementary assets and human specialized complementary assets positively moderate the relationship between market diversification degree and enterprise performance;(4)market specialized complementary assets and human specialized complementary assets positively moderate the relationship between technological diversification degree and enterprise performance,while manufacturing specialized complementary assets has no obvious moderating effectThrough the analysis of the research results,this paper finally gives some inspiration and suggestions for the current Chinese enterprises,and puts forward some further research directions for the limitations of this study. |
