Abstract: The paper analyzes the internal relationship and its impact mechanism on performance of firm’s diversification strategy, puts forward some related hypotheses, and conducts an empirical test based on a sample of 110 Chinese manufacturing listed firms from the year of 2005-2013. The result shows that the synergy of two kinds of strategies constraints the development of the third kind of strategy, despite the complementary effect exists between product diversification and technological diversification, stronger substitute effect exists between product diversification and internationalization. There are significant differences among the impact of three diversification strategies on firm’s performance. The synergy between product diversification and technological diversification has a positive impact on firm’s performance, but the synergy between internationalization and other two diversification strategies is not prominent.

Key words: firm&rsquo, performance

摘要： 从理论上分析了企业多元化战略的内部关联及其对绩效的影响机制，提出了相关的理论假设，并以中国110家制造类上市公司2005-2013年的面板数据为基础对理论推断进行了实证检验。研究结果表明：产品多元化与技术多元化之间存在互补效应，两者与国际化之间都存在替代效应；三类多元化战略对企业绩效的影响有明显的差异性；产品多元化与技术多元化的协同对企业绩效有正向影响，但国际化战略与另两类多元化战略之间都不存在对绩效影响的协同效应。