【摘要】 本文以2011-2015年矿业上市公司为样本,实证分析了政治关联、多元化战略和企业绩效的关系。研究结果表明政治关联对企业开展非相关多元化战略有积极作用;非相关多元化会损害企业的财务绩效,但有利于企业市场绩效的提升,并且有政治关联的企业开展非相关多元化会显著提高企业的市场价值;企业开展相关多元化战略对于财务绩效和市场绩效都是有益的,但是政治关联对相关多元化的调解作用不显著。研究结论对于转型时期采矿行业多元化战略的实施有一定的借鉴意义。更多还原

【Abstract】 Based on the sample date of the listed companies of the mining industry from 2011 to 2015 in China,this paper empirically studies the relations between political connection, diversification strategy and corporate performance.The results showthat political connection associated to Unrelated diversification positively;Unrelated diversification will impair the financial performance of the corporate, but is conductive to market performance,also,with political connection,corporate carrying out the unrelated diversification can significantly improve the market value;Relateddiversification strategy is beneficial for corporate both in financial performance and market performance,but there is no significant mediation relationship between political connection and related diversification.The conclusions of research give some suggestions of implementing diversification for the mining industry in transformation.更多还原