【作者】 王晓波； 王季冬； 杨丹；

【Author】 Wang Fusheng Wang Jidong Yang Dan (Harbin Institute of Technology,School of Management,Heilongjiang Harbin 150001,China)

【机构】 哈尔滨工业大学财务处； 哈尔滨工业大学管理学院；

【摘要】 通过运用回归和方差分析等统计方法,对我国沪深两市六个行业139家高新技术上市公司财务数据进行截面研究,比较不同多元化程度和多元化类型上市公司财务绩效的规律性特征。结果发现：高新技术上市公司多元化程度与企业财务绩效呈现负相关关系,即单一业务型企业的业绩最好：低度多元化经营的绩效要好于高度多元化经营；相关多元化型企业的绩效略微好于非相关多元化型企业的绩效；而多元化程度与企业的借贷能力无关。在此基础上提出：高新技术上市公司应集中精力发展核心业务,在规模效应、资源利用效率、成本最低战略、创新和专业能力上大做文章；将专业化和低度多元化动态地结合起来,充分发挥专业化和多元化两方面的优势。更多还原

【Abstract】 Through regression and variance analysis,139 high-tech companies’ f’mancial data in six industries of Shanghai and Shenzhen Stock Exchange are studied,and financial performances’ regularity in different multiplication degree and type are also compared.It is found that the degree of multiplication and enterprises’ performances present negative relaitionship,which is to say enterprise’s performance with single business is the best;the performance in low multiplication degree is better than that in high multiplication degree;and the performance in relative multiplication degree is a little better than that in irrelative multiplication degree;but the multiplication degree has no relationship with debt ability.Based on results above,the high-tech companies should concentrate on developing their core business,attach more importance to scale effect,efficiency of using resourses,the lowest cost strategy,innovation and professional ability;combine the specialization and low multiplication to display the two sides’advantages.更多还原