随着我国资本市场的不断完善和发展，创业板作为主板市场的重要补充，近些 年来获得了较好的发展。从现实看，我国创业板公司大多属于高科技中小型公司， 经营机制灵活，具有较好的成长性，在我国经济创新发展中发挥了重要作用。但在 创业板公司的发展中也面临融资困难、对外部风险抵抗能力较弱等问题。因此，如 何保持技术领先、分散创新风险显得尤为重要。从创业板公司目前的实际和发展趋 势看，大多实施了不同程度的多元化经营战略。从年报披露的数据看，实施多元化 经营发展战略对提高创业板公司的财务绩效具有一定的积极意义，但通过进一步的 分析可以发现，不同生命周期阶段的公司实施多元化经营对财务绩效的影响不同。 部分公司多元化经营提高了财务绩效，有些公司多元化经营反而降低了财务绩效， 也有部分公司实施的多元化经营对财务绩效并无显著影响。此外，不同性质、不同 行业的公司对多元化经营表现出的效果也不同，对存在大量固定资产的公司来说， 实施多元化经营能够有效分散风险，增强企业竞争力；而对于轻资产的高科技企业 来说，多元化经营则会使企业资源变得更加短缺，不利于自身主营业务的发展。从 监管层面看，我国证监会于2010年6月颁布的《公开发行证券的公司信息披露内容 与格式准则第31号——创业板上市公司半年度报告的内容与格式》中并不鼓励创业 板公司进行多元化经营，要求公司对重大风险因素进行合理披露，切实保障投资者 利益，提高公司的财务绩效。可见对创业板公司多元化经营与财务绩效相关性问题， 目前尚未取得基本一致的认识。基于此，结合证监会监管要求和创业板公司实际经 营情况，通过实证分析，对创业板公司多元化经营与财务绩效相关性问题进行系统 研究，不仅具有一定的理论价值，更具有较大的实践意义。 本文在分析借鉴国内外现有研究成果的基础上，以资源基础理论、交易成本理 论、市场势力理论、委托代理理论、生命周期理论为基础，以创业板公司为研究对 象，按一定规则选取了2014-2018年期间213家样本公司1065个观测值为研究样本， 通过样本公司披露的年度报告内容以及新浪财经网站所公布的财务数据，对创业板 上市公司多元化经营与财务绩效之间的关系进行实证分析。首先从盈利、营运、偿 债和成长性方面选取衡量公司财务绩效水平的12个指标，采用主成分因子法，构建 了符合创业板公司实际的财务绩效指标的评价体系，计算得出财务绩效综合得分， 进行描述性统计分析。运用计量经济学模型研究了公司的多元化经营与财务绩效是 II 否存在相关性，通过回归检验，发现样本公司高程度的多元化经营会在一定程度上 提升公司的财务绩效水平。在此基础上，具体探究了多元化经营与财务绩效四大能 力的相关性及其作用机理，结果表明多元化经营与公司的偿债能力存在负相关性， 与公司的营运能力存在正相关性；而与公司的盈利能力和成长能力并不存在相关关 系。为进一步深化研究，本文通过生命周期综合打分法，将样本公司按行业和企业 生命周期划分为初创期、成长期、成熟期和衰退期四个阶段，进一步探究了不同生 命周期下创业板公司多元化经营与财务绩效的关系。考虑到初创期的公司由于发展 不稳定，缺乏竞争优势不太可能进行多元化经营，故本文对刚建立的初创期公司不 做具体论述。研究发现处于成长期公司的多元化经营与财务绩效存在负相关性，成 熟期公司的多元化经营与财务绩效存在正相关性，而衰退期公司的多元化经营与财 务绩效并不存在相关性。所以创业板公司在经营过程中应加强核心业务竞争力，把 控好多元化经营程度。对处于成长期的公司来说，应当更加专注于自身的主营业务， 避免过度多元化导致公司价值的减损。对处于成熟期的公司来说，可适当加大多元 化经营程度，避免因闲置资金带来过高的管理成本，应及时调整公司多元化经营战 略，明确未来的发展方向。本文的研究方法及结论为分析不同生命周期下创业板公 司多元化经营程度与财务绩效的相关性问题提供新的思路，不仅为创业板公司的未 来发展和相关决策提供参考，而且可以为相关行业中其他公司的多元化经营决策提 供一定的借鉴。 关键词：创业板公司，多元化经营，生命周期，财务绩效 III Research on the relationship between diversification and financial performance of Growth Enterprise companies Abstract With the continuous improvement and development of China's capital market, growth enterprise, as an important supplement to the main board market, has achieved good development in recent years. From the reality, growth enterprise companies in China are mostly high-tech small and medium-sized companies, with flexible operating mechanism and good growth, which play an important role in China's economic innovation and development. However, the development of growth enterprise companies also faces financing difficulties and weak resistance to external risks. Therefore, how to maintain the leading technology and disperse innovation risk is particularly important. Judging from the current reality and development trend of growth enterprise companies, most of them have implemented diversified business strategies to different degrees. According to the data disclosed in the annual report, the implementation of diversification strategy has certain positive significance for improving the financial performance of growth enterprise companies. However, through further analysis, it can be found that the impact of diversification on financial performance of companies in different life cycle stages is different. Diversification of some companies improves financial performance, while diversification of some companies reduces financial performance, while diversification of some companies has no significant impact on financial performance. In addition, companies of different nature and industries have different effects on diversification. For companies with a large number of fixed assets, the implementation of diversification can effectively disperse risks and enhance the competitiveness of enterprises. For asset-light high-tech enterprises, diversification will make the enterprise's resources become more scarce, which is not conducive to the development of their main business. From a regulatory perspective, China Securities Regulatory Commission in June 2010 issued the company publicly issues securities information disclosure content and format guidelines no. 31 - growth enterprise listed company semi-annual report content and format does not advocate the growth enterprise companies in the diversified, request the company revealed that the major risk factors in a reasonable manner to protect the interests of investors and IV improve the company's financial performance. It can be seen that there is no basic consensus on the correlation between the diversification of growth enterprise companies and their financial performance. Based on this, combined with the regulatory requirements of the CSRC and the actual operating conditions of growth enterprise companies, through empirical analysis, a systematic study on the correlation between the diversification of growth enterprise companies and financial performance is not only of certain theoretical value, but also of great practical significance. Based on the analysis of existing research results at home and abroad for reference, on the basis of resource based theory, transaction cost theory, market power theory, principal-agent theory, life cycle theory as the foundation, to the growth enterprise companies as the research object, according to certain rules to choose the period 2014-2018 1065 observations of 213 sample companies as research samples, through sample disclosure of annual report content and sina finance and economics website published financial data, the growth enterprise listed companies diversification empirical analysis with the relationship between the financial performance. Firstly, we select 12 indicators to measure the level of corporate financial performance from the aspects of profit, operation, debt repayment and growth, and use the principal component factor method to construct an evaluation system in line with the actual financial performance indicators of growth enterprise companies, calculate the comprehensive score of financial performance, and conduct descriptive statistical analysis. Econometrics model is used to study whether there is a correlation between the diversification of companies and their financial performance. Through regression test, it is found that the high degree of diversification of sample companies will improve their financial performance to some extent. On this basis, the paper specifically explores the correlation between diversification and four abilities of financial performance and their mechanism of action. The results show that diversification has a negative correlatio