在经济新常态的时代背景下，企业不仅关注自己的行业市场，而且越来越多 的企业将多元化作为企业发展和成长的重要途径。然而，在中国经济进入新常态 的同时，也伴随着经济增长速度的下降、行业产能过剩的加剧以及去产能阶段的 开始。行业内各企业的角逐力度加深，更加凸显了适者生存、优胜劣汰的生存法 则。那么，在新常态的大环境下，进入不同行业的多元化企业能否在日益残酷的 商业竞争中获得更好的市场份额，从而提高经营绩效呢。 多元化是企业经营和战略研究的重点内容之一，由于国外企业多元化发展 较为成熟且现阶段“归核化”的企业增多，对多元化的相关研究也有着下降的趋 势，但国内企业多元化发展较晚，多元化经营依旧是重要的研究范畴。目前国内 外学者的研究领域主要集中在多元化经营类型以及多元化经营程度对绩效的影 响，较少地研究多元化与企业绩效两者之间的调节因素，探索内外部第三方影响 因素是值得进一步研究的领域。在当前经济形势下，制造业企业存在结构不合理 与产能过剩较为严重的现象，这种现象背后体现了冗余资源及其调配问题，而多 元化是企业对资源进行配置的常见形式，多元化经营的程度与冗余资源在企业 内部的存量有关。鉴于此，本文希望通过引入冗余资源这一重要影响因素来研究 多元化与企业绩效的关系，探求冗余资源在多元化决策与执行中所起的作用。 本文利用2010年至2018年深沪A股制造业上市公司的实证数据，首先运 用面板双向固定效应模型探讨行业多元化经营和企业绩效两者之间的线性影响， 并将冗余资源细化分类，静态地分析企业内部的各类冗余资源在多元化经营与 绩效关系中的调节作用。其次，从冗余资源总体角度出发，以冗余资源作为门槛 变量，运用门槛回归模型分析多元化与企业绩效的非线性关系，动态地探讨冗余 资源对其两者之间关系的影响程度。 本文研究多元化与企业绩效之间的关系着重解决了以下问题：多元化经营 对企业绩效终究是溢价还是折价；在我国经济新发展“提质增效”的大背景下， 不同类型的冗余资源能否具备不同的效用，可利用冗余、可恢复冗余和潜在冗余 各自对多元化经营与绩效关系的调节作用是如何；整体而言，冗余资源是否存在 一定的门槛区间使得多元化与企业绩效的关系变为非线性关系。 关键词：多元化经营；冗余资源；企业绩效；固定效应模型；门槛模型 II Abstract In the era of the new normal economy, companies not only pay attention to their own industry markets, but also more and more companies regard diversification as an important way for corporate development and growth. However, at the same time as China's economy enters the new normal, it is also accompanied by a decline in the rate of economic growth, an increase in the overcapacity of the industry, and the beginning of the de-capacity phase. The competition in the industry is deepening, which highlights the survival rules of the fittest and the survival of the fittest. Then, under the norm of the new normal, can diversified companies entering specific fields and industries be able to gain better market share in increasingly cruel business competition, thereby improving business performance? Diversification has always been the focus of business management research. Because the diversified development of foreign companies is more mature and there are more “recored” companies at this stage, the research on diversification has declined. However, the diversification of domestic enterprises is relatively late, and diversified management is still an important research area. At present, the research fields of scholars at home and abroad mainly focus on the type of diversified business and the impact of the degree of diversified business on performance. The research on the moderating effects of the relationship between diversified operations and corporate performance is scarce. Exploring internal and external third-party influence factors is an area worthy of further research. In the current economic situation, manufacturing companies have unreasonable structures and serious overcapacity. This phenomenon reflects the problem of redundant resources and their deployment. Diversification is a common form of resource allocation by enterprises. The degree of diversification is related to the stock of redundant resources within the enterprise. In view of this, this thesis hopes to study the relationship between diversification and corporate performance by introducing the important influencing factor of redundant resources, and to explore the role of redundant resources in diversified decision-making and execution. III This thesis uses empirical data from Shenzhen and Shanghai A-share manufacturing listed companies from 2010 to 2018. First, it uses a panel two-way fixed-effect model to explore the linear impact between diversified industry operations and corporate performance, and classifies redundant resources into categories , Static analysis of the role of various types of redundant resources within the company's moderating role in the relationship between diversified operations and performance. Secondly, from the overall perspective of redundant resources, using redundant resources as threshold variables, using threshold regression models to analyze the non- linear relationship between diversification and corporate performance, and dynamically explore the impact of redundant resources on the relationship between the two. This thesis studies the relationship between diversification and corporate performance, and focuses on the following issues: whether diversification is ultimately a premium or a discount to corporate performance; in the context of China's new economic development, "improving quality and increasing efficiency", Whether the different types of redundant resources can have different effects, and how can the redundancy, recoverable redundancy, and potential redundancy each adjust the relationship between diversified operations and performance; on the whole, is there a certain threshold interval for redundant resources to make The relationship between diversification and corporate performance becomes a non-linear relationship. Keywords:Diversified Management; Redundant Resources; Corporate Performance; Fixed effect model;Threshold model IV 目 录 摘要 ........................................................................................................................... I Abstract ......................................................................................................................... II 目 录 ........................................................................................................................ IV 第1章 导论 ................................................................................................................. 1 1.1研究目的和意义 ............................................................................................. 1 1.1.1研究目的 .............................................................................................. 1 1.1.2研究意义 .............................................................................................. 2 1.2国内外研究综述 ............................................................................................. 3 1.2.1多元化经营与企业绩效关系的研究综述 .......................................... 3 1.2.2冗余资源与企业绩效关系的研究综述 .............................................. 6 1.2.3冗余资源对多元化经营影响的研究综述 .......................................... 8 1.2.4国内外研究现状评述 .......................................................................... 9 1.3研究内容和方法 ............................................................................................. 9 1.3.1研究内容 .............................................................................................. 9 1.3.2研究方法 ............................................................................................ 10 第2章 概念界定及理论基础 ................................................................................... 12 2.1概念界定 ....................................................................................................... 12 2.1.1多元化经营的概念及分类 ................................................................ 12 2.1.2企业绩效的概念及评估 .................................................................... 13 2.1.3冗余资源的概念及分类 ........................................................