Design Of Listed Companies In China Diversification Strategy Mode

American scholar H. Igor Ansoff in 1957 in "Harvard Business Review" (Harvard Business Review) published "diversification strategy" (Strategies for diversification) prelude diversification research. Diversified business model often become the strategic choice of international companies. As China’s economic development, the domestic enterprises in the diversification has made some achievements, but made of our economy is still in transition, special institutional background of diversified business decisions that impact can not be ignored, for diversification enterprise development will bring about what kind of impact remains to be further studied and summarized. Paper Select" Design of Listed Companies in China Diversification Strategy Mode" is the theme of the research hope to be able to develop business diversification strategy has a certain reference value.Firstly, study the relevant theory of diversification; according to Chinese economic reality background, we analyze the current situation of China’s listed companies diversified by selecting CSI A-Share market data and a complete listing of real company data, the first study sample descriptive statistics, sample investigated the case and the overall diversification of industry characteristics; in the empirical part of the comprehensive selection of operating income and the number of industry M HI He Fenda index as a measure of the company’s diversification index, select ROE and ROA as a measure of corporate performance indicators were test linear and nonlinear relationship between the degree of diversification and performance levels, combined with a cross-sectional analysis of the static and dynamic panel analysis and time analysis, Cause of diversification damage (or facilitate) the performance of the company, to China the existence of listed companies’ diversification premium "and" optimal level of diversification, "verified, discussed the existence of listed companies in China" diversification premium ", as well as Chinese listed companies" optimal level of diversification, "the existence of; according to the results and verify again under Chinese special system background diversification Motive "internal capital market theory" and "CEO overconfidence theory" suitability verified discussed diversification motivation "internal capital market theory" and "CEO theory of overconfidence "applicability.Conclusion empirical results show that:the company is currently listed on the "diversification premium" phenomenon is not significant; there was no "optimal degree of diversification"; chose diversification strategy and the reasons for the "internal capital market" and "CEO overconfidence," etc. factors related to the listed company’s diversification decisions more consideration to control operational risk, rather than to enhance business performance. Presented at the macro level should further improve the market mechanism, business diversification strategy choice should be based on industry characteristics, targeted to consider the impact of diversification on the results of operations and business risks of its own, clear and most diversified scope of business optimization level, in order to enhance the level of performance.