| With the rapid development of science and technology, as well as the deepening of the globalization, endless varieties of products provide great opportunities for enterprise diversification, but the current academic research on diversity of firm performances appeared in two different views, which are multivariate discount and premium due to diversification, while in reality domestic and foreign enterprises have both experienced a peak of diversification and anti-pluralistic during their operation. Therefore, the contrast between empirical result of multivariate discount and today’s enterprises actively carrying out diversified expansion is worthy of attention.This article abandons the traditional static, fragmented view of merely considering diversification or specialization strategy, based on the perspective of dynamic strategic match, this paper believes that the diversification strategy itself is neutral; the impact of diversification on firm performance depends on diversification level and whether the strategy matches the internal and external situational factors. Enterprises should actively adjust their diversification strategy based on changes in internal and external factors.Under the guidance emphasizing the strategic adjustment of dynamic strategic match principle, this paper puts forward hypotheses of factors that influence the development of a diversified investment strategy matching and adjustment, and builds a diversified strategic adjustment model of factors affecting the success of diversification from the external environment and internal resources and capacity.This paper selects 70 manufacturing listed companies in Shanghai Stock Exchange as samples, and gives a descriptive statistical analysis of sample diverse results and related variables, using SPSS empirical test in two steps. Firstly, based on the foregoing diversification strategy adjustment factors analysis, is to make a regression of dynamic multi-variables strategic adjustment model with the amount of dynamic multi-variables strategic adjustment as the dependent variable, and the statistical results are obtained as the ideal standard or specific scenarios matching form for diversification strategy adjustment according to internal and external factors. Secondly,verify the effectiveness of diversified dynamic adjustment model by defining the deviation between the actual and ideal diversification index adjustment as pattern deviation, and calculates each company’s pattern deviation. With pattern deviation as the dependent variable, laggedtwo-stage corporate performance as the independent variable, this paper constructs the regression equation and validates that when the standard of adjustment is effective,more pattern deviations lead to lower degree of matching business diversification strategy with internal and external environment, which may cause a greater negative impact on performance. Regression result demonstrates the four basic assumptions affecting diversification adjustments, and verifies the effectiveness of the adjustment standard. Finally, combining theoretical analysis and empirical analysis, this paper proposes suggestions for manufacturing companies to achieve successful diversification. |
